Economy: Nigeria Tops South Africa As Africa's Biggest Economy
Despite the fact that Nigeria and South Africa account for half of the continent economy GDP and the debate of whose top the continent economy has been varying of recent due to some variable factors.
However, economic reports have it yesterday that South Africa has plunged into recession towards the end of the first quarter of the year.
Report states " Nigeria’s economic growth beat forecasts in the fourth quarter, helping its economy to expand the most in four years in 2019 as oil output increased and the central bank took steps to boost credit growth. GDP in the West African country stood at $476 billion or $402 billion, depending on the rate used.
While for South Africa’s economy, it went the opposite direction because It slumped into a second recession in consecutive years, contracting more than projected in the fourth quarter as power cuts weighed on output and business confidence. For the full year, expansion was 0.2%, the least since the global financial crisis, and even less than the central bank and government estimated. Based on a average rand-dollar exchange rate of 14.43 for the year, GDP was $352 billion."
However, projections shows that Nigeria economy will continue to grow faster.
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