Growth in the economy of South Africa slowed to 1.0% y-o-y in 3Q15 from 1.4% in 2Q15 and 2.2% in 1Q15. This marks the slowest rate of growth rate since the 2009 recession. Data showed continued deceleration in utilities and agriculture. Business services and manufacturing were also weak. The country’s private sector showed signs of improvement when the PMI of November increased to a six-month-high reading of 49.6. Despite remaining in the contraction territory, this indicates a slower pace of deterioration in the business conditions of the private sector.
In Egypt, the contraction in the country’s non-oil private sector deepened in November as suggested by the PMI, which fell to 45.0, its lowest reading in 26 months, from 47.2 in October. It has been reported that output and new orders sharply declined, which were accompanied with a record fall in employment.