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Integrated paper on recent economic developments in SADC
Bank of Mauritius
September 2004
SARPN acknowledges the website of the Committee of Central Bank Governors (CCBG) in SADC as the source of this report.
It was presented by the Governor of the Bank of Mauritius, with agreement from fellow Governors, at the September 2004 meeting of the CCBG held in Pretoria.
Other documents from the CCBG can be obtained from its website at: www.sadcbankers.org
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SADC’s growth performance was more or less unchanged in 2003. On an average basis, GDP growth hovered around 3.5 per cent in 2003. This stable level of growth was mainly the result of the slowdown in the growth rate, from 3.6 per cent in 2002 to 1.9 per cent in 2003, of South Africa, the largest economy in the region, on account of declines in its manufacturing, agricultural and gold mining outputs.
Other economies that experienced a loss in momentum in the expansion of economic activity in 2003 included Angola, Lesotho, Mozambique, Namibia, Swaziland and Tanzania. Factors cited as contributing to this decline in growth rate included amongst others, low growth rate in foreign direct investment, slowdown in manufacturing output and unfavourable weather conditions that affected the agricultural sector. It should be noted that though Mozambique registered a decline in output growth in 2003, it nevertheless recorded the highest growth rate of the order of 7.1 per cent. Tanzania also performed well with a growth rate of 5.6 per cent, the third highest amongst SADC countries in 2003.
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