Economy in Southern Africa

  • Strong or weak: A look at Africa's economy

    AFRICA, 2016/05/13 At the Africa conference of the World Economic Forum (WEF), currently being held in Rwanda's capital Kigali, participants expressed their optimism about the continent's economic next, writes DW's Manuela Kasper-Claridge. Why is it that there are 10 times as a lot of negative news stories coming out of Africa as there are positive ones? Participants in a background talk on Thursday were at a loss, expressing views of a skewed world perception of Africa to biased or unfair media coverage of the continent. The discussion about Africa's image in the world quickly turned emotional because the World Economic Forum participants were rejecting talking only about Africa's weaknesses. Rather, they wanted to focus on the continent's strengths, too.
  • South Africa’s economy sinks to third largest in Africa

    SOUTH AFRICA, 2016/05/12 The International Monetary Fund (IMF) suggests that Egypt has overtaken South Africa as the second major economy in Africa. South Africa has been known as the continent’s second-major economy since Nigeria rebased its gross domestic product (GDP) data in early 2014. However, the IMF World Economic Outlook (WEO) released in mid-April provided additional sobering GDP statistics for South Afric, writes financial services firm, KPMG in a blog. Not only did the multilateral organisation suggest that the South African economy would grow by a mere 0.6% this year, but as well that the country is presently only the third-major economy on the continent behind Nigeria and new silver medalist Egypt.
  • Africa’s economic growth is likely to be slower in the intervening years

    BOTSWANA, 2016/05/12 Africa’s economic increase is likely to be slower in the intervening years than in the before decade, according to the new rating by Ernst & Young using a barometer to gauge the level of appeal and success.“The baseline projection of the International Monetary Fund (IMF) for 2016 is presently reduced to 3%, while it was estimated at 6.1% in April 2015″, Ernst & Young points out in its rating.
  • Opportunities for African companies to do business with Chinese counterparts

    CHINA, 2016/05/10 China’s influence in Africa has grown rapidly over the last decade. Although China’s economy is not growing as fast as it did in recent years, the Asian superpower remains completely visible in a lot of parts of the continent. Traditionally, China-Africa economic activities have focused on government-to-government relations. But engagement between private sector entities is picking up, says Jinghao Lu, project director at the Sino Africa Centre of Excellence (SACE) Foundation, an organisation seeking to improve China-Africa relations. SACE Foundation has been conducting surveys on Chinese companies operating in a number of African nations. It has as well been working with Kenyan SMEs that want to sell to Chinese companies operating in Africa.
  • Economic dispute between Nigeria, South Africa still unresolved

    SOUTH AFRICA, 2016/04/16 Africa’s two economic giants are trying to patch up their frayed relations, but a long-anticipated high-level visit has failed to solve the business disputes that have damaged investment and trade between Nigeria and South Africa. The friction between the continent’s two biggest economies has come to symbolize the trade obstacles that have hobbled Africa’s increase. And the biggest dispute – Nigeria’s shocking decision to impose a $3.9-billion (U.S.) fine against South African cellphone company MTN – is still far from being resolved.
  • The need for better economic data in Africa

    AFRICA, 2016/04/16 The African economy is poised to become the fastest growing economy in the world over the next five years. Unfortunately, the American government, the world foreign aid community and business interests around the world have no meaningful, reliable or easily accessible way in which to monitor this increase. It is time that the U.S. federal government begins to play a additional active role in fostering the development of capabilities with which economic data from emerging markets can be additional easily analyzed.
  • A shopper looks for items at an informal shop piloted by Pick n Pay in Soweto, South Africa

    SOUTH AFRICA, 2016/03/16 Slumping commodity prices have taken African currencies down with them, exposing the fundamental economic frailties of the world's poorest continent by driving up inflation in nations that import most of their manufactured goods. Regional economies are in no position to use their weakening currencies to their trade chance because they have few exports beyond their natural resources. The hardship for households has been compounded by rising prices for food - one commodity that has defied the price fall due to drought in southern Africa
  • South African economy slowed to 1.3% in 2015

    SOUTH AFRICA, 2016/03/14 The real increase rate of the South African economy slowed to 1.3 % in 2015 from 1.5 % in 2014 and 2.2 % in 2013 and was the lowest since 2009 according to data released by Statistics South Africa. Statistician General Pali Lehohla said that agriculture contracted by 8.4 % in 2015 with a further contraction expected in 2016. Excluding agriculture, GDP increase was 1.5 % in both 2015 and 2014. “The drought has a negative impact both in terms of employment and industrial output,” he said. South African Finance Minister Pravin Gordhan in his media briefing before the Budget last week that this time was different because government and businesses were fully engaged as the crisis of slowing economic increase had focused minds and there was a commitment to turn words into action.
  • South Africa , Nigeria: African giants battle for economic supremacy

    SOUTH AFRICA, 2016/03/14 At the same time as South Africa's President Jacob Zuma visited Nigeria last week he was on a delicate mission to mend rifts between the continent's two economic powerhouses. From economic rivalry to political friction, relations between South Africa and Nigeria have been strained in recent years. The election of Nigeria's President Muhammadu Buhari into office last May did not instantly relieve the tension.
  • SOUTH AFRICA | Economy rebounds in Q3 on manufacturing output

    SOUTH AFRICA, 2016/01/24 In Q3, South Africa avoided falling into technical recession and GDP expanded 1.6% on a sequential basis, thus rebounding from the previous quarter’s 1.3% contraction. The expansion was attributed to a rebound in the manufacturing sector due to higher production of petroleum and chemical products. Conversely, the agricultural sector disappointed once again as adverse weather conditions took a toll on production and recorded a double-digit contraction for the third consecutive quarter.