(Photo by Gallo Images / Beeld / Lerato Maduna)
Yay Mzanzi! We’ve reclaimed our spot as the second largest economy in Africa and SA has Nigeria’s top spot set firmly in its sights.
(Photo by Gallo Images / Beeld / Lerato Maduna)
Newest data released by the International Monetary Fund (IMF) shows that SA has pushed past Egypt with a GDP of $275 billion as opposed to their $270 billion. Nigeria, on the other hand, has seen a decline with its currency losing 30% of its total value… but holding on to the top spot for now.
South Africa, the long-time largest economy in Africa, has closed the gap with Nigeria to just $60 billion, gaining $110 billion since the end of 2015, despite a string of economic setbacks and an unfriendly global economy.
Our economy has proven rather robust, as we’ve only lost about $30 billion since the end of 2015, compared to Nigeria’s $155 billion loss.