GDP figures released this month showed that the economic fortunes of Africa’s largest economies diverged in Q2. South Africa’s economy rebounded after a brief recession at the turn of the year. While investment spending remained weak, strength elsewhere in the economy pushed headline GDP growth to a fourquarter high. In Nigeria, by contrast, growth disappointed in Q2. The economy did exit recession, but the very weak performance of the non-oil sector held back headline growth. Among Africa’s smaller economies, recent news was more positive. Growth in Ghana surged in Q2. Recent activity data from Angola, Ethiopia, Zambia, and Uganda all pointed to stronger performances in recent months.
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