Africa Data Response Nigeria Consumer Prices (Jul.) Today’s figures show that Nigerian inflation remained at 9.2% y/y in July, but we still expect that inflation will pick up later in the year. FX restrictions and the eventual weakening of the naira... 12th August 2015 · 1 min read
Africa Data Response South Africa Manufacturing Output (Jun.) Today’s manufacturing output figures were slightly above consensus, but still point to a contraction in the economically-crucial sector. Firms have failed to benefit from a weaker rand, another sign... 11th August 2015 · 1 min read
Africa Data Response South Africa Manufacturing PMI (Jul.) South Africa’s manufacturing PMI remained stable at a relatively strong 51.4 in July, providing a rare piece of good news for the economy. But we still doubt that manufacturing will be a significant... 3rd August 2015 · 1 min read
Africa Data Response South Africa Trade Balance (Jun.) & Kenya Inflation (Jul.) The surprisingly large improvement in South Africa’s trade balance in June was the result of rising exports, rather than just weak import demand. This is a positive sign for the economy, which has... 31st July 2015 · 1 min read
Africa Data Response South Africa Consumer Prices (Jun.) South African inflation came in at a below-consensus 4.7% y/y in June, but inflation remains on an upwards trend. While this surprise result will take some pressure off the Reserve Bank, we still... 22nd July 2015 · 1 min read
Africa Data Response Nigeria Consumer Prices (Jun.) The seemingly inexorable rise of Nigerian inflation – which reached a 28 month high of 9.2% y/y in June – will add to the pressure on the central bank to raise interes trates later this year. 14th July 2015 · 1 min read
Africa Data Response Kenya GDP (Q1) Kenyan GDP growth slowed to 4.9% y/y in Q1 due to a contracting tourism sector and tepid growth in the agricultural industry. However, we think that the slowdown has bottomed out and that growth will... 1st July 2015 · 1 min read
Africa Data Response South Africa Manufacturing PMI (Jun.) South Africa’s manufacturing PMI rose to 51.4 last month, providing another signal that the economy picked up a little in the second quarter. 1st July 2015 · 1 min read
Africa Data Response South Africa Mining & Manufacturing Output (Apr.) Mining and manufacturing output figures released today showed that growth remained weak in two key sectors of the South African economy. And the spectre of wage disputes suggests that the mining... 11th June 2015 · 1 min read
Africa Data Response South Africa Manufacturing PMI (May) May’s South African manufacturing PMI reading of 50.8 was a rare piece of positive news for the country, which has seen a run of dispiriting economic figures. Even so, this figure is consistent with a... 1st June 2015 · 1 min read
Africa Data Response South Africa GDP (Q1) Q1 GDP figures released today showing that economic growth in South Africa plummeted to 1.3% quarter on quarter at a seasonally adjusted annualised rate are very bad news. Several temporary factors... 26th May 2015 · 1 min read
Africa Data Response South Africa Consumer Prices (Apr.) Inflation in South Africa rose to 4.5% in April, and we expect that it will continue to rise over the coming months. Accelerating inflation will put pressure on the Reserve Bank to raise interest... 20th May 2015 · 1 min read
Africa Data Response Nigeria GDP (Q1) Q1 GDP figures released today, showing that growth in Nigeria slowed to 4.0% y/y, support our view that the economy will perform poorly in 2015. Growth in both the oil and non-oil sectors was subdued... 14th May 2015 · 1 min read
Africa Data Response South Africa Manufacturing Output (Mar.) The surprisingly rapid expansion of South Africa’s manufacturing output by 3.8% y/y in March is unlikely to signal a significant turnaround for the embattled sector. We expect that labour disputes and... 12th May 2015 · 1 min read
Africa Data Response Kenya CPI Inflation (Apr.) Kenyan inflation rose by a stronger-than-expected 7.1% y/y in April, and we believe that weak food production and the depreciation of the shilling will increase inflationary pressures later in the... 30th April 2015 · 1 min read
Africa Data Response South Africa Consumer Prices (Mar.) South African inflation picked up slightly in March, to 4.0%, but we expect that a combination of energy prices hikes and a weak rand will increase inflationary pressures going forward. Headline... 22nd April 2015 · 1 min read