BERLIN, GERMANY – NOVEMBER 26: The flags of the Group of Eight, G8, countries Germany, France, United Kingdom, Italy, Japan, Canada, USA and European Union on November 26, 2014 in Berlin, Germany. Russia was excluded from the forum by the other members on March 24, 2014, as a result of its involvement in the 2014 […]
How much is South Africa really worth to the rest of the world?
Well, not as much as some like to think, and much less than we used to be.
BERLIN, GERMANY – NOVEMBER 26: The flags of the Group of Eight, G8, countries Germany, France, United Kingdom, Italy, Japan, Canada, USA and European Union on November 26, 2014 in Berlin, Germany. Russia was excluded from the forum by the other members on March 24, 2014, as a result of its involvement in the 2014 […]
We might have the most economically powerful city in Africa, but Nigeria beats us hands down when it comes to economic worth in total.
According to the World Bank, the world economy – the total of 194 economies — produced $77.9 trillion in 2014 with South Africa contributing a measly $349.8 billion or 0.45% of the world’s total GDP. This is a substantial fall from previous years and wins us the not-so-esteemed position as the world’s 33rd largest economy; 11 places behind Nigeria.
Now, while Nigeria’s economic contribution is sitting pretty at $568.5 billion, it’s worth noting that they lag behind when it comes to per capita GDP as SA’s per capita GDP of $6 480 is more than $3 000 higher than Nigeria’s at $3 185.
So, when it comes to the world’s biggest economies, which rules the roost? Not hard to figure that one out; The USA is still in the lead, so much so that China’s second place is almost half of what the United States contributes to the world economy.
Our fellow BRICS members also occupy the top 15 economies on the list, with South Africa the only country in BRICS that doesn’t even make the top 15 world economies… have a look:
Via BusinessTech
Cover Image: Getty Images
