Johannesburg/Abuja/Lagos — Growth in Africa’s two largest economies may be sputtering along but that won’t stop the continent’s GDP from expanding at the fastest pace since at least 2012. GDP growth for the continent is forecast accelerate to 4% in 2019, up from an estimated 3.5% in 2018, making it the fastest-growing region in the world after Asia, according to the African Development Bank. And that’s despite Nigeria and SA, which make up almost half of the continent’s GDP, “pulling down Africa’s average growth,” as the Abidjan-based lender said in its latest economic outlook report. Nigeria’s GDP will expand by 2.3% in 2019, which is below the rate of population growth, as the government struggles to reduce the nation’s oil dependence and attract foreign investment. SA’s expansion will be even slower, at 1.7%, as the continent’s most industrialised economy battles to recover from 2018's recession. Both countries are in the AfDB’s list of the 10 slowest-growing economies.


BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now