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Africa Economy in July 2015

Source: OPEC 7/18/2015, Location: Africa

In Egypt, the PMI of June signalled a return to growth in the country’s non-oil private sector, in contrast to the downturn observed over the first five months of this year. The index stood at 50.2 in June, up from 49.9 in the previous month, marking the first reading in the growth region since December 2014. The survey outcome suggests a marginal expansion in output, as well as new orders and new export work. Inflation increased on a continued depreciation of the currency. The currency depreciated 6.7% y-o-y in June.

In South Africa, GDP expanded 2.1% y-o-y in 1Q15, the fastest growth since 4Q13. The private sector economy sent a negative signal last month as the PMI fell to below 50 on declines in output and new work at the sharpest rates in almost a year. The index posted 49.2 in June from 50.1 in May. The report highlighted exchange rate factors, rising fuel prices and increasing staff costs had continued to exert upward pressure on overall input costs.

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