Africa's economy is based in few countries
Regional-Egypt, Economics, 6/12/2003

The top five economies in Africa of South Africa, Egypt, Morocco, Nigeria and Algeria contributed 59 percent to Africa's Gross Domestic Product in 2002 said the United Nations Economic Commission for Africa (UNECA) in its 2003 annual report.

North Africa contributed 41 percent to the African GDP against 17 percent for Western Africa, 5.3 percent for Central Africa, 8.4 percent for Eastern Africa and 28.3 percent for southern Africa.

According to the Addis Ababa-based Commission, GDP growth slowed down in North Africa in 2002 because of the fall in oil prices and drought, UNECA said, deploring a weaker growth in other African sub-regions, apart from southern Africa thanks to positive economic performances in South Africa and Namibia and substantial oil revenues in Angola.

Economic growth in Africa remains dependent on oil revenues, UNECA lamented, noting that certain countries in African managed to contain inflation through a rational macro-economic management.

UNECA also deplored the persistence of conflicts in certain sub-regions, which contribute to worsening economic conditions and aggravating poverty.

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