Africa's Pulse, No. 19, April 2019 : An Analysis of Issues Shaping Africa’s Economic Future
- World Bank (Washington, DC)
- Publication Date:
- 9 April 2019
Economic growth in Sub-Saharan Africa is estimated to have decelerated from 2.5 percent in 2017 to 2.3 percent in 2018, below the rate of growth of the population for the fourth consecutive year, and 0.4 percentage point lower than projected in the October 2018 issue of Africa's Pulse.This slowdown was more pronounced in the first half of 2018 and reflected weaker exports from the region's large oil exporters (Nigeria and Angola), due to falling oil production amid higher but volatile international crude oil prices. A deeper contraction in Sudanese economic activity, and a slowdown among non-resource-intensive countries, also played a role. u Recent data point to a moderate strengthening of growth in the region. Growth is projected to pick up to 2.8 percent in 2019 and 3.3 percent in 2020. This gradual recovery is supported, on the demand side, by exports and private consumption and, on the supply side, by a rebound in agricultural production and an increase in mining production and services in some countries. The 2019 and 2020 growth forecasts are still 0.5 and 0.3 percentage points, respectively, lower than predicted in the October issue of Africa's Pulse. This downward revision reflects slower growth in Nigeria and Angola, due to challenges in the oil sector, and subdued investment growth in South Africa, due to low business confidence.
"Nigeria, South Africa and Angola, which make up about 60 per cent of sub-Saharan Africa's annual economic output, were all facing various challenges, curbing their contribution to ... Read more »