Africa: Sub-Saharan Africa to grow 5.4 per cent on oil output, IMF says

Sub-Saharan Africa’s economy will probably expand 5.4 per cent this year as rising commodity prices and increased oil production help to offset a slowdown in Europe, the International Monetary Fund said. Growth is set to accelerate from 5.1 per cent in 2011 and compares with 5.5 percent estimated in January, the Washington-based lender said in its World Economic Outlook report today. The IMF raised its growth forecast for South Africa, the region’s largest economy, to 2.7 per cent for this year from 2.5 per cent.