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African Markets Revealed

The African Markets Revealed (AMR) is produced by Standard Bank Research. For clients and investors needing insights into Africa, the AMR is a trusted source of information and analysis to inform African investment strategies.

Standard Bank’s African Markets Revealed is a research report providing detailed, comprehensive, medium term (up to 2 years ahead) forecasts for 21 key African economies. The report evaluates the cyclical and structural evolution of each economy, developments that are likely to have an impact on the balance of payments, the conduct of monetary and fiscal policy. In addition to deriving reasonable forecasts for the evolution of the economic growth, exchange rates and interest rates, the report forms the fundamental basis for identifying actionable foreign exchange hedging strategies and trade ideas for investors looking to partake in the continent’s fixed income and currency markets as well as the Eurobond market.
Africa drivng its own development agenda image set
AMR report 1 Mar 2022
AMR report Trusted insight into key African markets
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AMR Angola image set
Angola 1 Jul 2022
AMR: Angola We expect GDP growth of 3.3% y/y in 2022 then easing to 2.4% y/y in 2023.We expect the C/A surplus to reach 15% of GDP in 2022 and 7.2% of GDP in 2023.. We see the USD/AOA pair at 432.3 at year-end.
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AMR Botswana image set
Botswana 1 Jul 2022
AMR: Botswana We expect GDP growth of 3.9% y/y in 2022 and 4.5% y/y in 2023. We expect that the C/A deficit to reach 0.8% of GDP and then a surplus of 4.4% of GDP in 2022. We see the pair USD/BWP around 11.80 at year-end.
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AMR CDI image set
Côte d’Ivoire 1 Jul 2022
AMR: Côte d’Ivoire We forecast growth of 6.9% y/y in 2022 and 6.6% y/y in 2023. We expect the C/A deficit to widen to 3.5% of GDP in 2022. We see the pair USD/XOF around 599 by Dec 22.
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AMR DRC image set
DRC 1 Jul 2022
AMR: DRC We expect GDP growth of 5.5% y/y in 2022 and 5.8% y/y in 2023. We expect that the C/A surplus to reach 0.7% of GDP in 2022 and 1.7% of GDP in 2023. We see the pair USD/MWK around 1 987.8 at year-end.
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Egypt
Egypt 1 Jul 2022
AMR: Egypt We expect GDP to grow by 5.4% y/y in 2022 before improving to 4.8% y/y in 2023. The C/A deficit will likely widen to 7.3% of GDP in 2022 before narrowing to 5.1% of GDP in 2023. We expect USD/EGP pair to close the year around 18.50.
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AMR Ethiopia image set
Ethiopia 1 Jul 2022
AMR: Ethiopia We expect GDP growth of 2.7% y/y in 2022 and 7.1% y/y in 2023. We expect that the C/A surplus to reach 4.7% of GDP in 2022 and 2.0% of GDP in 2023. We see the pair USD/ETB around 55.6 at year-end.
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AMR Ghana image set
Ghana 1 Jul 2022
AMR: Ghana We lower GDP growth to 3.1% y/y in 2022 and 4.1% y/y in 2023. We expect the C/A deficit to widen to 4.1% of GDP in 2022, then narrow to 2.6% in 2023. We expect USD/GHS to rise to 8.29 by year-end.
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AMR Kenya image set
Kenya 1 Jul 2022
AMR: Kenya We forecast GDP growth of 5.4% and 4.3% in 2022 and 2023 respectively. We expect the C/A deficit to reach 6.7% and 6.0% of GDP in 2022 and 2023 respectively. We see USD/KES trading around 120.1 by the end of the year.
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AMR Malawi image set
Malawi 1 Jul 2022
AMR: Malawi We expect GDP growth of 2.8% y/y in 2022 and 3.0% y/y in 2023. We expect that the C/A balance to reach -17.4% of GDP in 2022 and -15.3% of GDP in 2023. We see the pair USD/MWK around 867 at year-end.
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AMR Mauritius image set
Mauritius 1 Jul 2022
AMR: Mauritius We expect GDP growth of 6.3% y/y in 2022 and 4.6% y/y in 2023. We expect that the C/A surplus to reach 14.2% of GDP in 2022 and narrow to 10.4% of GDP in 2023. We see the pair USD/MUR around 42.96 at year-end.
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AMR Mozambique image set
Mozambique 1 Jul 2022
AMR: Mozambique We lift our GDP growth forecast to 3.4% y/y for 2022 then reaching 3.8% y/y in 2023. We expect C/A deficit at 23% of GDP in 2022 then accelerating to 29% of GDP in 2023. We put the USD/MZN pair at 61.6 by Dec.
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AMR Namibia image set
Namibia 1 Jul 2022
AMR: Namibia We ease 2022 GDP growth to 3.1% y/y but retain 2023 forecast at 3.5% y/y. We see the C/A deficit as widening to 9.3% of GDP in 2022, then narrowing to 7.7% of GDP in 2023. The USD/NAD pair expected to end the year at 15.00.
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AMR Nigeria image set
Nigeria 1 Jul 2022
AMR: Nigeria We expect GDP growth of 3.2% y/y in 2022 and 3.3% y/y in 2023. We expect a C/A surplus of 2% of GDP in 2022 and 1.5% of GDP in 2023. We see the pair USD/NGN around 440 at year-end.
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AMR Rwanda image set
Rwanda 1 Jul 2022
AMR: Rwanda GDP growth is forecast at 7.4% y/y in 2022 and 7.3% y/y in 2023. We still forecast the C/A deficit to widen to 13.2% of GDP in 2022 and 12.0% in 2023. We expect USD/RWF trading at 1051.6 by end 2022.
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AMR Senegal image set
Senegal 1 Jul 2021
AMR: Senegal We expect GDP growth of 5.2% y/y in 2022 and 7.6% y/y in 2023. We expect that the C/A deficit will reach 17.8% of GDP in 2022 and narrow to 9.9% of GDP in 2023. We see the pair USD/ XOF declining to 599 by year-end.
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AMR Tanzania image set
Tanzania 1 Jul 2022
AMR: Tanzania We expect GDP growth to expand by 6.0% y/y in 2022 and 6.3% in 2023. We see the C/A deficit widening to 4.7% of GDP in 2022 and narrowing to 4.1% of GDP in 2023. We see USD/TZS trading close to 2322 by the end of 2022.
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AMR Uganda image set
Uganda 1 Jul 2022
AMR: Uganda We expect GDP growth of 4.0% y/y in 2022 and 5.7% y/y in 2023. We see the C/A deficit widening to 10.1% of GDP in 2022 and 10.8% of GDP in 2023. We place USD/UGX at 3680-3730 by end 2022.
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AMR Zambia image sett
Zambia 1 Jul 2022
AMR: Zambia We expect GDP growth of 1.92% y/y in 2022 and 2.81% y/y in 2023. We expect that the C/A surplus to reach 7.42% of GDP in 2022 and 7.69% of GDP in 2023. We see the pair USD/ZMW around 16.6 at year-end.
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