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Macroeconomic indicators

Macroeconomic indicators

The 3.7% annual growth of the Gross Domestic Product (GDP) was higher in 2003 than in any of the years from 1999-2002. The growth rate was positive in all 15 countries except Côte d'Ivoire, which experienced severe civil disturbances. Seven of the 15 countries (Benin, Cape Verde, Gambia, Ghana, Nigeria, Senegal and Sierra Leone) had growth rates that exceeded the regional average (Table 1). This growth occurred despite the weak growth of the global economy and continued structural and political constraints to improved performance in a number of countries.

Trade performance

Accurate information on the level and composition of trade flows is essential to formulate trade policy reforms or to design regional trade arrangements. Africa has fared very poorly in its international trade performance over the last two decades (Orden and Roberts, 1997;

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