Africa's real GDP to grow by 4.8% in 2013

Africa's real GDP is expected to grow by 4.8 percent in 2013 and 5.3 percent in 2014, according to the African Economic Outlook (AEO) launched on Thursday. The AEO expects Central Africa to grow by 5.7 percent in 2013 and 5.4 percent in 2014, East Africa to grow by 5.2 percent and 5. 6 percent, North Africa by 3.9 percent and 4.3 percent, southern Africa by 4.1 percent and 4.6 percent and West Africa by 6.7 percent and 7.4 percent. The AEO has 10 African countries in its fastest, including Libya, Chad, Sierra Leone, Cote d'Ivoire, the Democratic Republic of Congo, Ghana, Mozambique, Angola, Zambia, and Rwanda. According to the outlook, Swaziland, Equatorial Guinea, Egypt, Sudan, South Africa, Comoros, Madagascar, Algeria, Lesotho and the Seychelles are the slowest growing African countries in 2013 and 2014. The AEO listed as the drivers of Africa growth as domestic consumer demand, macroeconomic policies and management, as well as the development of mining, agriculture, services and construction. External contributors also include the increase in commodity prices and export volumes, prices of agricultural export, increase of external flows such as foreign direct investment (FDI) and remittances. The African Development Bank (AfDB) on the same day launched the African Development Report (ADR) 2012, entitled "Towards Green Growth in Africa." The report says Africa's growth has been impressive, averaging at 5.2 percent between 2001 and 2012.