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Africa Economy - December 2016

Source: OPEC 1/10/2017, Location: Africa

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The economy of Egypt grew by a robust pace in 2Q16. GDP expanded 4.5% y-o-y in 2Q16, following the 3.7% expansion in the previous quarter. While reported growth in the private sector slowed from 5.0% in 1Q16 to 1.7% in 2Q16, public sector consumption, climbed by 4.8% y-o-y, up from the 2.0% growth seen in the previous quarter. While the decline in exports continued, it eased to only 2.4% y-o-y from the 18.7% drop in 2Q16. Following four quarters of contraction, imports rose 6.9% y-o-y.

The GDP of South Africa expanded by a slightly faster pace of 1.4% in 3Q16, compared to a rise of 1.3% in 2Q16. Growth in private consumption expenditure accelerated to 1.1%, up from 0.8%. Growth in public consumption expenditure slowed to 1.1% from 1.5% and the decline in GFCF deepened even further to register a fall of 6.1% in 3Q16 from the 3.0% drop in the previous quarter. As for exports, they declined for the first time since 1Q13, dropping by 3.9% in 3Q16 from the same period last year. Imports by South Africa declined in 3Q16 for the third consecutive quarter.

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