Africa recorded a growth of 3.4% in 2019, we learned this week from the report on
African Economic Outlook, published by the African Development Bank (AfDB).
This growth, which is roughly at the same level as that estimated by the institution for the year
2018, was driven by an increase in exports, particularly from countries producing materials
raw. These benefited from a recovery in oil prices during the year.
According to the report, "in 2019, for the first time in a decade, investment spending
a larger share (more than half) in the dynamics of GDP growth”. It's more than the
private consumption which in recent years has accounted for a significant share of GDP growth
of African states.
At the sub-regional level, East Africa is showing the strongest growth (5%), followed by South Africa.
North (4.1%) and West Africa (3.7%). Central Africa, for its part, recorded a growth of
3.2% while the weakest performance was achieved by Southern Africa with 0.7% (against 1.2% in
2018), due in particular to the slowdown in the South African economy, coupled with the recent ravages of the
cyclones Idai and Kenneth.
“Although stable, this rate (of 2019 growth, editor’s note) is lower than the ten-year average of 5% for the
region. The slow growth is partly due to the moderate expansion of the big five countries of the
continent - Algeria, Egypt, Morocco, Nigeria and South Africa - which together experienced a rate of
average growth of 3.1%, against an average of 4.0% for the rest of the continent,” the AfDB said.
Note that for 2020, the Bank expects growth of 3.9% for the continent, then 4.1% in 2021.