Sub-Saharan Africa’s economy expanded 5.4% in 2008, the first time in more than 45 years that growth exceeded 5% for five years in succession, says the World Bank’s Global Economic Prospects for 2009 report.

According to the report, Gross Domestic Product (GDP) gains in the continent have been broad-based and less volatile, even in oil-importing economies, as strong commodity export revenues and capital inflows underpinned domestic demand.

“Another notable and encouraging feature of the recent growth spurt is the sustained contribution of fixed investment to growth, which carries positive implications for long-term potential growth.”

“Strong external demand, high commodity prices, and relatively robust private capital inflows invigorated growth across a large spectrum of economies, whether resource rich or resource poor.” said the report.

Oil importing economies, outside South Africa, grew 5.2% in 2008, down from 5.8% in 2007, while oil-exporting countries grew by more than 7.5% for a second consecutive year.

The World Bank however said capacity constraints stemming from inadequate investment in energy, roads, railways, and ports have persisted over the past decades.

Growth in the continent is expected to slow to 4.6% in 2009, due to the global financial and economic crisis, though in Sub-Saharan Africa the effects of the crisis are likely to be much more limited because African economies are less integrated into the international financial systems.