South Africa becomes Africa’s largest economy: IMF
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.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- PVC downturn persists in China’s local market despite bullish imports
- China's PP market at almost 2-year low; H2 outlook bearish
- Asian spot ethylene market plunges to decade low
- Early July expectations emerge softer in Europe’s PP market
- Import PE prices fall to lowest in more than a decade across Asia
- Tightness pushes Asian PVC markets to 3-month high
- China’s PE market continues bearish run on sluggish demand
- PP and PE markets turn softer in Egypt, Mid-East
- European PET extends bearish trend into 3rd consecutive month
- European PS, ABS markets down after 4 months