2.1 Growth performance IV: Economic Report on Africa 2007
2.1 Growth performance IV: Economic Report on Africa 2007
at the bottom of the scale (figure 2.5). Only three countries (Angola, Mozambique
and Sudan) in the top ten performers in 2006 were among the top ten performers
on the basis of average annual growth rates during 1998-2005 (UNECA
2006b). Half of the top ten performers are oil producers (Angola, Libya, Mauritania,
Republic of Congo and Sudan). Of the remaining five top performers, two are
mineral-rich countries (DRC and Mozambique) and one (Liberia) is a post-conflict
country. High oil and mineral prices were the main growth drivers for the best performing
oil-and mineral-rich countries. Ethiopia continues to feature on the list of
top performers in Africa because of generally good rainfall and high export prices for
tea and coffee, the country’s main export commodities. Strong economic performance
in Malawi (from 1.9 in 2005 to 6.9 per cent in 2006) was the result of recovery
in agriculture from the drought of 2005.
Five countries (Comoros, Côte d’Ivoire, Seychelles, Swaziland and Zimbabwe) have
the lowest growth rates over 1998-2006. Swaziland’s growth performance has been low
and continuously weakening over the last five years due to increasing competition and
falling prices in the textile export market and the reduced sugar price in the EU market.
Heavily dependent on agriculture, Comoros continued to experience low growth due
to low revenue from vanilla exports and a decline in the tourism sector, while political
conflict and insecurity continue to deter investment and plague economic performance
in Côte d’Ivoire. Economic performance in Zimbabwe remained negative in the
last eight years owing mainly to political difficulties exacerbated by recurrent droughts.
Foreign exchange constraints and the recent rises in oil prices adversely affected investment
and capacity utilization in Seychelles, leading to nearly complete economic stagnation
in the last eight years.
21 Growth performance IV Economic Report on Africa 2007 - To learn more about this author, visit United Nations Economic Commission for Africa's Website.
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Comparing performance in 2006 with that of the previous eight years shows stagnation
at the bottom of the scale (figure 2.5). Only three countries (Angola, Mozambique
and Sudan) in the top ten performers in 2006 were among the top ten performers
on the basis of average annual growth rates during 1998-2005 (UNECA
2006b). Half of the top ten performers are oil producers (Angola, Libya, Mauritania,
Republic of Congo and Sudan). Of the remaining five top performers, two are
mineral-rich countries (DRC and Mozambique) and one (Liberia) is a post-conflict
country. High oil and mineral prices were the main growth drivers for the best performing
oil-and mineral-rich countries. Ethiopia continues to feature on the list of
top performers in Africa because of generally good rainfall and high export prices for
tea and coffee, the country’s main export commodities. Strong economic performance
in Malawi (from 1.9 in 2005 to 6.9 per cent in 2006) was the result of recovery
in agriculture from the drought of 2005.
Five countries (Comoros, Côte d’Ivoire, Seychelles, Swaziland and Zimbabwe) have
the lowest growth rates over 1998-2006. Swaziland’s growth performance has been low
and continuously weakening over the last five years due to increasing competition and
falling prices in the textile export market and the reduced sugar price in the EU market.
Heavily dependent on agriculture, Comoros continued to experience low growth due
to low revenue from vanilla exports and a decline in the tourism sector, while political
conflict and insecurity continue to deter investment and plague economic performance
in Côte d’Ivoire. Economic performance in Zimbabwe remained negative in the
last eight years owing mainly to political difficulties exacerbated by recurrent droughts.
Foreign exchange constraints and the recent rises in oil prices adversely affected investment
and capacity utilization in Seychelles, leading to nearly complete economic stagnation
in the last eight years.
21 Growth performance IV Economic Report on Africa 2007 - To learn more about this author, visit United Nations Economic Commission for Africa's Website.
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