The latest figures suggest that Africa’s key economies stumbled in late 2018 and early 2019. Growth in South Africa probably slowed in the final quarter of last year (though it remained strong by recent standards), while low oil prices and faltering production volumes weighed on growth in Nigeria and Angola. Surveys and activity figures also suggest weaker growth in Kenya, despite the boost provided by lower oil prices. Smaller economies, notably Ghana and Zambia, seem to have defied the regional trend by picking up pace. Even so, we think that economic growth across the region will be weaker than most expect in 2019.
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