Loading...
Breaking News
recent

Nigeria and South Africa Africa's richest countries out of #recession


Nigeria and South Africa, two of Africa's richest countries, are no longer in recession as the economies of both grew in the last quarter.

Nigeria had experienced a long period in the doldrums with five consecutive quarters when the economy shrank.

But with annual GDP growth at less than 0.6%, Nigeria's emergence from recession is slow.

South Africa is still facing big economic challenges despite recording a more healthy 2.5% growth figure.

The economic boost in South Africa can be put down to a big rise in agricultural output of 33%.

But overall, its economy still continues to struggle with unemployment remaining stubbornly high at nearly 28%, the BBC's Africa Business Report editor Matthew Davies says.

In Nigeria, the poor performance of the vital oil sector continues to be a drag on the economy. Furthermore, the country's GDP needs to grow by 3% every year just to keep up with the rise in the country's population
Khabza Mkhize

The Edge Search

Powered by Blogger.