Africa’s GDP rising, despite debt increase, says report

follow url Despite fears over increased debt, several African countries have reported a rise in their Gross Domestic Product (GDP), the latest report by the Institute of Chartered Accountants in England and Wales (ICAEW) has said.

go to site In its “Economic Insight: Africa Q2 2018”,  launched on Tuesday, the accountancy body provided GDP growth forecasts for various regions, including West Africa at 3.6 per cent, East Africa, which is set to grow by 6.1 per cent, Southern Africa by 2.3 per cent, Central and Franc Zone at 4.5 per cent.

here The report, commissioned by ICAEW and produced by partner and forecaster Oxford Economics, provided a snapshot of the region’s economic performance. The regions include: East Africa, Southern Africa, Central and West Africa and Franc Zone.

buying Orlistat 120 mg with no rx According to the report accessed by The Nation, East Africa’s GDP growth was as a result of Ethiopia, whose real GDP growth of 8.1 per cent, was forecast to result from continued public investment.

The same kind of capital spending in Egypt, made possible by compliance with reforms proposed by the International Monetary Fund (IMF), will boost growth to 5.0 per cent, making it the key driver behind the 3.9 per cent growth in North Africa’s GDP this year.

get link In Central and West Africa, growth was forecast to increase substantially to 3.6 per cent, up from 2.3 per cent in 2017. The standout economy in those regions will be Ghana, where real GDP growth of 7.2 per cent in 2018 was forecast to come partly from increased public investment and the resulting boost to the construction and manufacturing sectors. Regional Director, ICAEW Middle East, Africa and South Asia, Michael Armstrong, said: “In spite of debt fears, most African regions have reported positive economic growth – mainly spearheaded by public investment and hydrocarbon resources. However, governments need to sustain this positive momentum while balancing their public debt.” The picture in the Franc Zone was slightly more positive than in 2017, with regional GDP growth forecast at 4.5 per cent. Most of the regions’ growth, however, will be provided by the two economies that are not oil dependent.

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