Africa's GDP to grow by 4.8 percent

Africa's GDP is expected to grow by 4.8 percent in 2013 and 5.3 percent in 2014, according to the African Economic Outlook (AEO).

The AEO expects central Africa to grow by 5.7 percent in 2013 and 5.4 percent in 2014, and similarly east Africa to grow by 5.2 percent and 5. 6 percent, north Africa by 3.9 percent and 4.3 percent, southern Africa by 4.1 percent and 4.6 percent, and west Africa by 6.7 percent and 7.4 percent, reports Xinhua.

The AEO has listed 10 African countries as fastest growing. These are Libya, Chad, Sierra Leone, Cote d'Ivoire, the Democratic Republic of Congo, Ghana, Mozambique, Angola, Zambia, and Rwanda.

Swaziland, Equatorial Guinea, Egypt, Sudan, South Africa, Comoros, Madagascar, Algeria, Lesotho and the Seychelles are the slowest growing African countries in 2013 and 2014.

The AEO listed domestic consumer demand, macroeconomic policies and management, development of mining, agriculture, services and construction as the drivers of Africa growth.

External contributors also include the increase in commodity prices and export volumes, prices of agricultural export, increase of external flows such as foreign direct investment (FDI) and remittances.