Overview of economic and social conditions in Africa in 2012

Abstract

Africa achieved a robust 5.0 per cent growth rate in 2012, well above the world average, despite the global slowdown, heightened tension and uncertainty. Recovery in many countries was underpinned by a variety of factors, including high commodity demand in the international market, rising domestic demand associated with rising incomes and urbanization, increasing public spending especially on infrastructure projects, increasing trade and investment with emerging and developing economies, and increased foreign investment in extractive industries and in some postconflict countries.