South Africa has once again surpassed Egypt to become the continent’s second biggest economy, as it continues to narrow in on Nigeria. According to the latest projections by the IMF, South Africa has gone ahead of Egypt after recording a GDP of around $275 billion against the North African nation’s $270 billion.
Nigeria’s economy has meanwhile slumped significantly since the devaluation of its currency which saw the Naira drop by 30 percent. Despite this however, the West African nation remains Africa’s biggest economy.
The gap between South Africa is now much lesser, standing at $60 billion compared to the $170 billion gap recorded at the end of 2015.
The data shows that Africa’s biggest economies have faced a tough 2016 so far, with all three leading markets down significantly from their position at the end of last year.
South Africa has lost in excess of $35 billion (from $313 billion at the end of 2015), while Egypt has lost around $60 billion (from $330 billion), and Nigeria has lost as much as $155 billion (from $490 billion). Read more on this story here.