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World Economics - Measuring Global Economic Activity and GDP

The Sales Managers Index: Africa

Released: November 23, 2015

Pan-African economic expansion maintained at a solid rate in November

  • Robust growth in both manufacturing and services
  • Business expectations ease but remain strong
  • Inflationary pressures moderate but stay substantial

The Pan-African economy continued to expand at a solid rate during November, according to the latest survey data from World Economics. The Headline Sales Managers’ Index (SMI) – a composite indicator providing the most up-to-date monthly assessment of economic activity across the region – registered 60.1, unchanged from its value in October, and signalling a sustained overall improvement in business conditions. Readings above 50.0 indicate an overall improvement in business conditions, below 50.0 an overall deterioration.

Given its larger relative size, Nigeria remained the main contributor to Africa’s economic expansion, despite seeing its rate of growth ease to an eight-month low. Weaker rises in economic activity were also registered in Egypt and South Africa while Algeria reported the first deterioration in business conditions since the panel started in 2013. Security issues, energy shortages, unfavourable exchange rates, capital controls, falling direct investment and declining oil prices were cited by panellists as key reasons for the general slowdown in activity.

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