Home /AFRICA SET TO GROW AT 5.3% IN 2014

AFRICA SET TO GROW AT 5.3% IN 2014

Submitted by christian on Sat, 10/12/2013 - 17:44

The much heralded African economic boom is set to go from strength to strength, although worries remain over governments' failure to tackle poverty and inequality. The whole of Africa is projected to grow at a rate of 5.3% in 2014

The better growth performance of oil exporters is likely to continue in 2014 but the growth differential with oil-importing countries is becoming smaller.

West Africa [Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, Gambia, Ghana, Guinea, Guinea Bissau, Libera, Mali, Mauritania, Niger, Nigeria, Senegal, Sierra Leone, Togo] is expected to continue its rapid growth with rates of 7.4% in 2014. It has become the fastest growing region of the continent. Growth in the region is not only driven by oil and mineral sectors but also by agriculture and services and on the demand side often by consumption and investment. Nigeria is expected to continue growing by between 6.7% and 7.3% in 2014  In Ghana and Côte d’Ivoire, average growth in 2014 is likely to exceed 8% . In most countries of the region growth is expected to pick up in 2014, exceeding 5%. But in a few countries, such as Benin, Cape Verde and Guinea Bissau, growth will remain more subdued.

North Africa [Algeria, Egypt, Libya, Mauritania, Morroco, Tunisia]. Due to the resumption of oil production and exports, Libya’s has bounced back  and its growth rate is expected to exceed 10% in 2014. Given political uncertainties and difficult international economic conditions in Egypt, growth is expected to remain subdued at 2.7% thus remaining below pre-revolution levels. The Tunisian economy is expected to a growth rate of around 4.5% in 2014. Morroco and Mauritania will continue to achieve solid growth in 2014 at average rates of 6% and almost 5% respectively. In Algeria growth is expected to accelerate to 4% in 2014.

East Africa [Burundi, Comoros, Djibouti, Eritrea, Ethiopia, Kenya, Rwanda, Seychelles, Somalia, Sudan, Tanzania, Uganda] the average growth rate will be 5.6%. Most countries in the region, such as Rwanda, Tanzania, Ethiopia and Uganda, are on a solid growth path of between around 5% and 7% for 2014. In Kenya growth is expected to amount to be above 5% in 2014. In Sudan, the economy has been heavily affected by the secession of South Sudan and growth is projected to 2.8%.

Central Africa [Cameroon,Central African Republic, Chad, Congo Republic, Democratic Republic of Congo, Equatorial Guinea, Gabon, Sao Tomé & Principe] the GDP is likely to continue to grow by 5.4% in 2014 with above average growth in Chad and in DRC. In Chad, oil production and agriculture are the main drivers of growth. In DRC, mining, agriculture and construction are boosting growth. But sustainable growth also requires further progress in political stability and the security problem in the eastern part of the country has significantly affected economic activity in that region.

Southern Africa [Angola, Bostwana, Lesotho, Malawi, Mauritius, namibia, Sao Tome & Principe, South Africa, Swaziland, Zambia, Zimbabwe], the GDP is expected to grow 4.6% in 2014. In Angola, Mozambique, Zambia and Botswana growth is likely to remain buoyant. Malawi is expected to achieve a 5.8 % growth  rate in 2014. South Africa is expected to reach a 3.2 % growth rate in 2014 thanks to improved global demand and supportive macroeconomic policies. Zimbabwe will continue to record positive growth rates of above 5%. Swaziland’s economic growth will continue to be the lowest in the region and in Africa as a whole. Economic weakness is widespread across sectors although better weather conditions are likely to boost agriculture.

Projected Growth of GDP in African Countries (2014) Source: African Development Bank

  1. Libya: 11.6%
  2. Sierra Leone: 9.6%
  3. Chad: 9.5%
  4. Côte d’Ivoire: 9.3%
  5. Congo Democratic Republic: 8.8%
  6. Ghana: 8.4%
  7. Mozambique: 8.3%
  8. Angola: 8.0%
  9. Zambia: 7.6%
  10. Rwanda: 7.2%
  11. Nigeria: 7.0%
  12. Tanzania: 7.0%
  13. Burkina Faso: 6.8%
  14. Eritrea: 6.8%
  15. Liberia: 6.5%
  16. Ethiopia: 6.5%
  17. Niger: 6.0%
  18. Mauritania: 5.9%
  19. Malawi: 5.8%
  20. Botswana: 5.6%
  21. Sao Tome e Principe: 5.5%
  22. Zimbabwe: 5.4%
  23. Togo: 5.4%
  24. Mali: 5.3%
  25. Congo Republic: 5.2%
  26. Uganda: 5.2%
  27. Guinea : 5.2%
  28. Cameroon: 5.1%
  29. Djibouti:  5.0%
  30. Kenya: 4.9%
  31. Morocco: 4.8%
  32. Burundi: 4.8%
  33. Gambia (The): 4.7%
  34. Gabon: 4.7%
  35. Senegal: 4.7%
  36. Cape Verde: 4.5%
  37. Tunisia: 4.5%
  38. Benin: 4.3%
  39. Namibia: 4.3%
  40. Mauritius 4.0%
  41. Central African Republic: 3.9%
  42. Guinea Bissau: 3.9%
  43. Seychelles: 3.8%
  44. Lesotho: 3.7%
  45. Algeria: 3.6%
  46. Madagascar: 3.5%
  47. Comoros: 3.5%
  48. South Africa: 3.2%
  49. Sudan: 2.8%
  50. Egypt: 2.7%
  51. Equatorial Guinea: 1.4%
  52. Swaziland: 1.3%

Add new comment