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Africa SMI, Africa GDP, Inflation, African Economic Indicators

Released: June 18, 2015

African SMI reaches highest level since January 2014

  • Both manufacturing and services SMIs increase
  • Pan-African sentiment remains strong, despite modest levels of sales and employment
  • Economic activity highest in Egypt, Nigeria and Algeria

The Headline Sales Managers’ Index for Africa rose from 58.9 in May to 59.5 in June, signalling the third consecutive month of rises and the highest level since January 2014. The increase in the headline index was driven by an uplift in business confidence, market growth and product sales. Prices charged and employment levels continued to ease but only marginally. Moreover, the latest reading is above its long-term average of 59.0.

Among the four largest economies, Egypt continued to post the highest reading (67.5), followed by Nigeria (65.3), Algeria (63.1) and South Africa (57.9). However, most panellists in these countries continued to express concerns over plunging energy prices, power shortages and specific to Nigeria the limited availability of Petrol.

Sector analysis indicated that the Pan-Africa Manufacturing SMI rose fractionally to 57.9 in June, from 57.8 in May, and the Services SMI increased to 59.9, from 59.4 on the previous month. These figures show an on-going strengthening in business conditions across the continent.

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