Economic Report on Africa 1987

Abstract

This report is the fourth in a series of economic reviews jointly prepared by the staffs of the African Development Bank (ADB) and the United Nations Economic Commission for Africa (ECA). The object of the report has been to provide, on an annual basis, descriptive and analytical accounts of recent economic developments in Africa, make preliminary forecasts, analyze general development problems and focus on one topical development issue. The first part of the report, which deals with Africa's economic development, reveals unsatisfactory overall economic growth for the year. Despite continued recovery in agricultural production and continued improvements in the manufacturing sector, regional GDP is estimated to have grown by only 1.2 per cent in 1986. In particular, poor growth performance was recorded for oil-exporting countries. This was mainly attributable to the dramatic fall in oil prices and the generally unfavourable market conditions for other primary commodities.