Economic Snapshot for Sub-Saharan Africa
November 18, 2022
Economic Growth
Regional economic growth is seen remaining largely unchanged in 2023 from this year’s projected moderation. Risks to the outlook remain, nevertheless; a looming global slowdown, extreme weather events and a frail Black Sea shipping deal are all key factors to watch. Moreover, higher interest rates threaten debt sustainability.
Inflation Outlook
Regional inflation was unchanged at August’s 19.1% in September. In 2023, headline inflation in the region should soften notably, chiefly on a statistical effect, although it will remain elevated. That said, high prices for fuel and agricultural commodities—partly due to extreme weather—and currency weakness are major upside outlook risks.
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5 years of Sub-Saharan Africa economic forecasts for more than 30 economic indicators.
Sub-Saharan Africa Economic News
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Angola: Central Bank stays put in November
November 25, 2022
On 25 November, the Monetary Policy Committee of the National Bank of Angola (BNA) kept the basic interest rate unchanged at 19.50%.
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Nigeria: Inflation soars to over 17-year high in October
November 18, 2022
Inflation accelerated to 21.1% in October from 20.8% in September.
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Angola: Inflation falls for the ninth consecutive month in September
November 12, 2022
Inflation came in at 16.7%, which was down from September’s 18.2%.
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Angola: Cabinda prices increase slightly in October
November 11, 2022
Following three months of consecutive declines, the average price for Cabinda oil rose to USD 95.0 per barrel (pb) in October, up from September’s USD 92.5 pb.
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South Africa: Manufacturing production expands at fastest pace since November 2021 in September
November 10, 2022
Manufacturing production increased 4.9% month on month in seasonally-adjusted terms in September (August: +2.2% mom).
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