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Last Updated: Monday, 14 May 2007, 12:36 GMT 13:36 UK



Africa 'sees 6% economic growth'

An appetite for oil has driven interest in Africa
African economic growth is set to reach nearly 6% in 2007, the highest in 20 years, according to the African Development Bank (AfDB).
Overseas demand from China and other rapidly-growing nations for natural resources, including oil, has been a cause for growth, the bank said.

The data was issued at the bank's annual meeting, being hosted by China.

The region's economy grew by 5.5% in 2006, with South Africa, Nigeria and Algeria among the strongest nations.

Oil-rich Nigeria saw its GDP grow by 5.3% last year and is set to expand 7% this year.

In contrast, Zimbabwe, which has been beset with soaring inflation and slowing agricultural output, shrank by some 5% during the same period.

Mauritius and Madagascar, meanwhile, have suffered in the wake of Asian textile producers.

Even as growth is set to increase, the bank's chief economist, Louis Kasekende, warned that the projected figures would not be adequate for Africa to hit its goal of halving the number of people living in extreme poverty within eight years.

http://news.bbc.co.uk/2/hi/business/6653939.stm