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World Economics - Measuring Global Economic Activity and GDP


The Sales Managers Index: Africa

Released: July 19, 2016


Pan-African Economic Growth Remains Subdued

  • Nigeria shows improvements as South Africa’s slowdown eases
  • Pan-African economy continues to face economic contraction
  • Price inflation slowly easing

The World Economics Headline Sales Managers’ Index (SMI) for Africa – a composite indicator providing the most up-to-date monthly assessment of economic activity in the region – improved to 51.4 in July from 51.1 in June. The Pan-African Sales Index has been below the 50.0 ‘no change’ level for four consecutive months indicating economic contraction during Q2 and into Q3. The continents largest economies of South Africa, Egypt and Nigeria are all experiencing continued difficulties. South Africa is continuing to battle negative growth while the Nigerian economy is showing signs that the recession may have bottomed out with cautiously optimistic July data. Egypt has continued to experience a slowdown in economic activity in July, struggling from instability in North Africa. 



Headline Sales Managers' Index




Sales Managers' Index Trends
  Direction Speed
SMI Growing Slowly
Business Confidence Growing Fast
Market Growth Falling Slowly
Sales Output Falling Solidly
Prices Charged Growing Slowly
Staffing Levels Falling Fast













The Sales Managers Index provide the earliest monthly data on the speed and direction of Pan-African economic activity.

Key advantages of the Pan-Africa SMI:
  • The SMI provides the first indication each month of the speed and direction of economic growth in Africa.
  • The SMI provides the most complete indication of growth, covering all private sector activity.
  • The SMI is based on a key occupational group - uniquely able to sense changes in business activity levels.
  • The SMI is composite index of business confidence, market growth, sales, prices charged and staffing levels.
  • The SMI is a diffusion index, any index value above 50 indicates growth and below 50 indicates contraction.

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