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Low growth was largely driven by external factors, particularly oil prices, which meant two of the largest three economies in Sub-Saharan African (SSA), i.e. Nigeria and Angola, had to accept lower receipts for their exports.
As a result, both economies fell into recession, with Nigeria hit particularly hard, as the nation dealt not only with reduced terms of trade, but with lower production levels as a result of domestic insurgency.
South Africa’s growth in 2016 was only marginally positive (0.3%), while Angola’s growth for the year is likely to be flat. All three of these economies are expected to growth more strongly in 2017, although each one is dependent on a combination of global commodity price recovery and structural economic reform.
Source : EY
