Figures released over the past month painted a very downbeat picture of economic conditions in Africa’s two largest economies. Growth in Nigeria did, admittedly, pick up a touch in Q3. But activity remained very weak by past standards, with GDP rising by just 2.1% y/y. South Africa has yet to release Q3 GDP figures, but activity data suggest that the economy contracted again. And despite the faltering economy and weak inflation, policymakers kept their key interest rate at 6.50% again this month.
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