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South Africa becomes Africa’s largest economy: IMF

by ChemOrbis Editorial Team -
  • 12/08/2016 (14:23)
According to the IMF, South Africa is now the largest economy of the African continent in dollar terms, overtaking the Nigerian economy. For the past two years, Nigeria was the top economy of the continent.
Based on the IMF’s growth numbers for the two countries in 2015, the latest report showed that Nigeria’s gross domestic product (GDP) is valued at around $296 billion while South Africa’s GDP is at around $301 billion with the current rand’s exchange rate.

Economists reported that the Nigerian naira depreciated 40% against the US dollar in 2016 while the rand appreciated 16% within the same period.

In addition, lower crude oil prices have significantly weighed down Nigeria’s oil-driven economy. In the first quarter of this year, South Africa’s economy contracted 0.2%, compared with Nigeria’s economic contraction of 0.4% for the same period.

Although quite challenging for the South African economy, lower commodity prices supported the country’s export activities.
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