• Home
  • Photo News
  • News
    • NGO/CSO
    • Photo News
    • OrientalNews 7th Anniversary
    • Press Releases
    • World News
    • Nigeria News
    • Politics
    • Opinion
    • Sports
  • Interviews
  • SMEs
  • Law
    • Crime
  • Travel & Tours
    • Aviation
    • Tourism
  • Energy
    • Oil & Gas
    • Power
  • Business
    • Banking & Finance
      • Capital Market
      • Money Market
    • Pension
    • Insurance
    • Brands & Marketing
    • IT & Telecoms
    • Labour
    • Agriculture
    • Maritime
    • Property
    • Manufacturing
  • Regulators
    • Nigeria Bureu of Statistics
    • PENCOM
    • NAICOM
    • SEC
    • NSE
    • CBN
Facebook X (Twitter) Instagram
Wednesday, July 9
  • About us
  • Terms of use
  • Privacy Policy
  • Disclaimer
  • Advertize here
  • Contact us
Facebook X (Twitter) Instagram
Oriental News Nigeria
  • Home
  • Photo News
  • News
    • NGO/CSO
    • Photo News
    • OrientalNews 7th Anniversary
    • Press Releases
    • World News
    • Nigeria News
    • Politics
    • Opinion
    • Sports
  • Interviews
  • SMEs
  • Law
    • Crime
  • Travel & Tours
    • Aviation
    • Tourism
  • Energy
    • Oil & Gas
    • Power
  • Business
    • Banking & Finance
      • Capital Market
      • Money Market
    • Pension
    • Insurance
    • Brands & Marketing
    • IT & Telecoms
    • Labour
    • Agriculture
    • Maritime
    • Property
    • Manufacturing
  • Regulators
    • Nigeria Bureu of Statistics
    • PENCOM
    • NAICOM
    • SEC
    • NSE
    • CBN
Oriental News Nigeria
Home»Banking & Finance»Money Market»East Africa Fastest Growing Region In Africa- AfDB  …Nigeria Accounts For 72.4% Of W/Africa’s Overall GDP
Money Market

East Africa Fastest Growing Region In Africa- AfDB  …Nigeria Accounts For 72.4% Of W/Africa’s Overall GDP

By Orientalnews StaffOctober 17, 2017No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

Image result for African Map and AfDB logo

Yemisi Izuora 

The African Development Bank’s, AfDB has said in its updated forecast on the African economic outlook, that the continents economy in 2017 compared with 2016 remains on a positive growth path and is expected to gain momentum in 2018.

The Banks further revealed that East Africa remains the fastest growing region, from 5.1% in 2016 to 5.4% and 5.8% average GDP growth in 2017 and 2018 respectively..

GDP growth in 2017 is expected at 3.0% up from 2.2% in 2016 and projected to expand to 3.7% in 2018, the bank said at the release of the report in Abidjan last week Thursday.

“The changes in previous forecasts released in the African Economic Outlook in May 2017 followed the release of new data by some key countries –Nigeria, Algeria and Egypt– which account for some 50% of the continent’s GDP and which revised their 2017 and 2018 forecasts downwards,” said Abebe Shimeles, the bank’s acting director for macroeconomics policy forecasting and research.

The AfDB also noted that the continent’s averages compare favourably with global economic growth projections of 3.5% and 3.6% GDP growth in 2017 and 2018, respectively.

The new set of data attributes Africa’s economic rebound mainly to:

  • Recovery in the global economy and bottoming out of the commodity price bust that had set in since 2014. “Economic diversification and drive for structural transformation need to proceed with urgency and intensity in order to avoid the repeat of boom-bust cycle in the wake of commodity price volatilities,” the African Economic Outlook already warned in May 2017.
  • Steady domestic demand and public investments in infrastructure also helped sustain growth in many countries, the forecast said, adding that beyond accumulation of physical capital, productivity of those investments is important for sustainable growth and must remain an area of policy focus.
  • Fiscal and current account deficits are expected to narrow due to strong export performance and higher government revenues but African governments must resist the temptation to “catch-up” on the spending that was suspended in the last two years as this will exuberate deficits.

In regional terms, East Africa remains the fastest growing region, with an estimated growth of 5.1% in 2016 projected to grow by 5.4% and 5.8% in 2017 and 2018 respectively. Growth in this region is mainly driven by strong domestic demand and high public infrastructure spending.

Meanwhile, North Africa recorded the second highest growth rate of 3.1% in 2016 buoyed by the recovery in Egypt, with output growth of 4.3% and Algeria at 3.3%. The northern region is expected to grow by 3.1% and 3.6% in 2017 and 2018 respectively, with expected pick up of growth in Morocco of 4.5% in 2017 and 3.9% in 2018.

The Bank warns that continued political uncertainties and reduced oil production in Libya continue to drag growth in the North Africa region. Libya is projected to stay in the negative growth territory in 2017 and 2018 with a growth of -4.9% and -3.9% respectively.

Growth in Southern Africa remained tepid at 0.9% in 2016, down from 1.6% in 2015. Projected improvements in the performance of South Africa from 0.3% in 2016 to 1.2% and 1.3% in 2017 and 2018 is expected to boost the Southern Africa regional growth to 2.0% to 2.3% in 2017 and 2018 respectively attributed to increased mining output following moderate rise in commodity prices.

Similarly, in Central and West Africa regions, dominated by oil producers, growth was severely constrained at 0.5% and 0.4%, respectively in 2016. In West Africa, the economic recession in Nigeria completely offset the strong gains made in Sierra Leone, Togo, Cote d’Ivoire and Senegal, the latter two being the region’s fastest growing economies.

Nigeria accounts for 72.4% of the region’s overall GDP but contracted by -1.5% in 2016 against an average expansion of 6% for the other four economies, which collectively account for about 10% of regional GDP.

West Africa is expected to record improvements in growth to 2.5% and 4% in 2017 and 2018 respectively mainly attributed to improvements in oil production in Nigeria and rising global commodity prices.

Central Africa on the other hand was mainly slowed down by poor performance in Equatorial Guinea and Chad, which contracted by -7.3% and -6.4%, respectively. This is followed by Republic of Congo, which shrunk by -2.4%, whereas Central Africa Republic is expected to record improvements in growth in 2017 and 2018 of 1.6% and 3.1% in the two respective years, the report says.

Share this:

  • Share
  • Click to email a link to a friend (Opens in new window) Email
  • Tweet
  • Click to share on Reddit (Opens in new window) Reddit
cover
Orientalnews Staff

Related Posts

GTCO Emerges  First West African Financial Institution To List And Trade On London Stock Exchange 

July 4, 2025

IMF Affirms Hope In Nigeria’s Economic Reforms 

July 3, 2025

CBN Sustains Strategy To Towards Implementation Of Banks Recapitalization 

June 18, 2025

Leave A Reply Cancel Reply

2025 OrientalNews Conference

0
Years
:
0
Months
:
0
Days
:
0
Hrs
:
0
Mins
:
0
Secs
The latest
  • Fidelity Bank Attends To Internally Displaced Persons Needs In Benue
  • Stanbic IBTC Holdings Meets Achieves 21.9% Oversubscription In Rights Issue
  • Integrity Testing For Public Officers Key To Curb Corruption- EFCC
  •  N654m Worth Of Foreign Currency Intercepted At Kano Airport By Customs 
  • Access Bank UK Charity Polo Day 2025 To Drive Global Support For Inclusive Education
  • Nigerian Considers Cost-Reflective Tariff Structure To Address Power Sector Liquidity 
  • Dangote Slashes Petrol Price Again, Set To Refine Only Nigerian Crude 
  • Exxon May Report Major Financial $1.5Bn Drop As Oil And Gas Prices Falters 
  • Saudi Arabia Report Crude Export Rise By 412,000 Barrels A Day In April
  • Nigeria To Record Additional 2,500 Barrels Per Day Oil Production From Dawes Island Field
Categories
Quick Links
  • About us
  • Terms of use
  • Privacy Policy
  • Disclaimer
  • Advertize here
  • Contact us
Facebook X (Twitter) Instagram YouTube LinkedIn
Copyright © 2025 Oriental News Nigeria. All right reserved.

Type above and press Enter to search. Press Esc to cancel.