West Africa to lead Africa’s economy in 2013-2014

West Africa will be the fastest growing region on the continent in 2013 and 2014, economic indicators in a new report have shown.

Africa’s economic growth is projected to hit 4.8% this year and 5.3% in 2014, according to the 2013 African Economic Outlook (AEO) published May 27, 2013.

The report indicated that West Africa will continue its rapid economic growth with rates of 6.7% in 2013 and 7.4% in 2014.

“It has become the fastest growing region of the continent,” said the AEO adding that “growth in the region is not only driven by oil and mineral sectors but also by agriculture and services and on the demand side often by consumption and investment.”

After West Africa, the report projects North Africa to be the second region with the fastest economic growth on the continent with a 3.9% growth in 2013 and 4.3% in 2014.

For East Africa, the region’s economy was projected by the report to hit 5.2% in 2013 and 5.6% in 2014.

In Central Africa, GDP is likely to continue to grow by 5.7% in 2013 and 5.4% in 2014, the AEO noted while in Southern Africa, GDP is expected to grow by around 4% in 2013 and to accelerate to 4.6% in 2014.

By Ekow Quandzie