Wednesday, May 14, 2014

Ethiopia Has Fastest Growth Rate In Africa, Says UNECA

(May 14, 2014, ADDIS ABABA, (BERNAMA-NNN-ENA))--The fast and consecutive economic development Ethiopia has been registering over the past five years, has put the country at the top of the list of fastest growing countries in africa, according to the latest Economic Report on Africa issued by the United Nations Economic Commission for Africa (UNECA).

The report says Ethiopia has achieved an average 9.4 per cent economic growth over the past five consecutive years, and this puts the country at the top of the list. Expansion in services and construction, aggressive public spending on infrastructure and public services, and increasing agricultural production associated with rising domestic demand have contributed to the growth.

Libya, despite strikes and disruptions to oil production, still managed to expand by 8.7 per cent, mainly because of hydrocarbons while the Central African Republic had the slowest five-year growth average growth rate of 0.4 per cent as political instability and high insecurity affected agriculture, the largest economic sector and main source of employment of that country.

Among the regions, West Africa led with a 6.7 per cent growth rate while the rate for East Africa is almost unchanged compared with the previous year at 6.0 per cent. Read more from  Bernama - Malaysian National News Agency »

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