AFRICA RISING: MAJOR MARKET PROFILES

COUNTRIES & CONSUMERS

OUTLOOK GDP GROWTH: 5.6% PER ANNUM 2014-2020 OIL SECTOR A KEY DRIVER

STRENGTHS ENERGY RESOURCES PUBLIC INVESTMENT

CHALLENGES SMALL POPULATION RECOVERY FROM CIVIL WAR

ETHIOPIA ANGOLA

OUTLOOK GDP GROWTH: 7.0% PER ANNUM 2014-2020 CONSUMER SPENDING A KEY DRIVER

STRENGTHS SIZE AND SCALE ABOVE AVERAGE GROWTH

CHALLENGES RELIANCE ON AGRICULTURE LOW PER CAPITA SPENDING

ETHIOPIA

OUTLOOK GDP GROWTH: 5.7% PER ANNUM 2014-2020 GROWTH SUPPORTED BY OIL PRODUCTION

STRENGTHS NATURAL RESOURCES MIDDLE CLASS

CHALLENGES NATURAL RESOURCES FISCAL AND EXTERNAL IMBALANCES

Ghana GHANA

OUTLOOK GDP GROWTH: 6.7% PER ANNUM 2014-2020 GROWTH SUPPORTED BY NON OIL SECTOR

STRENGTHS SIZE STRUCTURAL REFORMS

CHALLENGES INFRASTRUCTURE SECURITY

Ghana Nigeria NIGERIA

OUTLOOK GDP GROWTH: 2.8% PER ANNUM 2014-2020 UNDERPERFORMING COMPARED TO PEERS

STRENGTHS HIGH PER CAPITA SPENDING REGIONAL HUB

CHALLENGES INEQUALITY LABOUR UNREST

Ghana Nigeria NIGERIA SOUTH AFRICA