In March 2018, Frontier markets recorded a slight growth of 0.2% compared with a 2.2% decline in Emerging markets and a 2.5% decline in Developed Markets.
Despite the flat growth, Kenya was ranked second best performing market at 9.2% behind Egypt which recorded a growth of 11.8%. In the same month, Nigeria and Argentina declined by -6% and -2% respectively.
Kenya was also ranked the second best performing market over the last 12 months behind Vietnam as shown in the chart below.
Among small Emerging markets, Vietnam increased by 11.8%, while Philippines was weak at -6%.
On a 12 month basis, Frontier markets have outperformed Emerging markets modestly (up 27.4% versus EM up 25.2%).
- KWS
