Nigeria overtakes South Africa as Africa's biggest economy

Nigeria has overtaken South Africa as the biggest economy in Africa as South Africa enters its second recession in two years.

Latest data from Statistics South Africa shows South Africa’s Gross Domestic Product shrank by 1.4 per cent in the fourth quarter of 2019, following a revised 0.8 per cent contraction in the third quarter.

On the flip, Nigeria’s national bureau of statistics posted a GDP growth rate of 2.55 per cent in Q4 2019, its highest quarterly growth since the recession of 2016.

The country’s economic growth rose by 2.27 per cent in 2019, compared to a growth rate of 1.91 per cent in 2018.

Founder, Herenya Capital Advisors, Petri Redelinghuys from Cape Town, South Africa, shares his views on this.

#GDP #GrossDomesticProducts #Economy #GDPGrowth #Recession

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