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Africa Economy in June 2015

Source: OPEC 7/4/2015, Location: Africa

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GDP in South Africa expanded 2.1% y-o-y in 1Q15, the fastest growth since 4Q13. The mining sector rose for the first time in more than a year while manufacturing remained subdued. The mining sector registered its fastest increase by 6.3%, rebounding from four consecutive quarters of decline. Agriculture grew 6.2% y-o-y in 1Q15, compared to 4.2% in the previous quarter. The manufacturing PMI of May remained in the expansion territory last month though edged closer to stagnation. The index posted 50.1 in May from 51.5 a month earlier.

In Egypt, the annual inflation rate eased to 10.7% in April from 11.5% in March, as the cost of housing and utilities rose at a slower pace. The stagnation in new orders led business conditions in the country’s non-oil producing private sector to worsen further in May. However, they edged closer to the expansion territory last month at 49.9 after 49.8 in April. The survey showed a marginal increase in output.

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