## stats (Statistical Appendix) ## Source details **Canonical URL:** [stats (Statistical Appendix)](https://www.imf.org/-/media/files/publications/reo/afr/2018/may/pdf/stats.pdf) ## Other formats - [Markdown version](/-/media/files/publications/reo/afr/2018/may/pdf/stats.pdf.md) - [Structured JSON version](/-/media/files/publications/reo/afr/2018/may/pdf/stats.pdf.json) --- ### Coverage and Timing; Country Groupings - Data and projections are IMF staff estimates as of March 30, 2018, consistent with the April 2018 World Economic Outlook (WEO). - Coverage: 45 sub-Saharan African countries followed by the IMF’s African Department. - Country groupings (non-overlapping): - Oil exporters: net oil exports make up 30 percent or more of total exports. - Other resource-intensive countries: nonrenewable natural resources represent 25 percent or more of total exports. - Non-resource-intensive countries: not classified as either oil exporters or other resource-intensive countries. - Overlapping groups by income/CPIA: - Middle-income countries: per capita gross national income in 2014–16 of more than US$1,005.00 (World Bank, Atlas method). - Low-income countries: average per capita gross national income in 2014–16 equal to or lower than US$1,005.00 (World Bank, Atlas method). - Countries in fragile situations: average CPIA scores of 3.2 or less in 2014–16 and/or had the presence of a peace-keeping or peace-building mission within the last three years. ### Methods of Aggregation and Sources - Aggregation methods by table group: - Tables SA1–SA3, SA6–SA7, SA13, SA15–SA16, and SA22–SA23: arithmetic average of country data weighted by GDP (PPP) share of group GDP. PPP weights from World Economic Outlook database. - Tables SA8–SA12, SA17–SA21, and SA24–SA26: arithmetic average weighted by GDP in US dollars at market exchange rates. - Tables SA4–SA5 and SA14: geometric average weighted by GDP (PPP). - Tables SA27–SA28: unweighted arithmetic average. - Principal sources: IMF Common Surveillance database; IMF World Economic Outlook database, April 2018; IMF Information Notice System; IMF International Financial Statistics. - Recurrent table notes: “...” denotes data not available; fiscal year data indicated where applicable; Zimbabwe dollar ceased circulating early 2009 and some data are IMF staff estimates in US dollars. ### Key Aggregate Real GDP Growth Indicators (Table SA1) - Sub-Saharan Africa (Real GDP Growth, Percent): 2004-08 6.6, 2009 3.9, 2010 7.0, 2011 5.1, 2012 4.4, 2013 5.3, 2014 5.1, 2015 3.4, 2016 1.4, 2017 2.8, 2018 3.4, 2019 3.7 - Median (Real GDP Growth, Percent): 2004-08 4.9, 2009 3.3, 2010 6.1, 2011 5.2, 2012 4.9, 2013 5.3, 2014 4.5, 2015 3.5, 2016 3.8, 2017 3.9, 2018 4.0, 2019 4.5 - Excluding Nigeria and South Africa: 2004-08 6.9, 2009 3.9, 2010 6.1, 2011 6.1, 2012 5.4, 2013 6.6, 2014 5.7, 2015 4.7, 2016 3.6, 2017 4.6, 2018 4.8, 2019 5.4 - Oil-exporting countries: 2004-08 8.7, 2009 6.7, 2010 9.2, 2011 4.7, 2012 3.9, 2013 5.7, 2014 5.8, 2015 2.6, 2016 -1.5, 2017 0.5, 2018 2.0, 2019 2.1 - Oil-exporting countries (Excluding Nigeria): 2004-08 11.1, 2009 2.4, 2010 3.5, 2011 4.2, 2012 2.8, 2013 6.4, 2014 4.6, 2015 2.3, 2016 -1.3, 2017 -0.3, 2018 1.7, 2019 2.6 - Oil-importing countries: 2004-08 5.3, 2009 2.0, 2010 5.4, 2011 5.4, 2012 4.8, 2013 5.1, 2014 4.6, 2015 4.0, 2016 3.5, 2017 4.4, 2018 4.3, 2019 4.7 - Low-income countries: 2004-08 6.3, 2009 5.1, 2010 7.4, 2011 7.1, 2012 4.7, 2013 7.3, 2014 6.7, 2015 5.6, 2016 4.3, 2017 5.5, 2018 5.6, 2019 5.9 - Countries in fragile situations: 2004-08 3.5, 2009 3.3, 2010 6.0, 2011 3.7, 2012 3.8, 2013 7.4, 2014 6.1, 2015 3.9, 2016 2.5, 2017 3.3, 2018 4.3, 2019 4.8 ### Real Non-Oil and Per Capita GDP Growth (Tables SA2–SA3) - Sub-Saharan Africa (Real Non-Oil GDP Growth, Percent): 2004-08 7.7, 2009 4.9, 2010 7.7, 2011 5.5, 2012 5.2, 2013 6.3, 2014 5.4, 2015 3.5, 2016 2.0, 2017 2.6, 2018 3.1, 2019 3.5 - Sub-Saharan Africa (Real Per Capita GDP Growth, Percent): 2004-08 4.2, 2009 1.5, 2010 4.6, 2011 2.7, 2012 1.9, 2013 2.9, 2014 2.7, 2015 1.0, 2016 -0.9, 2017 0.4, 2018 1.0, 2019 1.3 - Oil-exporting countries (Real Non-Oil GDP Growth, Percent): 11.5, 9.1, 10.7, 6.2, 5.9, 8.2, 6.6, 2.9, –0.3, 0.3, 1.3, 1.9 - Oil-exporting countries (Real Per Capita GDP Growth, Percent): 5.8, 3.8, 6.2, 1.9, 1.0, 2.8, 3.0, –0.2, –4.2, –2.2, –0.7, -0.6 - Low-income countries (Real Non-Oil GDP Growth, Percent): 6.1, 5.2, 7.6, 7.1, 6.0, 6.6, 6.1, 5.5, 4.5, 5.5, 5.5, 5.8 - Low-income countries (Real Per Capita GDP Growth, Percent): 3.5, 2.5, 4.7, 4.5, 2.0, 4.8, 4.1, 3.1, 1.9, 2.9, 3.2, 3.4 ### Inflation Indicators (Tables SA4–SA5) - Consumer Prices, Annual average (Sub-Saharan Africa): 2004-08 8.8, 2009 9.8, 2010 8.1, 2011 9.4, 2012 9.2, 2013 6.6, 2014 6.3, 2015 7.0, 2016 11.3, 2017 11.0, 2018 9.5, 2019 8.9 - Consumer Prices, End of period (Sub-Saharan Africa): 2004-08 8.9, 2009 9.1, 2010 7.7, 2011 10.0, 2012 8.2, 2013 6.1, 2014 6.1, 2015 8.1, 2016 12.5, 2017 10.3, 2018 9.6, 2019 9.3 - Oil-exporting countries (Annual average): 10.9, 11.4, 12.0, 9.9, 11.1, 7.5, 7.1, 8.8, 17.7, 17.2, 14.6, 13.9 - CFA franc zone (Annual average): 3.0, 2.7, 1.1, 3.2, 3.3, 1.7, 1.2, 1.8, 0.6, 0.9, 1.7, 1.9 ### Investment and Savings (Tables SA6–SA7) - Total Investment (Percent of GDP, Sub-Saharan Africa): 2004-08 20.3, 2009 22.6, 2010 21.3, 2011 20.5, 2012 21.1, 2013 21.1, 2014 22.1, 2015 22.0, 2016 19.8, 2017 19.9, 2018 20.4, 2019 21.4 - Total Investment, Excluding Nigeria and South Africa: 2004-08 22.6, 2009 25.6, 2010 24.8, 2011 23.7, 2012 25.7, 2013 25.1, 2014 26.9, 2015 26.5, 2016 24.4, 2017 24.5, 2018 25.1, 2019 26.7 - Gross National Savings (Percent of GDP, Sub-Saharan Africa): 2004-08 22.6, 2009 20.3, 2010 20.5, 2011 19.6, 2012 19.1, 2013 18.3, 2014 18.2, 2015 16.1, 2016 15.9, 2017 17.6, 2018 17.5, 2019 18.2 - Oil-exporting countries (Gross National Savings): 31.5, 25.4, 23.8, 23.0, 23.1, 21.8, 19.2, 14.2, 14.0, 16.5, 15.8, 16.5 - Low-income countries (Gross National Savings): 16.2, 13.9, 17.5, 17.5, 16.1, 15.4, 18.5, 17.5, 17.7, 19.7, 20.3, 21.1 ### Fiscal Aggregates (Tables SA8–SA12) - Overall Fiscal Balance, Including Grants (Sub-Saharan Africa, Percent of GDP): 2004-08 1.7, 2009 -4.6, 2010 -3.6, 2011 -1.2, 2012 -1.8, 2013 -3.2, 2014 -3.8, 2015 -4.5, 2016 -4.6, 2017 -5.0, 2018 -4.0, 2019 -3.9 - Overall Fiscal Balance, Excluding Grants (Sub-Saharan Africa, Percent of GDP): 2004-08 0.4, 2009 -5.6, 2010 -4.4, 2011 -2.0, 2012 -2.5, 2013 -3.9, 2014 -4.5, 2015 -5.1, 2016 -5.2, 2017 -5.5, 2018 -4.7, 2019 -4.4 - Government Revenue, Excluding Grants (Sub-Saharan Africa, Percent of GDP): 2004-08 23.3, 2009 19.0, 2010 20.4, 2011 22.9, 2012 21.7, 2013 20.0, 2014 19.1, 2015 17.4, 2016 16.4, 2017 17.0, 2018 17.8, 2019 17.5 - Government Expenditure (Sub-Saharan Africa, Percent of GDP): 2004-08 22.9, 2009 24.5, 2010 24.8, 2011 24.9, 2012 24.2, 2013 23.8, 2014 23.6, 2015 22.5, 2016 21.5, 2017 22.5, 2018 22.5, 2019 22.0 - Government Debt (Percent of GDP, selected aggregates): Sub-Saharan Africa (aggregate) 33.3, 26.3, 27.9, 28.5, 28.5, 30.1, 32.4, 38.9, 44.0, 45.9, 48.1, 47.6; Median 49.0, 34.8, 31.5, 32.2, 29.9, 33.9, 36.8, 45.3, 51.6, 53.4, 52.4, 52.6 ### Monetary and Credit Aggregates (Tables SA13–SA17) - Broad Money (Percent of GDP, Sub-Saharan Africa): 2004-08 34.7, 2009 39.0, 2010 37.3, 2011 36.2, 2012 36.1, 2013 35.0, 2014 35.8, 2015 37.2, 2016 37.0, 2017 35.9, 2018 35.6, 2019 35.9 - Broad Money Growth (Percent, Sub-Saharan Africa): 2004-08 25.4, 2009 14.8, 2010 13.5, 2011 12.6, 2012 15.9, 2013 7.7, 2014 15.3, 2015 11.1, 2016 11.4, 2017 8.2, 2018 13.1, 2019 14.0 - Claims on Nonfinancial Private Sector (Percent change, Sub-Saharan Africa): 2004-08 30.7, 2009 16.2, 2010 8.3, 2011 13.0, 2012 13.3, 2013 12.5, 2014 15.5, 2015 11.4, 2016 12.5, 2017 3.3 - Claims on Nonfinancial Private Sector (Percent of GDP, Sub-Saharan Africa): 2004-08 27.3, 2009 31.2, 2010 28.5, 2011 27.4, 2012 27.5, 2013 27.3, 2014 27.6, 2015 28.3, 2016 28.0, 2017 26.4 - Domestic Credit (Percent of GDP, Sub-Saharan Africa): 2004-08 32.5, 2009 27.8, 2010 30.4, 2011 33.6, 2012 31.0, 2013 29.5, 2014 26.7, 2015 22.7, 2016 22.1, 2017 23.7, 2018 25.0, 2019 24.0 ### External Sector Indicators (Tables SA17–SA26) - Exports of Goods and Services (Percent of GDP, Sub-Saharan Africa): 2004-08 30.3, 2009 30.3, 2010 30.6, 2011 32.8, 2012 31.9, 2013 30.7, 2014 30.4, 2015 29.5, 2016 27.1, 2017 26.6, 2018 28.0, 2019 27.3 - Imports of Goods and Services (Percent of GDP, Sub-Saharan Africa): 2004-08 6.0, 2009 2.6, 2010 4.5, 2011 5.7, 2012 3.5, 2013 3.0, 2014 0.7, 2015 -3.1, 2016 -2.0, 2017 -0.1, 2018 0.0, 2019 -0.6 - Trade Balance on Goods (Percent of GDP, Sub-Saharan Africa): 2004-08 2.2, 2009 -2.4, 2010 -0.8, 2011 -0.6, 2012 -1.7, 2013 -2.2, 2014 -3.8, 2015 -6.0, 2016 -4.1, 2017 -2.6, 2018 -2.9, 2019 -3.1 - External Current Account (Percent of GDP, Sub-Saharan Africa): 2004-08 2.2, 2009 -2.4, 2010 -0.8, 2011 -0.6, 2012 -1.7, 2013 -2.2, 2014 -3.8, 2015 -6.0, 2016 -4.1, 2017 -2.6, 2018 -2.9, 2019 -3.1 - Net Foreign Direct Investment (Percent of GDP, Sub-Saharan Africa; Table SA21): 2004-08 2.0, 2009 2.9, 2010 2.9, 2011 2.2, 2012 2.2, 2013 1.4, 2014 1.7, 2015 2.1, 2016 3.0, 2017 2.3, 2018 2.5, 2019 2.8 - Real Effective Exchange Rates (2010 = 100, Table SA22, Sub-Saharan Africa): 2004-08 92.6, 2009 96.2, 2010 100.0, 2011 99.5, 2012 104.1, 2013 104.7, 2014 105.5, 2015 105.4, 2016 101.1, 2017 101.9 - Nominal Effective Exchange Rates (2010 = 100, Table SA23, Sub-Saharan Africa): 2004-08 116.6, 2009 101.0, 2010 100.0, 2011 94.5, 2012 93.0, 2013 89.9, 2014 86.9, 2015 82.8, 2016 73.5, 2017 68.7 - External Debt, Debtor Based (Percent of GDP, selected countries, Table SA24): Angola 91.7 83.8 100.0 124.4 131.4 129.4 118.4 69.2 59.3 72.1 86.7 80.5; Mozambique 91.2 87.9 100.0 101.5 93.0 93.1 91.7 89.6 91.3 94.2 94.2 93.8; South Africa 84.5 94.7 100.0 106.8 102.3 101.5 100.1 103.5 105.0 112.3 109.3 107.8 - Terms of Trade on Goods (Index, 2010 = 100, Sub-Saharan Africa): 5.1, 5.1, 4.1, 4.5, 5.2, 4.9, 5.2, 5.8, 5.2, 5.0, 5.3, 5.1 (annual small-number index series consistent with Table SA25) - Reserves (Months of imports of goods and services, Sub-Saharan Africa): 42.4, 49.2, 51.9, 52.0, 52.8, 54.6, 55.9, 58.1, 58.9, 63.2 ### Financial Sector Indicators (Tables SA27–SA28) - Banking Penetration (Total banking sector assets in percent of GDP, selected): Sub-Saharan Africa aggregate series show elevated cross-country variation (examples): Angola 42.6 55.8 72.5 79.3 89.1 85.8 75.0 67.2 60.2 62.0; Cabo Verde 54.8 72.5 74.2 80.2 73.9 64.7 59.2 57.2 53.6 54.0; Mauritius 55.8 55.4 55.4 67.5 74.0 79.1 82.5 76.4 76.9 76.7 - Loan-to-Deposit Ratio (Percent of deposits, Table SA28): regional median and aggregates—Sub-Saharan Africa 65.2 67.8 67.5 68.6 69.7 70.8 70.1 73.2 74.1 72.5; Median 66.1 71.4 69.4 71.8 73.9 75.9 74.8 75.7 77.4 73.0 - Selected country loan-to-deposit examples: Kenya 76.6 72.5 72.6 77.8 76.9 80.5 83.7 87.0 88.6 83.5; South Africa 122.8 120.1 120.7 113.2 119.0 118.7 117.3 118.1 117.5 115.6; Namibia 110.1 73.6 73.9 74.8 78.3 81.1 88.8 92.5 95.4 92.8 *Regional Economic Outlook: Sub‑Saharan Africa — Statistical Appendix (IMF staff estimates as of March 30, 2018).* ### Section 1 ### stats - Section 1 ### Coverage and Timing - Data and projections presented are IMF staff estimates as of March 30, 2018, consistent with the projections underlying the April 2018 World Economic Outlook (WEO). - The data and projections cover 45 sub-Saharan African countries followed by the IMF’s African Department. ### Country Groupings and Classification Criteria - Countries are aggregated into three non-overlapping groups: - Oil exporters: net oil exports make up 30 percent or more of total exports. - Other resource-intensive countries: nonrenewable natural resources represent 25 percent or more of total exports. - Non-resource-intensive countries: not classified as either oil exporters or other resource-intensive countries. - Countries are also aggregated into four overlapping groups based on per capita gross national income and CPIA scores: - Middle-income countries: per capita gross national income in the years 2014–16 of more than US$1,005.00 (World Bank, using the Atlas method). - Low-income countries: average per capita gross national income in the years 2014–16 equal to or lower than US$1,005.00 (World Bank, Atlas method). - Countries in fragile situations: average CPIA scores of 3.2 or less in the years 2014–16 and/or had the presence of a peace-keeping or peace-building mission within the last three years. ### Regional Cooperation Groupings (membership lists shown on page 90 of the source) - Major regional cooperation bodies referenced include: - CFA franc zone (WAEMU and CEMAC) - Common Market for Eastern and Southern Africa (COMESA) - East Africa Community (EAC-5) — EAC-5 aggregates include Rwanda and Burundi, which joined the group only in 2007. - Economic Community of West African States (ECOWAS) - Southern African Development Community (SADC) - Southern Africa Customs Union (SACU) ### Methods of Aggregation - Tables SA1–SA3, SA6–SA7, SA13, SA15–SA16, and SA22–SA23: - Country group composites are calculated as the arithmetic average of data for individual countries, weighted by GDP valued at purchasing power parity as a share of total group GDP. - Source of purchasing power parity weights: World Economic Outlook database. - Tables SA8–SA12, SA17–SA21, and SA24–SA26: - Country group composites are calculated as the arithmetic average of data for individual countries, weighted by GDP in US dollars at market exchange rates as a share of total group GDP. - Tables SA4–SA5 and SA14: - Country group composites are calculated as the geometric average of data for individual countries, weighted by GDP valued at purchasing power parity as a share of total group GDP. - Source of purchasing power parity weights: World Economic Outlook database. - Tables SA27–SA28: - Country group composites are calculated as the unweighted arithmetic average of data for individual countries. ### Statistical Notes and Data Sources - Data definitions follow established international statistical methodologies to the extent possible; however, data limitations can limit comparability across countries. - List of principal sources and notes (see page 91 of the source for full listings), including: - IMF, Common Surveillance database; IMF, World Economic Outlook database, April 2018. - IMF, Information Notice System. - IMF, International Financial Statistics. - Recurrent notes in tables: - “...” denotes data not available. - Fiscal year data are indicated where applicable. - Several tables note that the Zimbabwe dollar ceased circulating in early 2009 and that data are based on IMF staff estimates of price and exchange rate developments in US dollars; staff estimates of US dollar values may differ from authorities’ estimates. ### Key Aggregate Real GDP Growth Indicators (Table SA1: Real GDP Growth, Percent) - Sub-Saharan Africa: 2004-08 6.6, 2009 3.9, 2010 7.0, 2011 5.1, 2012 4.4, 2013 5.3, 2014 5.1, 2015 3.4, 2016 1.4, 2017 2.8, 2018 3.4, 2019 3.7 - Median: 2004-08 4.9, 2009 3.3, 2010 6.1, 2011 5.2, 2012 4.9, 2013 5.3, 2014 4.5, 2015 3.5, 2016 3.8, 2017 3.9, 2018 4.0, 2019 4.5 - Excluding Nigeria and South Africa: 2004-08 6.9, 2009 3.9, 2010 6.1, 2011 6.1, 2012 5.4, 2013 6.6, 2014 5.7, 2015 4.7, 2016 3.6, 2017 4.6, 2018 4.8, 2019 5.4 - Oil-exporting countries: 2004-08 8.7, 2009 6.7, 2010 9.2, 2011 4.7, 2012 3.9, 2013 5.7, 2014 5.8, 2015 2.6, 2016 -1.5, 2017 0.5, 2018 2.0, 2019 2.1 - Excluding Nigeria: 2004-08 11.1, 2009 2.4, 2010 3.5, 2011 4.2, 2012 2.8, 2013 6.4, 2014 4.6, 2015 2.3, 2016 -1.3, 2017 -0.3, 2018 1.7, 2019 2.6 - Oil-importing countries: 2004-08 5.3, 2009 2.0, 2010 5.4, 2011 5.4, 2012 4.8, 2013 5.1, 2014 4.6, 2015 4.0, 2016 3.5, 2017 4.4, 2018 4.3, 2019 4.7 - Excluding South Africa: 2004-08 5.6, 2009 4.4, 2010 7.0, 2011 6.7, 2012 6.3, 2013 6.6, 2014 6.1, 2015 5.5, 2016 5.1, 2017 5.9, 2018 5.7, 2019 6.1 - Middle-income countries: 2004-08 6.7, 2009 3.6, 2010 6.9, 2011 4.5, 2012 4.3, 2013 4.7, 2014 4.6, 2015 2.7, 2016 0.5, 2017 1.9, 2018 2.7, 2019 2.9 - Excluding Nigeria and South Africa: 2004-08 7.4, 2009 2.8, 2010 5.1, 2011 5.3, 2012 6.1, 2013 5.9, 2014 4.9, 2015 3.9, 2016 3.0, 2017 3.6, 2018 4.1, 2019 4.9 - Low-income countries: 2004-08 6.3, 2009 5.1, 2010 7.4, 2011 7.1, 2012 4.7, 2013 7.3, 2014 6.7, 2015 5.6, 2016 4.3, 2017 5.5, 2018 5.6, 2019 5.9 - Excluding low-income countries in fragile situations: 2004-08 8.1, 2009 6.7, 2010 7.8, 2011 8.1, 2012 6.3, 2013 7.3, 2014 7.5, 2015 7.4, 2016 6.1, 2017 7.2, 2018 6.7, 2019 6.8 - Countries in fragile situations: 2004-08 3.5, 2009 3.3, 2010 6.0, 2011 3.7, 2012 3.8, 2013 7.4, 2014 6.1, 2015 3.9, 2016 2.5, 2017 3.3, 2018 4.3, 2019 4.8 - CFA franc zone: 2004-08 5.0, 2009 2.7, 2010 4.0, 2011 2.9, 2012 6.1, 2013 4.5, 2014 5.7, 2015 4.2, 2016 3.4, 2017 3.6, 2018 4.4, 2019 5.0 - CEMAC: 2004-08 6.6, 2009 2.3, 2010 3.6, 2011 4.4, 2012 5.9, 2013 2.8, 2014 4.7, 2015 2.0, 2016 -0.5, 2017 -0.1, 2018 1.7, 2019 3.3 - WAEMU: 2004-08 3.5, 2009 3.0, 2010 4.5, 2011 1.3, 2012 6.3, 2013 6.1, 2014 6.7, 2015 6.2, 2016 6.6, 2017 6.6, 2018 6.4, 2019 6.3 - COMESA (SSA members): 2004-08 6.2, 2009 5.7, 2010 8.1, 2011 7.4, 2012 6.1, 2013 6.3, 2014 6.4, 2015 6.0, 2016 4.7, 2017 5.9, 2018 5.6, 2019 6.0 - EAC-5: 2004-08 6.2, 2009 5.2, 2010 7.4, 2011 6.9, 2012 4.5, 2013 6.1, 2014 5.9, 2015 6.1, 2016 5.4, 2017 5.2, 2018 5.8, 2019 6.2 - ECOWAS: 2004-08 6.8, 2009 7.0, 2010 9.7, 2011 5.0, 2012 5.1, 2013 5.8, 2014 6.1, 2015 3.2, 2016 0.4, 2017 2.6, 2018 3.3, 2019 3.4 - SACU: 2004-08 4.8, 2009 -1.6, 2010 3.4, 2011 3.5, 2012 2.4, 2013 3.0, 2014 2.1, 2015 1.3, 2016 0.8, 2017 1.3, 2018 1.6, 2019 1.9 - SADC: 2004-08 6.2, 2009 0.5, 2010 4.3, 2011 4.4, 2012 3.8, 2013 4.4, 2014 3.6, 2015 2.7, 2016 1.7, 2017 2.2, 2018 2.6, 2019 3.0 ### Table Listings in the Statistical Appendix (Tables SA1–SA28) - The Statistical Appendix includes the following tables (headings only): - SA1. Real GDP Growth - SA2. Real Non-Oil GDP Growth - SA3. Real Per Capita GDP Growth - SA4. Consumer Prices, Average - SA5. Consumer Prices, End of Period - SA6. Total Investment - SA7. Gross National Savings - SA8. Overall Fiscal Balance, Including Grants - SA9. Overall Fiscal Balance, Excluding Grants - SA10. Government Revenue, Excluding Grants - SA11. Government Expenditure - SA12. Government Debt - SA13. Broad Money - SA14. Broad Money Growth - SA15. Claims on Nonfinancial Private Sector Growth (Percent change) - SA16. Claims on Nonfinancial Private Sector (Percent of GDP) - SA17. Exports of Goods and Services - SA18. Imports of Goods and Services - SA19. Trade Balance on Goods - SA20. External Current Account - SA21. Net Foreign Direct Investment - SA22. Real Effective Exchange Rates - SA23. Nominal Effective Exchange Rates - SA24. External Debt, Official Debt, Debtor Based - SA25. Terms of Trade on Goods - SA26. Reserves - SA27. Banking Penetration - SA28. Banking Sector: Loan-to-Deposit Ratio *Regional Economic Outlook: Sub-Saharan Africa — Statistical Appendix (source PDF: stats - Section 1, IMF staff estimates as of March 30, 2018).* ### Section 2 ### stats - Section 2 ### Real Non-Oil GDP Growth (Percent) - Table SA2. Real Non-Oil GDP Growth (Percent) — columns: 2004-08 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 - Sub-Saharan Africa: 7.7 4.9 7.7 5.5 5.2 6.3 5.4 3.5 2.0 2.6 3.1 3.5 - Median: 5.2 3.6 6.2 5.6 5.1 5.2 4.5 3.8 3.8 4.0 4.0 4.5 - Excluding Nigeria and South Africa: 7.4 5.0 6.8 6.8 6.2 6.8 5.8 4.4 3.9 4.3 4.6 5.3 - Oil-exporting countries: 11.5 9.1 10.7 6.2 5.9 8.2 6.6 2.9 –0.3 0.3 1.3 1.9 - Oil-exporting countries (Excluding Nigeria): 5.1 7.0 6.2 8.6 6.1 7.9 4.8 1.1 –0.3 –0.0 1.1 3.0 - Oil-importing countries: 5.2 1.9 5.4 5.1 4.7 5.0 4.6 4.0 3.6 4.1 4.2 4.6 - Oil-importing countries (Excluding South Africa): 5.6 4.3 7.0 6.2 6.3 6.5 6.2 5.5 5.2 5.6 5.6 5.9 - Middle-income countries: 8.1 4.8 7.7 5.1 5.0 6.3 5.2 2.9 1.2 1.7 2.2 2.8 - Middle-income countries (Excluding Nigeria and South Africa): 8.4 4.8 6.2 6.5 6.5 7.1 5.6 3.5 3.4 3.3 3.8 4.9 - Low-income countries: 6.1 5.2 7.6 7.1 6.0 6.6 6.1 5.5 4.5 5.5 5.5 5.8 - Low-income countries (Excluding low-income countries in fragile situations): 8.1 6.7 7.8 8.1 6.0 7.3 7.6 7.4 6.1 7.2 6.7 6.8 - Countries in fragile situations: 3.3 2.9 6.2 3.9 7.4 6.4 5.1 3.7 2.8 3.0 3.6 4.5 - CFA franc zone: 6.5 4.3 4.8 4.3 6.8 5.5 5.8 3.8 3.7 4.0 4.1 5.1 - CEMAC: 9.7 5.9 4.9 7.6 7.1 5.1 4.5 1.1 0.5 0.5 1.0 3.4 - WAEMU: 3.5 2.6 4.6 1.1 6.5 5.9 7.0 6.2 6.4 6.7 6.4 6.3 - COMESA (SSA members): 6.1 5.7 8.1 7.4 6.1 6.4 6.4 6.1 4.7 5.9 5.6 6.0 - EAC-5: 6.2 5.2 7.4 6.9 4.5 6.1 5.9 6.1 5.4 5.2 5.8 6.2 - ECOWAS: 9.0 8.1 10.6 4.9 6.3 7.8 6.8 3.8 1.5 2.0 2.7 3.0 - SACU: 4.8 –1.6 3.4 3.5 2.4 3.0 2.1 1.3 0.8 1.3 1.6 1.9 - SADC: 6.3 1.2 4.9 5.1 3.9 4.9 4.0 2.5 1.7 2.3 2.6 3.1 ### Real Per Capita GDP Growth (Percent) - Table SA3. Real Per Capita GDP Growth (Percent) — columns: 2004-08 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 - Sub-Saharan Africa: 4.2 1.5 4.6 2.7 1.9 2.9 2.7 1.0 –0.9 0.4 1.0 1.3 - Median: 2.9 0.9 3.3 3.3 2.7 2.6 2.4 1.0 1.2 1.3 2.0 2.3 - Excluding Nigeria and South Africa: 4.2 1.2 3.5 3.5 2.7 3.9 3.2 2.2 1.2 2.0 2.3 2.9 - Oil-exporting countries: 5.8 3.8 6.2 1.9 1.0 2.8 3.0 –0.2 –4.2 –2.2 –0.7 -0.6 - Oil-exporting countries (Excluding Nigeria): 8.0 –0.5 0.7 1.3 –0.1 3.4 1.9 –0.4 –3.9 –2.9 –1.0 0.0 - Oil-importing countries: 3.2 –0.1 3.3 3.3 2.5 2.9 2.4 1.8 1.4 2.1 2.1 2.5 - Oil-importing countries (Excluding South Africa): 2.9 1.8 4.5 4.2 3.7 4.1 3.6 3.0 2.7 3.3 3.2 3.6 - Middle-income countries: 4.4 1.2 4.5 2.2 1.9 2.3 2.2 0.3 –1.8 –0.4 0.3 0.6 - Middle-income countries (Excluding Nigeria and South Africa): 4.7 0.2 2.6 2.6 3.3 3.2 2.3 1.3 0.5 1.1 1.6 2.3 - Low-income countries: 3.5 2.5 4.7 4.5 2.0 4.8 4.1 3.1 1.9 2.9 3.2 3.4 - Low-income countries (Excluding low-income countries in fragile situations): 5.1 4.0 5.2 5.6 3.8 5.0 5.2 5.1 3.8 4.7 4.4 4.5 - Countries in fragile situations: 0.9 0.6 3.3 1.1 0.9 4.5 3.2 1.2 –0.2 0.5 1.5 2.0 - CFA franc zone: 2.1 –0.2 1.2 0.0 3.2 1.6 3.0 1.6 0.8 1.0 1.8 2.4 - CEMAC: 3.7 –0.5 0.8 1.6 3.0 –0.0 2.3 –0.3 –2.8 –2.4 –0.6 0.9 - WAEMU: 0.6 0.1 1.6 –1.5 3.4 3.2 3.7 3.3 3.8 3.6 3.5 3.4 - COMESA (SSA members): 3.5 3.2 5.7 4.9 3.3 3.8 3.9 3.6 2.3 3.4 3.1 3.5 - EAC-5: 3.2 2.3 4.7 4.1 1.6 3.5 3.2 3.5 2.8 2.2 3.2 3.6 - ECOWAS: 3.9 4.1 6.8 2.2 2.3 3.0 3.2 0.4 –2.2 –0.1 0.6 0.6 - SACU: 3.5 –2.9 2.0 2.0 1.0 1.5 0.6 –0.2 –0.8 –0.3 0.1 0.3 - SADC: 4.4 –1.3 2.4 2.5 1.8 2.4 1.6 0.6 –0.3 0.1 0.6 0.9 ### Consumer Prices (Annual average, percent change) - Table SA4. Consumer Prices (Annual average, percent change) — columns: 2004-08 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 - Sub-Saharan Africa: 8.8 9.8 8.1 9.4 9.2 6.6 6.3 7.0 11.3 11.0 9.5 8.9 - Median: 7.2 7.3 4.3 5.4 6.0 4.9 4.4 4.3 5.5 5.3 5.1 5.0 - Excluding Nigeria and South Africa: 9.2 9.4 6.5 10.6 9.1 5.7 5.3 6.7 10.7 10.3 8.7 7.1 - Oil-exporting countries: 10.9 11.4 12.0 9.9 11.1 7.5 7.1 8.8 17.7 17.2 14.6 13.9 - Oil-exporting countries (Excluding Nigeria): 9.0 8.6 7.3 7.5 8.3 4.8 4.6 8.4 23.2 19.1 16.1 11.6 - Oil-importing countries: 7.7 8.6 5.4 9.0 7.9 5.9 5.7 5.6 6.9 7.1 6.3 5.7 - Excluding South Africa: 9.3 9.7 6.2 11.6 9.3 6.0 5.5 6.1 7.2 8.0 6.8 5.9 - Middle-income countries: 8.6 9.5 8.5 8.3 8.4 6.9 6.8 7.1 11.6 11.1 9.7 9.3 - Middle-income countries (Excluding Nigeria and South Africa): 8.8 8.3 6.1 8.3 6.4 5.9 6.0 6.7 11.1 9.8 8.4 6.6 - Low-income countries: 9.8 10.8 6.9 13.4 12.2 5.4 4.5 6.6 10.3 10.9 8.9 7.6 - Low-income countries (Excluding low-income countries in fragile situations): 9.4 8.9 5.8 16.6 14.4 6.0 4.6 5.9 6.0 6.8 6.5 5.8 - Countries in fragile situations: 8.3 10.4 6.7 7.4 7.4 4.2 3.4 6.2 13.3 13.3 10.1 8.4 - CFA franc zone: 3.0 2.7 1.1 3.2 3.3 1.7 1.2 1.8 0.6 0.9 1.7 1.9 - CEMAC: 2.7 4.5 1.5 2.7 3.8 2.2 2.7 2.7 1.3 0.9 1.6 1.9 - WAEMU: 3.4 0.9 0.8 3.6 2.8 1.3 –0.1 1.0 0.1 1.0 1.9 1.9 - COMESA (SSA members): 11.5 13.0 7.3 15.4 11.3 6.1 5.8 6.7 8.4 10.3 8.8 7.3 - EAC-5: 7.8 11.6 5.1 13.2 12.3 6.3 5.5 5.7 5.7 6.5 4.6 5.1 - ECOWAS: 10.3 10.3 11.1 9.6 10.3 7.6 7.3 8.2 12.8 13.1 11.1 11.4 - SACU: 5.7 7.2 4.4 5.1 5.8 5.8 6.0 4.5 6.2 5.2 5.2 5.3 - SADC: 7.9 9.8 6.9 7.6 7.1 6.3 6.0 5.5 10.4 10.1 9.0 7.2 *See sources and footnotes on page 91.* ### Section 3 ### Table SA5. Consumer Prices (End of period, percent change) ### Regional aggregates and country highlights - Sub-Saharan Africa: 8.9 9.1 7.7 10.0 8.2 6.1 6.1 8.1 12.5 10.3 9.6 9.3 - Median: 7.3 4.7 5.3 7.0 5.0 4.4 3.7 4.5 5.1 4.7 5.1 4.9 - Excluding Nigeria and South Africa: 9.6 7.6 7.1 11.8 6.9 5.2 5.2 8.5 11.39.6 8.4 7.0 - Oil-exporting countries: 9.8 12.0 10.8 9.5 10.5 6.8 7.1 10.1 21.0 15.6 14.415.1 - Excluding Nigeria: 8.4 7.3 8.0 7.3 6.6 4.0 5.0 11.6 27.8 16.1 14.3 11.4 - Oil-importing countries: 8.4 7.1 5.5 10.4 6.5 5.5 5.3 6.7 6.8 6.8 6.5 5.7 - Excluding South Africa: 10.0 7.7 6.8 13.3 7.0 5.6 5.2 7.5 6.9 7.9 6.9 5.9 - Middle-income countries: 8.5 9.1 7.8 8.5 8.1 6.6 6.6 8.0 12.9 10.0 9.8 9.8 - Low-income countries: 10.7 9.3 7.1 15.9 8.5 4.4 4.4 8.6 11.0 11.2 8.9 7.7 - Countries in fragile situations: 9.3 8.2 6.4 7.0 6.9 2.9 4.1 8.1 14.7 14.0 10.4 9.0 - CFA franc zone: 3.7 0.1 2.8 3.5 2.9 1.2 1.3 1.6 –0.1 1.7 1.6 2.1 - CEMAC: 3.4 1.9 2.2 4.0 3.2 2.5 2.4 1.9 0.5 2.0 1.1 2.5 - WAEMU: 4.0 –1.6 3.3 3.0 2.7 0.0 0.3 1.3 –0.5 1.4 2.0 1.9 - COMESA (SSA members): 12.5 10.7 7.5 17.6 7.4 6.3 5.3 8.5 7.9 10.8 9.1 7.2 - EAC-5: 8.4 9.9 4.4 19.6 6.6 6.1 4.5 7.5 5.9 4.0 5.0 5.2 - ECOWAS: 9.6 10.7 10.2 9.1 10.2 7.1 7.4 8.7 14.6 12.3 11.3 12.6 - SACU: 6.5 6.3 3.6 6.3 5.8 5.3 5.2 5.1 6.6 4.7 5.6 5.2 - SADC: 8.4 9.0 6.1 8.2 6.9 5.6 5.3 7.2 11.5 9.3 9.0 7.0 ### Selected country rows (consumer prices, 2004-08 through 2019) - Angola: 27.7 42.8 28.2 26.4 26.7 26.1 27.5 34.5 26.9 26.5 24.9 26.5 - Ethiopia: 22.7 24.7 25.5 32.1 37.1 34.1 38.0 39.4 38.0 39.0 37.7 38.6 - Mozambique: 15.1 14.6 18.3 25.7 47.4 54.5 55.4 45.3 42.7 44.0 54.7 86.3 - Nigeria: 16.5 19.4 17.3 16.2 14.9 14.9 15.8 15.5 12.6 12.9 13.2 13.4 - South Africa: 20.2 20.7 19.5 19.7 20.0 21.2 20.5 21.0 19.4 18.6 18.7 18.8 - Zimbabwe: ... 14.7 22.4 20.3 12.0 11.5 11.9 12.6 15.6 19.6 18.8 18.2 --- ### Table SA6. Total Investment (Percent of GDP) ### Regional aggregates and groupings - Sub-Saharan Africa: 20.3 22.6 21.3 20.5 21.1 21.1 22.1 22.0 19.8 19.9 20.4 21.4 - Median: 21.7 22.0 23.0 23.6 25.2 23.2 23.8 21.5 20.8 21.8 21.7 22.7 - Excluding Nigeria and South Africa: 22.6 25.6 24.8 23.7 25.7 25.1 26.9 26.5 24.4 24.5 25.1 26.7 - Oil-exporting countries: 19.1 24.3 20.4 18.7 18.7 18.4 19.7 19.9 16.4 15.9 16.0 16.7 - Excluding Nigeria: 25.5 36.6 29.0 25.0 28.5 27.3 30.0 31.4 26.6 24.1 23.3 25.2 - Oil-importing countries: 21.1 21.4 21.9 21.8 22.9 23.2 23.9 23.5 22.2 22.6 23.3 24.4 - Excluding South Africa: 21.7 21.9 23.4 23.2 24.7 24.4 25.9 25.0 23.7 24.6 25.6 27.0 - Middle-income countries: 19.9 22.6 20.6 19.5 19.8 19.8 20.6 20.8 18.3 17.9 18.2 18.7 - Low-income countries: 21.8 22.6 23.8 24.1 25.7 25.7 27.3 25.9 24.8 26.2 27.1 29.1 - Countries in fragile situations: 17.3 18.5 19.3 14.7 17.8 18.2 20.7 19.5 18.9 17.8 17.9 18.3 - CFA franc zone: 20.8 24.2 25.2 22.6 26.1 26.6 28.1 26.2 24.7 23.1 23.6 24.8 - CEMAC: 23.7 30.9 29.4 27.5 31.4 29.7 32.9 30.4 27.0 23.2 23.1 25.4 - WAEMU: 18.1 17.7 21.2 17.8 21.0 23.6 23.6 22.6 22.7 23.0 24.0 24.4 - COMESA (SSA members): 22.5 23.0 23.0 24.2 24.9 24.4 26.1 25.8 24.3 25.5 26.0 27.1 - EAC-5: 23.3 23.1 24.2 27.1 25.4 25.4 25.8 22.9 20.8 22.7 24.5 25.8 - ECOWAS: 17.2 19.1 18.5 16.4 16.2 16.1 17.1 16.6 14.7 15.0 15.5 15.8 - SACU: 20.7 21.4 20.3 20.4 20.9 21.6 21.2 21.8 19.9 19.2 19.4 19.6 - SADC: 22.1 24.7 22.3 22.5 22.8 23.7 23.9 24.9 22.2 22.3 22.8 24.1 ### Selected country rows (total investment, 2004-08 through 2019) - Angola: 42.3 32.7 37.3 39.0 38.8 32.8 24.5 24.5 21.8 22.0 22.7 26.4 - Ethiopia: 19.7 15.4 24.5 33.1 31.2 28.1 30.7 32.4 32.7 32.1 31.2 32.3 - Mozambique: 9.4 4.4 8.1 4.4 14.9 11.5 17.2 5.0 3.4 27.9 37.8 41.7 - Nigeria: 30.6 24.1 20.8 18.8 18.7 18.6 16.0 12.3 13.2 15.3 13.8 13.9 - South Africa: 16.0 18.0 18.0 17.5 14.8 15.3 15.2 16.6 16.1 16.3 15.8 15.8 - Zimbabwe: ... 5.6 21.2 22.0 6.5 5.6 7.2 8.0 19.1 24.8 23.6 23.1 --- ### Table SA7. Gross National Savings (Percent of GDP) ### Regional aggregates and groupings - Sub-Saharan Africa: 22.6 20.3 20.5 19.6 19.1 18.3 18.2 16.1 15.9 17.6 17.5 18.2 - Median: 15.4 15.0 17.3 15.3 15.4 15.9 17.1 15.8 14.4 15.7 15.7 16.4 - Excluding Nigeria and South Africa: 21.6 19.1 21.6 21.1 21.3 19.4 20.9 18.4 17.5 19.4 20.3 21.4 - Oil-exporting countries: 31.5 25.4 23.8 23.0 23.1 21.8 19.2 14.2 14.0 16.5 15.8 16.5 - Excluding Nigeria: 33.8 28.9 31.7 33.4 34.5 30.0 27.5 19.0 16.1 19.6 21.2 23.4 - Oil-importing countries: 16.9 16.7 18.1 17.0 16.1 15.7 17.4 17.6 17.3 18.3 18.7 19.2 - Excluding South Africa: 17.6 15.8 18.2 16.8 16.9 15.9 18.7 18.2 17.9 19.4 20.1 20.9 - Middle-income countries: 24.2 22.0 21.3 20.2 19.9 19.1 18.1 15.7 15.4 16.9 16.6 17.1 - Low-income countries: 16.2 13.9 17.5 17.5 16.1 15.4 18.5 17.5 17.7 19.7 20.3 21.1 - Countries in fragile situations: 13.4 12.2 15.6 14.2 12.0 13.7 16.3 10.0 8.7 12.6 14.0 14.8 - CFA franc zone: 20.0 19.6 21.1 22.6 24.5 23.1 24.3 15.9 14.1 17.7 19.3 20.1 - CEMAC: 27.5 25.2 26.5 30.2 34.0 29.7 30.7 15.4 10.7 18.8 21.3 22.2 - WAEMU: 12.9 14.3 16.0 15.3 15.1 16.8 18.3 16.4 17.0 16.9 17.9 18.6 - COMESA (SSA members): 18.2 16.4 19.0 19.4 18.8 18.0 19.7 19.6 19.8 20.6 21.0 21.8 - EAC-5: 19.1 16.9 17.2 16.3 16.4 14.0 16.3 16.8 16.4 17.3 18.0 18.8 - ECOWAS: 25.5 21.3 19.4 16.4 16.6 16.5 15.3 12.3 13.0 14.7 13.9 14.3 - SACU: 17.4 18.3 18.5 18.3 16.1 16.6 16.9 17.8 17.2 17.7 17.2 17.1 - SADC: 20.2 19.8 21.4 20.9 19.3 18.5 18.8 19.3 18.3 19.6 19.9 20.4 ### Selected country rows (gross national savings, 2004-08 through 2019) - Angola: 4.6 –7.4 3.4 8.7 4.6 –0.3 –6.6 –3.3 –4.8 –5.6 –1.7 -2.2 - Ethiopia: 22.7 24.7 25.5 32.1 37.1 34.1 38.0 39.4 38.0 39.0 37.7 38.6 (consumer prices row appears also under SA5) - Mozambique: 9.4 4.4 8.1 4.4 14.9 11.5 17.2 5.0 3.4 27.9 37.8 41.7 (total investment row appears also under SA6) - Nigeria: 30.6 24.1 20.8 18.8 18.7 18.6 16.0 12.3 13.2 15.3 13.8 13.9 (total investment row appears also under SA6) - South Africa: 16.0 18.0 18.0 17.5 14.8 15.3 15.2 16.6 16.1 16.3 15.8 15.8 (total investment row appears also under SA6) *See sources and footnotes on page 91.* ### Section 4 ### Section 4 — Fiscal Tables: Overall Balances and Revenue (Tables SA8–SA10) ### Overall Fiscal Balance, Including Grants (Percent of GDP) — key aggregates and groupings - Sub-Saharan Africa: 1.7 –4.6 –3.6 –1.2 –1.8 –3.2 –3.8 –4.5 –4.6 –5.0 –4.0 -3.9 - Median: –0.8 –3.5 –3.7 –2.4 –2.5 –3.3 –3.6 –4.5 –4.8 –4.3 –3.3 -3.0 - Excluding Nigeria and South Africa: 1.2 –3.7 –2.1 –0.4 –1.7 –3.3 –4.8 –5.0 –5.2 –4.8 –3.6 -3.4 - Oil-exporting countries: 5.5 –5.0 –2.2 2.2 0.7 –2.2 –3.3 –4.3 –4.7 –5.4 –3.6 -3.6 - Excluding Nigeria: 7.1 –4.1 2.3 5.6 1.7 –1.9 –6.0 –6.4 –6.4 –4.8 –1.2 -1.3 - Oil-importing countries: –0.6 –4.3 –4.5 –3.8 –3.8 –4.0 –4.3 –4.6 –4.5 –4.7–4.3 -4.1 - Excluding South Africa: –1.2 –3.5 –4.0 –3.5 –3.3 –3.9 –4.3 –4.5 –4.8 –4.8 –4.4 -4.0 - Middle-income countries: 2.3 –4.9 –3.7 –1.1 –1.7 –3.3 –3.8 –4.6 –4.9 –5.3 –4.2 -4.0 - Excluding Nigeria and South Africa: 2.7 –4.1 –1.5 0.6 –1.1 –3.7 –5.7 –5.8 –6.4 –5.4 –3.8 -3.3 - Low-income countries: –1.3 –3.1 –3.0 –1.9 –2.5 –2.6 –3.7 –4.1 –3.7 –3.9 –3.4 -3.5 - Excluding low-income countries in fragile situations: –1.6 –2.9 –3.4 –2.6 –2.6 –3.0 –4.0 –3.6 –3.2 –3.7 –4.0 -4.1 - Countries in fragile situations: 0.4 –2.3 –0.7 –0.1 –1.7 –2.4 –4.0 –5.4 –5.0 –4.4 –2.5 -2.3 - CFA franc zone: 4.7 –2.0 –0.8 –0.4 –1.3 –3.4 –4.0 –6.0 –5.9 –4.1 –2.5 -1.8 - CEMAC: 9.2 –0.8 1.0 2.4 0.1 –3.8 –4.7 –8.1 –7.6 –3.5 –0.3 -0.1 - WAEMU: –0.1 –3.2 –2.7 –3.7 –2.9 –3.1 –3.4 –4.1 –4.5 –4.6 –4.0 -3.0 - COMESA (SSA members): –1.7 –2.2 –2.7 –2.5 –2.2 –3.2 –4.0 –4.4 –4.8 –5.5 –4.5 -4.2 - EAC-5: –1.9 –3.7 –4.5 –3.4 –4.2 –4.5 –5.2 –5.6 –5.5 –5.6 –6.0 -5.6 - ECOWAS: 2.9 –5.1 –4.5 –0.9 –1.1 –3.2 –2.8 –3.7 –4.4 –5.4 –4.6 -4.2 - SACU: 0.4 –5.3 –5.1 –4.0 –4.0 –3.8 –3.9 –4.8 –4.2 –4.4 –4.2 -4.1 - SADC: 0.3 –5.0 –3.4 –1.8 –2.2 –2.9 –4.3 –4.3 –4.1 –4.6 –3.7 -3.7 ### Overall Fiscal Balance, Excluding Grants (Percent of GDP) — key aggregates and groupings - Sub-Saharan Africa: 0.4 –5.6 –4.4 –2.0 –2.5 –3.9 –4.5 –5.1 –5.2 –5.5 –4.7 -4.4 - Median: –4.3 –6.3 –7.0 –4.8 –4.7 –5.3 –6.5 –7.8 –7.0 –6.2 –6.1 -5.6 - Excluding Nigeria and South Africa: –1.9 –5.9 –4.0 –2.1 –3.3 –4.8 –6.4 –6.4 –6.3 –5.9 –4.8 -4.5 - Oil-exporting countries: 5.0 –5.1 –2.3 2.0 0.5 –2.4 –3.5 –4.5 –4.7 –5.5 –3.7 -3.6 - Excluding Nigeria: 5.7 –4.5 2.1 5.2 1.2 –2.5 –6.6 –7.0 –6.7 –5.0 –1.5 -1.6 - Oil-importing countries: –2.3 –5.9 –5.9 –5.0 –4.9 –5.2 –5.5 –5.7 –5.4 –5.6–5.3 -5.0 - Excluding South Africa: –5.0 –6.5 –6.7 –5.9 –5.4 –5.8 –6.3 –6.2 –6.2 –6.2 –5.8 -5.4 - Middle-income countries: 1.7 –5.2 –3.9 –1.3 –1.9 –3.5 –4.0 –4.7 –5.0 –5.5 –4.4 -4.2 - Excluding Nigeria and South Africa: 0.9 –5.0 –2.3 0.0 –1.7 –4.2 –6.2 –6.4 –6.9 –6.0 –4.3 -3.8 - Low-income countries: –6.4 –7.2 –6.8 –5.3 –5.5 –5.6 –6.6 –6.5 –5.5 –5.8 –5.4 -5.3 - Excluding low-income countries in fragile situations: –7.4 –7.5 –7.5 –6.6 –5.7 –5.9 –6.2 –5.4 –4.7 –5.2 –5.6 -5.7 - Countries in fragile situations: –2.8 –4.9 –3.2 –2.3 –4.0 –4.9 –7.2 –8.3–7.3 –6.5 –4.6 -4.4 - CFA franc zone: 1.3 –3.7 –2.1 –1.7 –2.6 –5.1 –5.7 –7.6 –7.4 –5.7 –4.2 -3.7 - CEMAC: 6.8 –1.5 0.5 1.9 –0.5 –4.2 –5.3 –8.8 –8.4 –4.2 –1.2 -0.8 - WAEMU: –4.6 –6.0 –4.9 –6.0 –5.0 –6.0 –6.1 –6.6 –6.7 –6.7 –6.3 -5.6 - COMESA (SSA members): –5.3 –5.1 –5.5 –4.6 –4.0 –4.9 –5.7 –5.7 –6.0 –6.6 –5.7 -5.3 - EAC-5: –5.6 –6.6 –7.5 –6.2 –6.4 –6.5 –6.8 –6.9 –6.4 –6.6 –7.0 -6.6 - ECOWAS: 1.8 –5.9 –5.1 –1.5 –1.6 –3.7 –3.4 –4.3 –5.0 –6.0 –5.3 -4.8 - SACU: 0.3 –5.4 –5.2 –4.1 –4.1 –3.8 –4.0 –4.9 –4.2 –4.5 –4.3 -4.1 - SADC: –0.5 –5.8 –4.1 –2.4 –2.7 –3.5 –4.8 –4.7 –4.5 –5.0 –4.1 -4.1 ### Government Revenue, Excluding Grants (Percent of GDP) — key aggregates and groupings - Sub-Saharan Africa: 23.3 19.0 20.4 22.9 21.7 20.0 19.1 17.4 16.4 17.0 17.8 17.5 - Median: 15.5 15.0 17.1 17.1 17.5 18.1 17.6 18.0 18.0 17.6 18.4 18.0 - Excluding Nigeria and South Africa: 21.5 19.8 21.7 23.7 23.7 22.5 21.6 19.4 17.4 17.2 17.8 17.9 - Oil-exporting countries: 25.2 16.3 18.8 24.1 21.2 17.8 16.2 12.0 9.2 9.8 11.3 10.7 - Excluding Nigeria: 33.7 28.8 33.4 36.2 35.8 32.4 29.4 23.3 17.9 16.7 18.4 18.3 - Oil-importing countries: 22.2 20.8 21.6 22.0 22.1 21.8 21.8 21.8 21.3 21.5 21.7 21.8 - Excluding South Africa: 16.4 15.9 16.7 17.2 17.9 17.8 18.0 17.9 17.3 17.4 17.7 17.7 - Middle-income countries: 25.5 20.4 21.6 24.5 23.1 21.0 20.0 17.9 16.8 17.5 18.5 18.1 - Excluding Nigeria and South Africa: 27.4 24.7 26.6 29.2 29.5 27.4 26.1 22.7 19.5 18.8 19.6 19.6 - Low-income countries: 12.3 12.6 14.3 15.4 15.2 15.5 15.6 15.4 15.0 15.2 15.6 15.7 - Excluding low-income countries in fragile situations: 12.7 12.7 13.5 14.1 14.6 15.4 15.3 15.5 15.6 15.7 15.7 16.0 - Countries in fragile situations: 15.5 15.0 17.8 18.5 18.7 18.3 17.9 16.2 15.4 15.6 16.5 16.6 - CFA franc zone: 20.8 19.6 19.9 20.5 21.9 21.5 20.4 18.7 17.3 17.3 18.2 18.3 - CEMAC: 24.6 22.5 22.7 24.6 25.6 24.9 23.2 19.1 16.1 16.0 17.2 17.3 - WAEMU: 16.7 16.6 16.9 15.6 17.6 17.8 17.5 18.4 18.2 18.3 18.9 19.0 - COMESA (SSA members): 15.0 14.3 15.8 16.2 16.5 16.4 16.7 16.7 16.0 15.9 16.2 16.3 - EAC-5: 14.5 14.3 14.7 15.2 15.2 15.5 15.8 16.1 16.4 16.5 16.6 16.8 - ECOWAS: 19.5 11.6 13.3 17.3 15.0 12.5 12.0 9.9 8.9 9.7 11.1 10.8 - SACU: 28.2 27.2 26.7 27.2 27.7 28.0 28.4 28.6 28.9 28.8 29.1 29.4 - SADC: 27.2 25.4 26.7 28.2 28.4 27.5 26.9 25.3 23.6 23.2 23.9 24.0 *See sources and footnotes on page 91.* *Regional Economic Outlook: Sub‑Saharan Africa — Statistical Appendix (Section 4: Tables SA8–SA10).* ### Section 5 ### Table SA11–SA13. Selected Fiscal and Monetary Indicators (Percent of GDP) ### Government Expenditure (Table SA11) - Time horizon columns: 2004-08 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 - Selected country series (percent of GDP): - Rep. of: 9.6 12.6 16.5 14.6 14.5 12.7 18.5 17.0 12.7 12.9 11.1 11.1 - Congo, Rep. of: 28.0 25.3 21.1 26.1 35.2 50.1 56.4 53.2 50.0 30.3 23.8 23.2 - Côte d'Ivoire: 19.6 19.9 20.0 18.2 22.3 21.9 21.0 22.8 23.3 23.4 23.1 23.0 - Equatorial Guinea: 17.4 39.8 31.2 27.5 35.2 29.3 32.0 45.1 30.7 22.7 19.9 18.2 - Eritrea: 47.1 30.6 35.1 33.9 31.0 30.8 30.0 29.6 29.6 29.2 28.3 27.9 - Ethiopia1: 21.5 17.1 18.5 18.2 16.6 17.8 17.5 17.3 18.2 18.2 17.6 17.9 - Kenya: 21.6 23.1 24.2 23.6 24.2 25.4 27.2 27.3 27.2 27.2 26.5 25.0 - Nigeria: 16.5 15.5 16.6 17.4 14.1 13.4 12.7 11.1 9.5 11.7 12.4 11.9 - South Africa: 27.4 31.7 31.4 30.9 31.4 31.6 31.9 32.9 32.7 32.9 33.2 33.4 - Sub-Saharan Africa (aggregate): 22.9 24.5 24.8 24.9 24.2 23.8 23.6 22.5 21.5 22.5 22.5 22.0 - Median: 21.5 23.6 23.9 24.4 25.5 26.8 27.5 27.3 26.1 25.4 26.2 24.1 - Group averages and subgroups (percent of GDP): - Excluding Nigeria and South Africa: 23.4 25.7 25.8 25.8 26.9 27.2 28.0 25.8 23.8 23.1 22.6 22.4 - Oil-exporting countries: 20.2 21.4 21.1 22.0 20.7 20.2 19.7 16.5 14.0 15.2 14.9 14.4 - Oil-importing countries: 24.5 26.7 27.4 27.0 27.0 27.0 27.3 27.4 26.8 27.0 27.0 26.8 - Low-income countries: 18.6 19.8 21.1 20.6 20.7 21.0 22.2 21.9 20.5 20.9 20.9 21.1 ### Government Debt (Table SA12) - Time horizon columns: 2004-08 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 - Selected country series (percent of GDP): - Angola: 27.8 22.7 44.3 33.8 29.9 32.9 40.7 64.6 79.8 65.3 73.0 71.6 - Benin: 24.4 25.6 28.7 29.9 26.7 25.3 30.5 42.4 49.7 54.6 55.1 52.6 - Burundi: 134.4 25.7 46.9 42.7 41.4 36.1 35.8 45.3 47.2 56.7 65.1 69.4 - Cabo Verde: 73.8 65.2 72.4 78.8 91.1 102.5 115.9 126.0 129.5 126.0 124.7 126.7 - Congo, Dem. Rep. of: 101.6 84.5 30.9 24.5 22.7 20.0 17.5 16.1 16.8 15.7 14.5 13.3 - Congo, Rep. of: 119.1 63.3 22.2 23.8 28.6 34.2 47.6 97.1 114.6 119.1 110.4 105.0 - Equatorial Guinea: 2.0 4.3 7.9 7.2 7.1 6.3 12.7 36.4 47.9 42.7 45.6 48.4 - Eritrea: 158.4 144.6 143.8 132.4 128.3 127.5 128.7 132.5 132.8 131.2 129.4 127.3 - Ethiopia1: 67.9 37.8 40.5 45.3 37.7 42.9 46.8 54.0 55.0 56.2 58.3 56.7 - Ghana: 39.2 36.1 46.3 42.6 47.9 57.2 70.2 72.2 73.4 71.8 69.1 65.9 - Mozambique: 49.7 41.9 43.3 38.0 40.1 53.1 62.4 88.1 118.8 102.2 110.1 116.6 - Nigeria: 15.8 8.6 9.6 12.1 12.7 12.9 13.1 16.0 19.6 23.4 26.8 27.4 - South Africa: 30.5 30.1 34.7 38.2 41.0 44.1 47.0 49.3 51.6 52.7 54.9 55.7 - Sub-Saharan Africa (aggregate): 33.3 26.3 27.9 28.5 28.5 30.1 32.4 38.9 44.0 45.9 48.1 47.6 - Median: 49.0 34.8 31.5 32.2 29.9 33.9 36.8 45.3 51.6 53.4 52.4 52.6 - Group averages and subgroups (percent of GDP): - Excluding Nigeria and South Africa: 47.0 34.8 35.7 32.8 32.0 35.0 40.0 50.2 54.7 53.5 55.2 54.7 - Oil-exporting countries: 21.5 13.2 16.2 16.3 16.3 17.5 19.8 27.3 34.0 36.4 39.3 38.3 - Oil-importing countries: 40.8 35.5 36.2 37.8 38.2 40.9 44.1 48.4 50.9 51.7 53.4 53.5 - Low-income countries: 58.4 40.9 35.2 31.6 31.5 34.3 38.3 44.8 48.0 48.4 49.6 49.7 ### Broad Money (Table SA13) - Time horizon columns: 2004-08 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 - Selected country series (percent of GDP): - Angola: 21.9 42.5 35.3 37.6 35.4 36.5 41.0 46.4 41.8 31.0 25.1 25.8 - Benin: 25.0 33.1 35.3 36.2 34.4 37.0 41.3 42.9 41.5 39.8 46.4 46.8 - Cabo Verde: 75.1 77.5 80.1 78.5 82.1 89.4 95.6 98.9 104.1 102.2 102.5 101.9 - Congo, Dem. Rep. of: 6.6 10.1 10.5 10.6 11.6 11.5 11.8 12.1 12.5 13.3 15.4 15.4 - Côte d'Ivoire: 11.3 14.1 15.7 18.7 15.3 14.9 15.0 15.6 15.2 17.2 19.7 21.1 - Eritrea: 130.2 121.6 123.2 114.6 111.8 113.3 113.5 96.1 100.8 101.4 101.8 101.7 - Ghana: 22.8 28.0 29.9 30.4 30.0 28.8 32.5 33.9 33.9 32.3 32.3 32.7 - Mauritius: 98.5 99.5 100.4 98.8 100.5 99.8 102.9 108.5 110.6 115.6 115.6 115.6 - Seychelles: 84.6 55.5 62.1 60.2 52.0 58.3 69.1 66.4 71.7 78.5 79.0 79.0 - South Africa: 72.5 77.7 75.8 74.6 72.9 71.0 70.8 73.5 72.6 72.6 72.6 72.6 - Sub-Saharan Africa (aggregate): 34.7 39.0 37.3 36.2 36.1 35.0 35.8 37.2 37.0 35.9 35.6 35.9 - Median: 21.1 24.6 25.8 26.8 26.5 28.2 27.8 28.9 28.9 29.8 29.4 29.9 - Group averages and subgroups (percent of GDP): - Oil-exporting countries: 16.4 25.6 22.2 20.8 22.9 21.7 23.5 24.9 25.5 22.4 21.5 21.8 - Oil-importing countries: 46.3 48.5 48.4 47.7 45.8 44.8 45.0 46.3 45.1 45.0 45.0 45.0 - Low-income countries: 22.1 22.8 24.7 24.2 24.6 24.9 26.1 27.6 27.3 28.2 28.8 29.1 - CFA franc zone: 17.6 20.8 22.1 23.2 23.6 24.9 26.0 28.2 28.2 28.5 30.0 30.8 ### Selected Annual Growth Rates (partial series) - Time horizon columns: 2004-08 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 - Sample country growth series (percent): - Angola: 64.6 21.5 5.3 37.1 4.9 14.1 16.2 11.8 14.3 –2.1 14.6 21.2 - Benin: 15.4 9.1 9.9 9.6 7.2 17.0 18.3 6.1 0.4 1.1 27.0 10.2 - Botswana: 17.4 –1.3 4.9 –3.1 0.7 1.3 –0.7 2.0 14.3 5.6 4.5 6.9 - Burkina Faso: 13.7 23.8 19.0 14.2 16.6 10.9 9.3 19.3 11.8 15.6 13.9 13.9 - Burundi: 21.1 19.8 29.4 5.7 18.0 9.7 11.3 1.5 6.4 7.9 33.4 21.6 - Chad: 23.6 –4.6 25.3 14.2 13.4 8.6 26.5 –4.7 –7.7 –0.9 7.6 7.8 *See sources and footnotes on page 91; Table SA11. Government Expenditure (Percent of GDP); Table SA12. Government Debt (Percent of GDP); Table SA13. Broad Money (Percent of GDP).* ### Section 6 ### Table SA14–SA17 (Statistical Appendix: Selected Monetary and Credit Aggregates) ### Table SA14. Broad Money Growth (Percent) - Regional aggregates and groupings: - Sub-Saharan Africa 25.4 14.8 13.5 12.6 15.9 7.7 15.3 11.1 11.4 8.2 13.1 14.0 - Median 17.4 16.3 19.1 14.2 13.4 10.8 12.6 11.7 8.8 7.9 10.2 10.2 - Excluding Nigeria and South Africa 22.7 20.6 21.6 20.9 13.0 13.1 15.7 14.9 10.1 12.7 15.3 14.8 - Oil-exporting countries 36.6 16.4 8.8 9.3 24.4 3.4 17.9 6.8 14.8 1.9 13.5 16.7 - Excluding Nigeria 35.8 14.6 14.2 25.3 12.9 9.8 11.6 9.1 8.2 2.8 13.3 14.5 - Oil-importing countries 18.8 13.7 17.0 15.0 10.0 11.0 13.4 14.5 9.1 12.6 12.8 12.3 - Excluding South Africa 18.8 22.7 24.2 19.5 13.0 14.2 17.1 16.8 10.7 15.7 15.8 14.9 - Middle-income countries 27.0 12.2 10.2 10.4 15.2 6.0 14.6 9.3 10.8 5.1 11.6 13.8 - Excluding Nigeria and South Africa 25.2 17.0 17.6 20.9 8.6 12.5 14.2 12.6 7.3 7.9 13.2 14.9 - Low-income countries 19.7 25.2 26.7 20.9 18.3 13.7 17.5 17.5 13.3 18.2 17.6 14.6 - Excluding low-income countries in fragile situations 19.1 19.0 25.6 21.3 20.3 15.4 19.9 18.5 10.4 15.7 14.9 14.5 - Countries in fragile situations 19.4 30.6 27.3 20.7 11.5 10.2 13.9 13.9 13.5 21.0 22.1 14.3 - CFA franc zone 14.8 13.6 18.9 14.8 11.8 8.9 9.9 6.8 2.2 8.5 12.8 9.5 - CEMAC 18.5 9.2 22.1 16.0 17.7 7.6 6.8 –1.1 –4.6 2.9 6.7 5.9 - WAEMU 11.5 18.1 15.9 13.5 6.2 10.2 12.9 14.3 8.2 13.0 17.6 12.2 - COMESA (SSA members) 19.1 24.7 26.4 22.0 14.8 16.1 17.4 17.0 12.1 19.9 17.8 17.2 - EAC-5 18.6 16.7 26.9 16.9 7.2 11.8 16.7 14.9 5.5 9.2 10.8 15.8 - ECOWAS 31.3 18.1 11.1 7.7 24.2 4.1 20.0 8.8 15.9 5.0 14.6 16.4 - SACU 18.7 3.3 7.0 7.8 5.1 6.1 6.8 10.1 6.6 6.8 6.7 7.2 - SADC 23.6 11.9 11.5 14.5 7.9 9.2 10.2 12.7 7.9 9.0 11.0 10.8 ### Table SA15. Claims on Nonfinancial Private Sector (Percent change) - Regional aggregates and groupings: - Sub-Saharan Africa 30.7 16.2 8.3 13.0 13.3 12.5 15.5 11.4 12.5 3.3 - Median 20.7 13.3 19.3 23.5 18.2 13.8 14.4 11.4 7.3 4.5 - Excluding Nigeria and South Africa 28.7 20.6 21.7 23.7 19.8 17.2 17.7 17.4 9.6 7.4 - Oil-exporting countries 43.8 24.7 0.6 7.8 10.3 11.8 16.2 6.9 18.7 –3.5 - Excluding Nigeria 36.8 31.8 19.5 21.8 20.6 18.2 11.5 13.4 7.3 –1.8 - Oil-importing countries 23.2 10.6 14.3 17.1 15.5 13.1 15.0 14.7 8.3 8.2 - Excluding South Africa 26.2 17.0 22.4 24.4 19.6 16.9 19.8 18.7 10.3 10.2 - Middle-income countries 31.6 14.6 3.8 10.7 10.9 11.7 14.4 9.3 11.7 0.8 - Excluding Nigeria and South Africa 29.7 18.9 17.2 25.7 17.9 18.9 16.2 16.3 4.9 3.7 - Low-income countries 27.5 22.7 27.4 21.6 22.0 15.3 19.4 18.5 14.9 11.5 - Excluding low-income countries in fragile situations 30.5 14.2 24.9 23.9 23.0 12.5 17.9 22.3 12.8 12.6 - Countries in fragile situations 21.8 31.1 28.3 16.8 20.8 20.0 21.9 15.5 17.1 9.4 - CFA franc zone 15.2 10.6 15.7 23.3 11.9 17.5 15.6 11.7 7.8 3.6 - CEMAC 18.0 11.5 20.0 31.8 11.3 17.6 17.1 6.2 2.8 –1.2 - WAEMU 13.0 9.7 11.7 15.6 12.5 17.5 14.2 16.8 12.0 7.4 - COMESA (SSA members) 28.5 20.2 26.7 26.1 21.6 15.1 18.6 18.1 9.7 14.1 - EAC-5 26.7 12.9 24.2 29.3 14.4 14.7 19.1 19.4 6.2 4.9 - ECOWAS 39.2 19.5 –0.0 7.6 9.1 12.5 19.1 8.2 20.1 –0.4 - SACU 19.4 2.8 3.7 7.7 10.1 7.7 7.8 8.1 5.1 4.5 - SADC 27.4 14.7 11.1 14.1 14.9 10.8 9.9 12.8 4.9 3.6 ### Table SA16. Claims on Nonfinancial Private Sector (Percent of GDP) - Regional aggregates and groupings: - 2004-08 through 2017 (selected aggregates): - Sub-Saharan Africa 27.3 31.2 28.5 27.4 27.5 27.3 27.6 28.3 28.0 26.4 - Median 10.7 14.2 15.3 14.4 16.1 16.8 16.6 17.1 19.1 17.2 - Excluding Nigeria and South Africa 13.2 16.4 17.0 17.4 18.3 19.2 19.9 21.4 20.4 19.2 - Oil-exporting countries 10.6 19.1 15.2 13.8 13.6 13.8 14.4 15.2 16.1 13.6 - Excluding Nigeria 7.1 13.9 13.4 12.6 14.6 15.7 16.0 19.2 17.4 14.3 - Oil-importing countries 37.9 39.7 38.1 37.5 37.7 37.4 37.5 38.0 36.4 35.0 - Excluding South Africa 15.1 17.2 18.2 19.2 19.5 20.3 21.2 22.1 21.3 20.6 - Middle-income countries 31.8 36.4 32.7 31.6 31.6 31.3 31.5 32.3 32.1 30.2 - Excluding Nigeria and South Africa 16.2 20.4 20.7 21.8 22.7 24.1 25.0 27.3 25.4 23.6 - Low-income countries 9.6 11.4 12.5 12.6 13.2 13.5 14.2 14.9 15.0 14.5 - Excluding low-income countries in fragile situations 10.9 12.9 13.9 14.2 14.3 14.5 15.2 16.3 16.0 15.4 - Countries in fragile situations 8.7 10.2 11.2 11.1 12.3 13.1 14.1 15.3 16.1 16.0 - CFA franc zone 10.9 12.6 13.0 14.4 14.7 16.6 17.8 20.0 21.1 20.9 - CEMAC 6.0 7.5 7.6 8.9 9.3 10.7 11.8 14.1 15.3 14.4 - WAEMU 15.5 17.6 18.1 19.7 20.1 22.2 23.4 25.2 26.0 25.9 - COMESA (SSA members) 15.5 16.6 18.0 19.2 19.4 20.0 20.4 20.6 19.4 18.9 - EAC-5 15.3 17.2 18.8 20.5 20.2 20.9 22.3 23.0 21.6 19.9 - ECOWAS 12.5 19.8 16.1 15.1 14.5 14.7 15.7 16.0 17.6 16.0 - SACU 64.9 68.9 64.8 62.9 64.0 62.9 62.7 63.7 62.1 60.7 - SADC 46.2 49.5 46.8 45.7 46.6 45.8 45.4 46.6 44.3 42.2 ### Table SA17. (Selected: Domestic Credit / Percent of GDP, 2004-08 through 2019) - Regional aggregates and groupings (selected time series through 2019): - Sub-Saharan Africa 32.5 27.8 30.4 33.6 31.0 29.5 26.7 22.7 22.1 23.7 25.0 24.0 - Median 27.3 23.7 24.8 26.5 29.7 29.8 29.2 26.6 27.5 27.5 29.6 28.3 - Excluding Nigeria and South Africa 37.7 32.7 37.3 41.4 38.2 35.9 33.5 28.1 25.8 26.1 27.7 27.3 - Oil-exporting countries 39.1 29.6 32.9 37.2 32.6 29.2 24.0 16.6 15.7 18.9 21.8 19.1 - Excluding Nigeria 62.1 49.8 56.7 60.9 56.0 50.5 45.5 33.3 30.4 30.1 35.4 33.3 - Oil-importing countries 28.7 26.5 28.7 30.8 29.7 29.8 29.3 27.7 26.5 26.7 27.0 27.0 - Excluding South Africa 27.9 25.3 28.8 31.2 29.8 29.0 28.0 26.1 24.4 24.8 25.2 25.5 - Middle-income countries 34.6 29.7 31.8 34.5 32.7 30.8 27.7 23.4 22.7 24.6 26.0 24.5 - Excluding Nigeria and South Africa 48.1 42.0 46.1 49.6 48.3 44.2 41.4 34.7 30.7 30.2 32.3 31.3 - Low-income countries 21.7 19.2 23.5 28.9 23.3 24.1 22.8 20.2 19.9 20.8 21.8 22.3 - Excluding low-income countries in fragile situations 17.1 16.0 18.6 20.7 19.3 18.6 17.5 16.9 16.0 16.1 16.6 17.1 - Countries in fragile situations 36.0 32.7 38.1 43.7 35.8 35.5 34.2 28.7 28.2 30.3 31.7 31.9 - CFA franc zone 40.7 37.2 41.5 43.9 43.0 39.3 36.7 31.9 28.1 29.2 29.0 28.1 - CEMAC 50.3 43.5 49.8 53.2 52.1 47.0 43.5 34.5 29.8 32.4 33.6 31.9 - WAEMU 30.3 30.8 32.4 33.0 32.6 31.0 29.6 29.7 26.7 26.9 25.6 25.6 - COMESA (SSA members) 26.4 21.9 27.4 29.3 26.4 26.2 24.8 21.6 19.7 20.1 21.4 22.0 - EAC-5 19.5 18.5 19.8 21.9 20.7 19.1 17.9 17.8 16.6 16.6 17.1 17.5 - ECOWAS 28.2 22.3 24.5 26.9 24.6 22.3 18.5 15.3 15.5 18.8 19.8 18.0 - SACU 31.0 29.0 29.7 31.5 30.8 32.6 33.1 32.0 31.6 31.0 31.3 31.1 - SADC 35.4 32.4 34.7 37.1 36.4 36.7 35.3 31.4 30.3 29.7 31.8 31.4 *See sources and footnotes on page 91.* ### Section 7 ### Exports of Goods and Services (Percent of GDP) ### Key country-level figures (selected) - Angola: 2004-08 48.3; 2009 55.4; 2010 42.9; 2011 42.2; 2012 40.2; 2013 39.4; 2014 42.2; 2015 37.0; 2016 28.8; 2017 25.7; 2018 30.1; 2019 25.8 - Cabo Verde: 2004-08 64.5; 2009 63.4; 2010 66.8; 2011 73.8; 2012 68.1; 2013 62.8; 2014 66.4; 2015 56.7; 2016 61.6; 2017 68.2; 2018 69.7; 2019 70.8 - Lesotho: 2004-08 105.8; 2009 105.1; 2010 99.1; 2011 96.2; 2012 98.3; 2013 85.4; 2014 82.0; 2015 84.8; 2016 79.7; 2017 83.6; 2018 86.8; 2019 85.2 - Liberia: 2004-08 128.1; 2009 87.8; 2010 82.8; 2011 87.0; 2012 90.0; 2013 73.6; 2014 91.8; 2015 88.0; 2016 72.3; 2017 59.8; 2018 56.7; 2019 50.8 - Seychelles: 2004-08 94.7; 2009 117.0; 2010 108.1; 2011 116.6; 2012 122.5; 2013 101.5; 2014 118.0; 2015 103.2; 2016 104.9; 2017 105.7; 2018 110.2; 2019 108.3 - Mozambique: 2004-08 38.6; 2009 39.7; 2010 45.2; 2011 58.0; 2012 81.7; 2013 81.2; 2014 72.6; 2015 71.7; 2016 71.1; 2017 54.3; 2018 54.4; 2019 81.0 - South Sudan: 2011 30.4; 2012 34.1; 2013 29.9; 2014 31.6; 2015 28.9; 2016 59.1; 2017 86.1; 2018 87.1; 2019 92.2 ### Regional and group aggregates - Sub-Saharan Africa: 2004-08 30.3; 2009 30.3; 2010 30.6; 2011 32.8; 2012 31.9; 2013 30.7; 2014 30.4; 2015 29.5; 2016 27.1; 2017 26.6; 2018 28.0; 2019 27.3 - Median: 2004-08 36.7; 2009 39.8; 2010 43.1; 2011 42.2; 2012 41.3; 2013 41.2; 2014 41.3; 2015 39.5; 2016 39.4; 2017 38.4; 2018 38.3; 2019 39.4 - Excluding Nigeria and South Africa: 2004-08 38.0; 2009 40.2; 2010 40.8; 2011 41.9; 2012 42.0; 2013 40.4; 2014 40.5; 2015 38.8; 2016 34.5; 2017 32.4; 2018 33.3; 2019 33.2 - Oil-exporting countries: 2004-08 24.8; 2009 27.0; 2010 26.2; 2011 27.8; 2012 24.5; 2013 22.4; 2014 22.8; 2015 21.6; 2016 18.2; 2017 18.3; 2018 20.7; 2019 18.4 - Oil-importing countries: 2004-08 33.8; 2009 32.5; 2010 33.8; 2011 36.6; 2012 37.7; 2013 37.9; 2014 37.4; 2015 36.0; 2016 33.1; 2017 31.7; 2018 32.4; 2019 32.8 ### Imports of Goods and Services (Percent of GDP) ### Selected country trajectories - Angola: 2004-08 50.4; 2009 24.1; 2010 41.1; 2011 45.2; 2012 41.6; 2013 33.5; 2014 24.1; 2015 12.2; 2016 14.7; 2017 13.8; 2018 18.2; 2019 18.1 - Nigeria: 2004-08 15.3; 2009 8.5; 2010 8.2; 2011 7.9; 2012 8.5; 2013 8.2; 2014 3.7; 2015 –1.3; 2016 –0.1; 2017 2.6; 2018 2.3; 2019 1.7 - Mozambique: 2004-08 –5.5; 2009 –11.3; 2010 –11.3; 2011 –17.1; 2012 –26.7; 2013 –31.1; 2014 –27.7; 2015 –28.1; 2016 –12.5; 2017 –4.8; 2018 –3.6; 2019 -23.5 - Seychelles: 2004-08 –29.5; 2009 –37.6; 2010 –39.3; 2011 –43.0; 2012 –38.5; 2013 –29.7; 2014 –40.3; 2015 –34.4; 2016 –37.2; 2017 –43.4; 2018 –48.4; 2019 -49.3 - South Sudan: 2011 49.1; 2012 –19.6; 2013 1.9; 2014 9.5; 2015 –1.3; 2016 15.2; 2017 11.7; 2018 14.7; 2019 18.7 ### Regional and group aggregates - Sub-Saharan Africa: 2004-08 6.0; 2009 2.6; 2010 4.5; 2011 5.7; 2012 3.5; 2013 3.0; 2014 0.7; 2015 –3.1; 2016 –2.0; 2017 –0.1; 2018 0.0; 2019 -0.6 - Median: 2004-08 –8.2; 2009 –10.8; 2010 –10.2; 2011 –9.3; 2012 –11.1; 2013 –7.8; 2014 –7.4; 2015 –9.1; 2016 –9.1; 2017 –7.2; 2018 –7.3; 2019 -7.0 - Oil-exporting countries: 2004-08 22.3; 2009 12.5; 2010 15.2; 2011 18.2; 2012 16.0; 2013 13.7; 2014 8.4; 2015 1.3; 2016 2.8; 2017 6.1; 2018 6.9; 2019 5.7 - Oil-importing countries: 2004-08 –4.0; 2009 –4.3; 2010 –3.1; 2011 –3.8; 2012 –6.4; 2013 –6.3; 2014 –6.3; 2015 –6.8; 2016 –5.3; 2017 –3.8; 2018 –4.1; 2019 -4.5 ### Trade Balance on Goods (Percent of GDP) ### Selected country outcomes - Angola: 2004-08 14.7; 2009 –10.0; 2010 9.1; 2011 12.6; 2012 12.2; 2013 6.7; 2014 –3.0; 2015 –10.0; 2016 –5.1; 2017 –4.5; 2018 –2.2; 2019 -0.1 - Botswana: 2004-08 10.7; 2009 –6.3; 2010 –2.8; 2011 3.1; 2012 0.3; 2013 8.9; 2014 15.4; 2015 7.8; 2016 11.7; 2017 10.8; 2018 8.3; 2019 7.5 - Congo, Rep. of: 2004-08 3.2; 2009 –14.6; 2010 7.3; 2011 14.0; 2012 17.7; 2013 13.8; 2014 1.4; 2015 –54.1; 2016 –74.1; 2017 –12.7; 2018 3.0; 2019 4.8 - Mozambique: 2004-08 –8.9; 2009 –10.9; 2010 –16.1; 2011 –25.3; 2012 –44.7; 2013 –42.9; 2014 –38.2; 2015 –40.3; 2016 –39.2; 2017 –16.1; 2018 –16.9; 2019 -44.6 - Swaziland: 2004-08 –3.1; 2009 –11.4; 2010 –8.6; 2011 1.0; 2012 12.7; 2013 19.3; 2014 21.6; 2015 26.7; 2016 16.7; 2017 14.6; 2018 15.4; 2019 15.0 ### Regional and group aggregates - Sub-Saharan Africa: 2004-08 2.2; 2009 –2.4; 2010 –0.8; 2011 –0.6; 2012 –1.7; 2013 –2.2; 2014 –3.8; 2015 –6.0; 2016 –4.1; 2017 –2.6; 2018 –2.9; 2019 -3.1 - Median: 2004-08 –4.9; 2009 –7.2; 2010 –8.3; 2011 –7.3; 2012 –7.4; 2013 –6.3; 2014 –7.8; 2015 –8.4; 2016 –7.2; 2017 –6.0; 2018 –6.5; 2019 -6.4 - Oil-exporting countries: 2004-08 12.7; 2009 0.5; 2010 3.5; 2011 4.8; 2012 4.8; 2013 3.6; 2014 –0.6; 2015 –5.4; 2016 –2.1; 2017 0.1; 2018 –0.4; 2019 -0.2 - Oil-importing countries: 2004-08 –4.2; 2009 –4.4; 2010 –3.9; 2011 –4.7; 2012 –6.9; 2013 –7.3; 2014 –6.6; 2015 –6.5; 2016 –5.4; 2017 –4.2; 2018 –4.5; 2019 -5.0 ### External Current Account (Percent of GDP) ### Selected country indicators - Angola: 2004-08 –0.6; 2009 2.9; 2010 –5.5; 2011 –4.9; 2012 –8.5; 2013 –10.5; 2014 –1.8; 2015 8.0; 2016 1.4; 2017 1.3; 2018 1.5; 2019 1.8 - Cabo Verde: 2004-08 9.4; 2009 7.0; 2010 6.7; 2011 5.6; 2012 3.8; 2013 3.5; 2014 6.8; 2015 7.0; 2016 6.4; 2017 6.1; 2018 8.2; 2019 8.5 - Chad: 2004-08 6.4; 2009 4.4; 2010 3.6; 2011 3.0; 2012 3.4; 2013 2.8; 2014 3.6; 2015 4.3; 2016 2.0; 2017 3.0; 2018 3.0; 2019 3.2 - Ethiopia: 2004-08 –8.4; 2009 –6.7; 2010 –1.4; 2011 –2.5; 2012 –6.9; 2013 –5.9; 2014 –6.4; 2015 –10.2; 2016 –9.0; 2017 –8.1; 2018 –6.5; 2019 -6.3 ### Regional and group aggregates - Sub-Saharan Africa: 2004-08 2.2; 2009 –2.4; 2010 –0.8; 2011 –0.6; 2012 –1.7; 2013 –2.2; 2014 –3.8; 2015 –6.0; 2016 –4.1; 2017 –2.6; 2018 –2.9; 2019 -3.1 - Median: 2004-08 –4.9; 2009 –7.2; 2010 –8.3; 2011 –7.3; 2012 –7.4; 2013 –6.3; 2014 –7.8; 2015 –8.4; 2016 –7.2; 2017 –6.0; 2018 –6.5; 2019 -6.4 - Oil-exporting countries: 2004-08 12.7; 2009 0.5; 2010 3.5; 2011 4.8; 2012 4.8; 2013 3.6; 2014 –0.6; 2015 –5.4; 2016 –2.1; 2017 0.1; 2018 –0.4; 2019 -0.2 - Oil-importing countries: 2004-08 –4.2; 2009 –4.4; 2010 –3.9; 2011 –4.7; 2012 –6.9; 2013 –7.3; 2014 –6.6; 2015 –6.5; 2016 –5.4; 2017 –4.2; 2018 –4.5; 2019 -5.0 *Source: stats - Section 7, REGION/STATISTICAL APPENDIX tables (Exports of Goods and Services; Imports of Goods and Services; Trade Balance on Goods; External Current Account) from the provided PDF content.* ### Section 8 ### stats - Section 8 ### Table SA21. Net Foreign Direct Investment (Percent of GDP) - Sub-Saharan Africa: 2.0 2.9 2.9 2.2 2.2 1.4 1.7 2.1 3.0 2.3 2.5 2.8 - Median: 2.6 2.7 3.1 3.0 3.1 3.3 3.0 2.9 2.4 2.6 2.6 2.8 - Excluding Nigeria and South Africa: 2.8 3.7 5.2 3.1 4.0 2.4 3.6 4.9 5.6 4.7 4.7 5.1 - Oil-exporting countries: 2.3 3.1 1.2 1.2 0.1 –0.6 0.8 2.3 1.8 1.4 1.6 1.7 - Excluding Nigeria: 2.7 4.6 0.6 –0.3 –2.1 –3.7 1.4 7.5 4.1 2.6 3.2 4.3 - Oil-importing countries: 1.9 2.8 4.1 3.0 3.9 3.2 2.6 1.9 3.8 2.8 3.0 3.4 - Excluding South Africa: 2.9 3.3 7.2 4.9 6.9 5.2 4.6 3.9 6.1 5.4 5.1 5.3 - Middle-income countries: 1.8 2.9 2.5 1.6 1.4 0.5 1.1 1.6 2.6 1.8 2.0 2.1 - Excluding Nigeria and South Africa: 2.6 4.1 5.7 1.8 2.6 0.2 3.0 5.5 6.7 5.2 5.2 5.2 - Low-income countries: 3.2 3.2 4.5 5.1 6.1 5.4 4.5 4.1 4.3 4.0 4.0 5.0 - Excluding low-income countries in fragile situations: 2.9 3.4 3.6 6.0 6.6 7.1 5.9 5.1 4.8 4.3 4.5 6.3 - Countries in fragile situations: 3.9 3.5 5.0 3.4 4.1 2.9 3.4 3.9 5.1 4.0 3.8 3.6 - CFA franc zone: 3.7 4.8 5.1 3.5 3.9 3.8 3.9 4.7 4.3 3.4 3.8 4.6 - CEMAC: 5.5 6.3 6.9 4.6 5.4 4.9 5.6 7.8 7.6 4.7 5.5 7.3 - WAEMU: 1.9 3.2 3.1 2.2 2.3 2.8 2.1 2.0 1.7 2.4 2.6 2.7 - COMESA (SSA members): 2.6 1.7 9.8 3.1 6.6 3.8 3.8 2.7 7.1 6.5 6.2 5.8 - EAC-5: 2.3 2.2 2.0 3.7 3.4 3.2 2.7 2.0 1.6 1.5 1.8 2.2 - ECOWAS: 2.2 3.1 2.2 2.7 2.1 1.7 1.3 1.2 1.9 2.0 1.9 1.7 - SACU: 1.3 2.2 1.2 1.5 0.8 0.9 –0.2 –0.8 –0.4 –1.6 –0.6 -0.1 - SADC: 1.5 2.5 3.2 1.4 2.0 0.6 1.5 2.4 3.6 2.1 2.5 3.1 ### Table SA22. Real Effective Exchange Rates (Annual average; index, 2010 = 100) - Sub-Saharan Africa: 92.6 96.2 100.0 99.5 104.1 104.7 105.5 105.4 101.1 101.9 - Median: 95.9 103.4 100.0 100.1 100.2 102.8 103.4 100.0 99.7 99.6 - Excluding Nigeria and South Africa: 95.5 104.7 100.0 99.7 105.1 107.5 107.3 107.9 107.7 110.5 - Oil-exporting countries: 87.5 95.5 100.0 100.6 109.8 116.5 123.5 122.3 114.8 110.0 - Excluding Nigeria: 87.0 105.7 100.0 101.3 105.1 110.0 113.4 111.4 111.0 123.7 - Oil-importing countries: 96.3 96.7 100.0 98.7 100.1 96.8 93.8 94.4 91.9 96.0 - Excluding South Africa: 98.7 104.4 100.0 99.2 105.1 106.7 105.4 106.7 106.6 107.0 - Middle-income countries: 90.7 93.1 100.0 99.4 102.8 103.1 103.4 102.6 97.9 99.5 - Excluding Nigeria and South Africa: 91.9 101.1 100.0 99.6 102.1 104.5 102.5 101.2 103.4 110.0 - Low-income countries: 100.5 109.5 100.0 99.8 109.0 111.4 113.5 116.6 113.4 111.7 - Excluding low-income countries in fragile situations: 100.7 108.7 100.0 99.1 111.1 114.1 116.1 117.2 114.3 114.0 - Countries in fragile situations: 100.3 109.5 100.0 101.1 103.0 105.5 107.6 110.5 108.4 105.4 - CFA franc zone: 99.4 106.1 100.0 100.4 98.2 101.1 102.6 97.6 98.0 97.7 - CEMAC: 96.9 105.4 100.0 99.6 98.0 101.2 103.4 99.1 100.6 100.4 - WAEMU: 101.8 106.7 100.0 101.1 98.4 101.0 101.9 96.3 95.8 95.4 - COMESA (SSA members): 97.9 107.2 100.0 100.2 110.1 111.6 113.4 119.4 119.5 120.0 - EAC-5: 96.2 103.6 100.0 95.1 107.9 112.1 114.8 114.3 114.0 114.0 - ECOWAS: 91.3 94.7 100.0 100.0 107.4 113.4 117.3 116.1 110.1 102.5 - SACU: 91.9 86.8 100.0 98.1 93.4 83.6 78.4 78.0 72.8 81.8 - SADC: 92.2 93.7 100.0 99.0 99.2 94.1 91.3 90.8 85.7 94.2 ### Table SA23. Nominal Effective Exchange Rates (Annual average; index, 2010 = 100) - Sub-Saharan Africa: 116.6 101.0 100.0 94.5 93.0 89.9 86.9 82.8 73.5 68.7 - Median: 106.8 104.4 100.0 98.7 97.8 99.4 99.2 97.7 94.3 89.9 - Excluding Nigeria and South Africa: 118.0 107.6 100.0 93.9 93.4 92.5 89.5 86.4 81.1 78.5 - Oil-exporting countries: 114.6 104.1 100.0 95.1 96.3 97.3 98.3 91.7 76.4 64.2 - Excluding Nigeria: 106.3 110.8 100.0 97.9 97.5 98.9 99.0 93.2 82.5 81.8 - Oil-importing countries: 117.6 98.7 100.0 94.1 90.7 84.8 79.3 76.7 71.2 71.5 - Excluding South Africa: 122.3 106.5 100.0 92.6 92.1 90.5 86.7 84.2 80.5 77.4 - Middle-income countries: 114.2 98.6 100.0 95.2 93.4 89.6 85.8 80.9 70.5 65.7 - Excluding Nigeria and South Africa: 111.6 105.0 100.0 95.7 94.8 93.8 88.6 83.5 78.0 77.2 - Low-income countries: 126.6 110.9 100.0 91.8 91.7 90.9 90.7 89.9 85.0 80.1 - Excluding low-income countries in fragile situations: 127.6 112.4 100.0 89.4 90.7 90.5 90.5 88.3 83.6 80.5 - Countries in fragile situations: 117.6 107.4 100.0 97.4 94.8 94.5 94.5 94.7 91.3 85.2 - CFA franc zone: 100.0 104.5 100.0 101.3 98.5 102.1 104.6 100.0 102.3 104.0 - CEMAC: 100.2 104.3 100.0 101.2 97.9 101.0 102.2 97.2 99.6 101.3 - WAEMU: 99.9 104.6 100.0 101.4 99.0 103.2 107.0 102.8 104.8 106.6 - COMESA (SSA members): 127.4 107.8 100.0 90.1 91.2 89.1 87.4 87.6 83.4 78.8 - EAC-5: 114.3 105.5 100.0 88.2 92.6 93.2 93.0 89.3 86.4 83.4 - ECOWAS: 117.9 102.6 100.0 94.7 94.8 95.4 94.1 87.9 75.8 63.7 - SACU: 110.3 88.6 100.0 96.4 88.9 76.7 69.1 66.4 58.9 64.2 - SADC: 115.3 96.7 100.0 95.6 91.4 83.2 77.5 74.0 64.3 65.8 *See sources and footnotes on page 91.* ### Section 9 ### stats - Section 9 ### Table SA24. External Debt, Official Debt, Debtor Based (Percent of GDP) - Angola: 91.7 83.8 100.0 124.4 131.4 129.4 118.4 69.2 59.3 72.1 86.7 80.5 - Benin: 42.1 78.5 100.0 107.4 74.5 63.9 62.4 60.0 58.7 55.3 52.2 47.5 - Botswana: 105.3 97.2 100.0 102.0 112.4 126.7 121.1 125.9 139.3 112.4 111.0 111.9 - Burkina Faso: 158.8 140.4 100.0 100.1 116.4 107.6 89.0 101.4 109.7 113.7 114.6 109.3 - Cabo Verde: 101.2 86.7 100.0 107.4 106.7 95.1 89.3 67.4 69.2 77.7 86.5 84.1 - Central African Rep.: 93.3 99.4 100.0 100.6 103.5 124.4 134.0 165.8 205.8 182.1 165.5 167.7 - Comoros: 109.4 91.8 100.0 135.8 148.1 121.2 99.6 101.9 155.6 167.7 164.3 149.3 - Congo, Dem. Rep. of: 93.8 85.1 100.0 89.4 83.9 79.8 87.0 87.6 88.1 120.0 130.7 130.8 - Côte d'Ivoire: 65.1 85.8 100.0 96.6 91.5 93.2 101.1 108.9 135.2 137.0 123.8 124.3 - Eritrea: 157.9 99.4 100.0 100.5 100.9 101.3 101.3 101.3 101.3 101.3 101.3 101.3 - Ethiopia: 62.8 76.7 100.0 120.2 127.5 106.2 108.6 109.3 109.7 113.1 111.2 110.9 - Ghana: 60.9 83.1 100.0 118.7 116.8 107.8 100.0 85.7 87.4 82.6 82.0 80.7 - Guinea-Bissau: 124.2 87.3 100.0 142.2 100.5 98.8 122.3 168.8 171.2 224.7 219.7 226.1 - Kenya: 86.7 100.9 100.0 81.3 79.1 79.5 81.0 98.5 95.1 93.5 85.5 87.0 - Madagascar: 87.5 77.3 100.0 108.6 123.5 152.6 172.5 159.9 197.0 183.4 188.1 182.1 - Mozambique: 91.2 87.9 100.0 101.5 93.0 93.1 91.7 89.6 91.3 94.2 94.2 93.8 - Nigeria: 96.0 90.8 100.0 113.0 113.0 114.2 111.0 81.4 76.2 83.5 90.0 86.3 - Rwanda: 73.9 85.0 100.0 96.9 102.9 117.9 114.3 130.1 112.8 121.5 120.4 122.9 - São Tomé & Príncipe: 152.5 93.7 100.0 87.6 141.6 106.9 114.4 95.0 125.2 125.8 141.5 147.2 - South Africa: 84.5 94.7 100.0 106.8 102.3 101.5 100.1 103.5 105.0 112.3 109.3 107.8 - Swaziland: 88.5 98.4 100.0 85.8 87.9 115.6 120.3 121.4 115.1 104.2 106.6 105.8 - Uganda: 102.0 120.2 100.0 112.4 106.5 109.0 117.7 126.0 143.4 132.2 126.8 125.3 - Zambia: 78.8 73.2 100.0 106.1 91.6 86.0 83.8 80.9 80.2 91.9 97.5 98.0 - Zimbabwe: 51.3 70.5 100.0 152.1 126.5 99.7 91.8 93.2 96.8 86.6 86.5 84.3 - Sub-Saharan Africa (aggregate index series): 88.2 91.1 100.0 109.7 108.9 107.6 105.0 92.0 92.7 98.3 99.8 97.7 - Median (index series): 90.8 91.1 100.0 101.7 103.7 101.6 100.5 97.4 97.6 95.7 98.3 98.5 - Excluding Nigeria and South Africa (index series): 85.9 89.1 100.0 109.4 110.1 106.0 102.8 94.3 97.0 99.1 100.3 99.2 - Oil-exporting countries (index series): 95.4 88.3 100.0 115.2 116.9 116.2 110.8 78.3 72.7 80.3 88.1 84.1 - Oil-importing countries (index series): 83.3 93.0 100.0 105.6 102.7 100.3 99.7 103.0 106.4 109.2 106.8 106.2 (Series presented as index with 2010 = 100 for debtor-based comparison; see source footnotes on page 91.) ### Table SA25. Terms of Trade on Goods (Index, 2010 = 100) - Angola: 3.1 4.4 5.0 7.1 7.8 7.2 8.8 10.7 9.2 6.0 6.9 7.1 - Botswana: 20.7 15.9 11.5 10.9 10.0 10.6 12.9 13.4 14.2 14.3 15.3 17.6 - Burundi: 3.6 4.4 4.1 3.3 3.5 3.5 3.9 2.1 1.7 2.6 3.0 3.9 - Comoros: 6.3 6.4 5.5 6.4 6.8 6.0 8.4 9.2 7.1 6.2 6.5 6.2 - Congo, Dem. Rep. of: 0.3 1.1 1.1 1.3 1.5 1.4 1.6 1.2 0.5 0.4 0.8 1.0 - Eritrea: 2.1 2.6 1.9 2.2 2.4 2.0 2.3 2.2 2.0 1.5 1.6 1.6 - Ethiopia: 2.3 1.9 2.0 2.6 2.0 1.8 1.5 1.9 2.1 1.9 2.1 2.4 - Gambia, The: 3.7 5.3 5.2 5.2 6.0 4.8 3.0 2.3 1.4 2.9 3.5 3.8 - Ghana: 2.7 2.7 2.9 2.9 2.9 2.9 2.5 2.6 2.6 2.9 3.3 2.7 - Kenya: 2.9 3.4 2.9 2.8 3.7 3.9 5.3 5.5 4.7 4.0 4.1 4.3 - Mauritius: 3.8 4.5 4.2 4.4 5.0 5.3 6.9 7.8 8.4 8.6 8.3 8.6 - Nigeria: 10.7 7.2 4.3 4.8 6.9 6.0 5.6 7.2 6.9 7.6 8.1 7.3 - Rwanda: 3.5 6.5 5.2 6.5 5.6 4.8 3.9 3.6 4.1 4.2 4.0 4.0 - South Africa: 3.5 4.6 4.3 4.7 5.0 5.1 5.9 6.2 5.7 5.5 5.4 5.1 - Swaziland: 2.5 4.0 4.0 3.2 4.2 4.7 5.2 4.2 3.8 3.8 4.0 3.8 - Tanzania: 4.8 4.6 4.1 3.5 3.6 4.0 4.3 4.7 5.0 5.0 4.6 4.6 - Uganda: 5.6 4.9 3.9 3.7 4.7 4.8 5.3 5.4 5.2 5.1 4.5 4.3 - Zambia: 1.7 3.8 3.0 2.8 2.7 2.6 3.4 3.4 2.4 1.8 2.0 2.0 - Zimbabwe: 0.2 0.8 0.6 0.5 0.6 0.4 0.5 0.6 0.8 0.5 0.5 0.5 - Sub-Saharan Africa (aggregates and groups): - Sub-Saharan Africa: 5.1 5.1 4.1 4.5 5.2 4.9 5.2 5.8 5.2 5.0 5.3 5.1 - Median: 3.1 4.1 3.4 3.3 3.5 3.3 3.9 3.7 3.4 3.6 3.5 3.6 - Oil-exporting countries: 7.3 6.4 4.4 5.3 6.7 6.0 6.0 7.3 6.6 6.5 7.1 6.8 - Oil-importing countries: 3.5 4.2 3.8 4.0 4.1 4.0 4.5 4.6 4.2 4.1 4.1 4.1 (Series are small-number indices consistent with Table SA25 formatting; see sources and footnotes on page 91.) ### Table SA26. Reserves (Months of imports of goods and services) - Angola: 27.6 58.4 57.4 57.2 57.1 57.7 60.5 72.7 68.9 53.0 - Benin: 31.6 43.0 46.9 50.9 51.5 55.6 60.3 67.7 70.0 65.2 - Botswana: 51.4 64.2 61.0 53.0 57.7 54.6 52.1 60.6 55.3 55.0 - Burkina Faso: 26.5 31.7 35.5 37.8 39.6 45.1 52.0 60.5 65.8 70.5 - Cabo Verde: 90.0 98.5 103.0 111.2 120.6 134.5 137.0 141.1 148.8 151.4 - Comoros: 25.1 34.4 37.6 41.5 44.5 42.5 42.9 47.4 53.4 49.7 - Equatorial Guinea: 9.0 14.2 16.1 14.1 18.0 20.2 21.8 29.6 32.1 30.4 - Eritrea: 143.7 126.0 124.7 113.1 105.6 110.0 104.9... - Ghana: 29.7 40.1 39.5 38.1 37.3 39.6 46.4 47.6 50.2 47.6 - Kenya: 57.4 54.1 56.0 57.6 58.1 60.7 63.6 63.3 59.2 55.3 - Mauritius: 284.6 316.8 369.9 377.9 377.4 365.1 352.7 349.7 326.8 348.4 - Mozambique: 33.2 46.5 52.7 53.7 61.0 63.7 71.7 80.0 78.1 73.1 - Namibia: 66.3 95.3 93.3 93.6 88.1 85.2 82.1 88.3 88.5 91.8 - Nigeria: 27.5 39.0 31.2 30.4 29.2 30.1 30.5 29.7 31.2 30.4 - Rwanda: 23.9 22.7 25.5 31.5 31.7 35.3 37.8 38.1 37.7 37.9 - São Tomé & Príncipe: 63.1 80.3 77.2 74.7 85.6 81.4 78.4 80.5 73.5 64.0 - Senegal: 36.6 44.5 47.3 49.9 49.8 55.6 60.7 66.6 71.5 69.6 - Seychelles: 118.8 100.0 109.3 113.0 102.2 117.5 116.5 93.0 93.7 99.0 - South Africa: 116.4 120.9 116.3 115.4 115.1 111.4 113.0 122.4 114.8 113.6 - Swaziland: 27.3 34.3 34.2 34.9 33.2 35.2 34.1 35.9 37.8 38.1 - Tanzania: 24.2 27.7 30.0 28.8 29.0 28.8 29.4 31.3 28.4... - Togo: 34.6 44.2 48.9 58.4 65.2 74.2 72.9 77.8 90.1 86.4 - Uganda: 24.0 23.1 26.6 26.1 27.1 28.0 29.1 28.9 30.5 31.1 - Zambia: 24.9 25.9 25.5 25.8 27.6 29.2 31.8 38.1 33.1 32.6 - Sub-Saharan Africa (aggregates and groups): - Sub-Saharan Africa: 42.4 49.2 51.9 52.0 52.8 54.6 55.9 58.1 58.9 63.2 - Median: 26.6 32.3 34.9 34.9 33.9 35.2 38.0 43.1 44.0 49.3 - Oil-exporting countries: 18.3 26.8 26.1 24.3 26.6 27.8 29.8 40.5 42.5 34.5 - Oil-importing countries: 47.3 53.7 57.3 58.5 59.0 61.0 62.1 62.5 63.2 70.9 (Reserves presented as months of imports of goods and services; see sources and footnotes on page 91.) ### Table SA27. Banking Penetration (Total banking sector assets in percent of GDP) - Angola: 42.6 55.8 72.5 79.3 89.1 85.8 75.0 67.2 60.2 62.0 - Benin: 74.7 76.0 72.6 74.8 73.2 72.5 72.2 63.4 61.0 76.9 - Botswana: 55.8 55.4 55.4 67.5 74.0 79.1 82.5 76.4 76.9 76.7 - Burkina Faso: 84.8 78.1 73.3 74.3 79.2 85.6 90.4 87.2 79.9 80.9 - Burundi: 67.7 59.3 66.1 81.8 81.4 75.6 75.7 73.9 72.1 59.1 - Cabo Verde: 54.8 72.5 74.2 80.2 73.9 64.7 59.2 57.2 53.6 54.0 - Cameroon: 69.3 68.3 69.4 70.3 80.1 81.4 82.3 87.9 90.3 87.1 - Chad: 82.7 85.5 73.4 73.5 77.5 80.2 80.9 83.3 87.7 94.9 - Comoros: 49.5 54.2 57.6 55.1 56.5 64.7 67.9 70.0 67.0 75.5 - Congo, Dem. Rep. of: 49.7 58.6 57.5 68.8 68.0 68.7 71.4 73.7 80.0... - Côte d'Ivoire: 89.3 84.7 77.3 66.9 71.1 76.1 75.0 79.4 81.7 84.3 - Equatorial Guinea: 43.0 56.6 59.0 68.1 38.0 48.1 54.1 74.9 91.5 95.5 - Mauritius: 55.8 55.4 55.4 67.5 74.0 79.1 82.5 76.4 76.9 76.7 (note: Mauritius listing appears earlier in the table with large reserves; banking figures shown here) - Namibia: 36.4 38.7 39.5 38.3 49.8 59.6 55.3 72.8 82.0... - São Tomé & Príncipe, Central African Rep., and several countries: series include values above 100 in some years (e.g., Central African Rep. 118.0 in 2004-08; see row entries for country-level time series) - Sub-Saharan Africa (selected aggregates): - Sub-Saharan Africa (country medians and groups are presented in the table; see full series above and footnotes on page 91 for coverage and methodology) (Series are total banking sector assets as percent of GDP; see sources and footnotes on page 91.) *See sources and footnotes on page 91.* ### Section 10 ### Table SA28. Banking Sector: Loan-to-Deposit Ratio ### Country-level loan-to-deposit ratios (percent of deposits) - Gabon 62.5 59.6 62.7 62.9 65.1 77.7 81.4 73.3 80.0 82.4 - Gambia, The 38.0 42.1 43.7 40.8 39.9 37.5 30.8......... - Ghana 73.3 73.4 65.5 57.9 63.2 69.5 70.6 70.3 65.8 62.9 - Guinea .............................. - Guinea-Bissau 42.8 93.5 66.0 65.9 92.0 83.3 72.0 84.2 82.8 62.5 - Kenya 76.6 72.5 72.6 77.8 76.9 80.5 83.7 87.0 88.6 83.5 - Lesotho 26.4 34.9 36.6 37.2 50.9 45.3 47.9 45.7 50.8 44.9 - Liberia .............................. - Madagascar 72.2 72.2 73.8 69.1 64.0 68.9 72.7 77.0 68.4 69.8 - Malawi .............................. - Mali 78.7 71.9 71.3 75.7 76.3 80.3 78.9 79.3 84.1 92.2 - Mauritius 65.5 67.7 68.2 80.9 77.2 72.6 74.9 68.0 66.8 66.1 - Mozambique 53.3 67.7 74.4 74.4 71.1 74.4 73.5 61.7 66.2 67.2 - Namibia 110.1 73.6 73.9 74.8 78.3 81.1 88.8 92.5 95.4 92.8 - Niger 77.1 90.2 78.3 93.8 89.9 98.7 89.9 96.1 101.3 111.0 - Nigeria 76.3 79.1 64.0 56.2 54.8 57.4 65.3 68.3 77.9 72.1 - Rwanda 78.4 85.9 83.2 88.7 94.9 84.4 86.2 81.3 85.9 89.8 - São Tomé & Príncipe 66.7 74.9 108.1 110.0 84.0 78.2 58.9 76.0 72.3 63.8 - Senegal 80.8 78.8 77.8 83.8 84.4 87.6 84.9 78.8 81.6 91.4 - Seychelles 30.9 30.7 35.9 33.9 34.7 28.9 31.8 42.6 43.8 43.4 - Sierra Leone 38.7 47.2 47.5 46.5 40.5 37.0 34.4 31.9 30.6 33.3 - South Africa 122.8 120.1 120.7 113.2 119.0 118.7 117.3 118.1 117.5 115.6 - South Sudan ......... 9.8 11.8 15.2 11.3 7.7 8.7 8.7 - Swaziland 96.7 79.6 74.4 85.8 79.8 81.7 86.2 79.3 72.8 73.9 - Tanzania 52.0 64.6 62.1 67.1 69.9 71.2 75.6 81.4 87.3... - Togo 72.7 63.1 67.8 73.4 77.5 85.9 75.0 78.2 71.6 71.2 - Uganda 58.8 71.4 77.2 85.5 79.5 80.0 74.6 75.4 75.8 71.2 - Zambia 50.5 60.1 52.9 56.5 65.2 61.1 65.7 60.1 54.1 49.7 - Zimbabwe .............................. ### Regional aggregates and group medians (percent of deposits) - Sub-Saharan Africa 65.2 67.8 67.5 68.6 69.7 70.8 70.1 73.2 74.1 72.5 - Median 66.1 71.4 69.4 71.8 73.9 75.9 74.8 75.7 77.4 73.0 - Excluding Nigeria and South Africa 63.3 66.0 66.2 67.7 68.8 69.9 69.0 72.1 72.8 71.2 - Oil-exporting countries 59.0 63.4 62.9 57.3 58.3 63.2 63.2 66.9 72.3 71.8 - Excluding Nigeria 56.1 60.8 62.8 57.4 58.8 64.0 62.9 66.7 71.5 71.8 - Oil-importing countries 66.5 68.7 68.5 71.4 72.5 72.7 71.8 74.8 74.6 72.7 - Excluding South Africa 64.7 67.1 66.9 70.1 71.0 71.2 70.4 73.3 73.1 71.1 - Middle-income countries 66.5 66.9 68.0 70.1 70.5 71.8 72.0 73.8 75.2 73.8 - Excluding Nigeria and South Africa 62.8 63.2 65.3 68.4 68.6 69.9 69.9 71.6 72.7 71.4 - Low-income countries 63.7 68.7 67.0 67.1 68.8 69.8 68.2 72.5 72.8 70.9 - Excluding low-income countries in fragile situations 68.4 76.3 74.4 79.8 79.7 81.0 80.3 78.1 79.6 82.8 - Countries in fragile situations 61.6 64.6 65.2 62.4 64.0 65.2 61.9 70.5 70.7 65.0 *Table SA28. Banking Sector: Loan-to-Deposit Ratio 1 (Percent of deposits). See sources and footnotes on page 91.* --- _Source: https://www.imf.org/-/media/files/publications/reo/afr/2018/may/pdf/stats.pdf_