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African Economic Outlook 2013

Structural Transformation and Natural Resources

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The African Economic Outlook is the only annual report that monitors in detail the economic performance of 53 individual countries on the continent, using a strictly comparable analytical framework.

The focus of the 2013 edition if structural transformation and natural resources in Africa. This edition draws lessons from Africa and elsewhere on how to accelerate structural change and amplify the positive force of natural resources. The report also features and overview of Africa's performance and prospects, country notes and a rich statistical annex.

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Macroeconomic prospects for Africa

OECD Development Centre

The chapter examines the recent macroeconomic developments in Africa and provides a forecast for 2013 and 2014. This is based on detailed country analysis and projections as described in Part Three of this report. The chapter looks at the demand and supply conditions which are affecting Africa’s growth. It also describes the development of commodity prices and inflationary pressures in African countries and discusses how monetary and fiscal policies have responded to the various challenges.

The economic outlook for Africa remains favourable despite headwinds from the global economy. Growth has remained relatively broad-based, with oil production, mining, agriculture, services and domestic demand as the main drivers, mitigating the adverse effects from global turbulences. But growth has remained subdued in several countries due to poor export performances and political and social tensions. On average, and excluding the distortions by volatile gross domestic product (GDP) developments in Libya, Africa’s economic growth was 4.2% in 2012 and is projected to accelerate to 4.5% in 2013 and further to 5.2% in 2014. This forecast assumes a gradual improvement of global economic conditions.

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