Energy consumption, oil price and macroeconomic performance in energy dependent African countries

Perekunah Eregha and Ekundayo Mesagan

Applied Econometrics, 2017, vol. 46, 74-89

Abstract: This study focuses on the relationship between energy consumption, oil price and macroeconomic performance of selected energy-dependent African countries. It was observed that energy consumption and crude oil price positively and significantly enhanced output growth but their impact on exchange rate is contradictory. Also, energy consumption and oil price were found to reduce inflation rate in the selected countries. It is therefore recommended that energy-dependent African countries should increase power generation and enhance crude oil local refining at affordable rates to boost energy consumption and reduce negative exogenous oil price shock on the macroeconomy.

Keywords: energy consumption; oil price; macroeconomic performance; African countries (search for similar items in EconPapers)
JEL-codes: C22 E31 Q43 Q48 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (27)

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