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Africa Oil Economy - September 2016

Source: OPEC 10/4/2016, Location: Africa

Inflation in Egypt posted 14.8% y-o-y in July while the central bank policy rate remained at 11.75% from June to August. Deceleration in the country’s non-oil private sector deepened further the previous month, as suggested by the PMI, which fell to 47.0 from July’s 48.9 due to shortages of material, cost increases and a sharp decline in employment.

In South Africa, the rand appreciated by 4.7% m-o-m in August, following a 4.3% appreciation one month earlier. It has appreciated by more than 17% since the beginning of the year. Inflation posted a 6.5% y-o-y increase in July, while the unemployment rate in 2Q16 was at 26.6%, little changed from the previous quarter’s 26.7%.

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