Grim output data for October and widespread power cuts added to the evidence that South Africa’s economy contracted again in Q4. Even if the country does dodge a recession, recent weakness suggests that it will enter 2020 on a very poor footing. Elsewhere, falling oil production in Nigeria and Angola added to our belief that both economies will struggle next year. And, while Zambia’s kwacha rebounded this week, we doubt that the rally will last.
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