Nigeria Overtakes S’Africa as Africa’s Largest Economy - THISDAYLIVE

Adedayo Akinwale in Abuja and Dike Onwuamaeze in Lagos with agency report

The South African economy contracted 1.4 per cent in the fourth quarter of 2019, according to official statistics released on Tuesday, far outpacing analysts’ forecast of a 0.2 per cent decline. The largest sector to contribute to South Africa’s recession was construction, which has declined for six consecutive quarters. However, agriculture also proved to be the economy’s main drag in 2019.

Owing to this, Bloomberg, in a report, noted that “to the question of whether South Africa or Nigeria, the two countries that account for almost half of sub-Saharan Africa’s gross domestic product, is the biggest economy on the continent has long depended on which exchange rate you use for the West African nation.

On the other hand, for South Africa, its full year expansion was 0.2 per cent, the least since the global financial crisis and even less than the central bank and government estimated. Based on an average rand-dollar exchange rate of 14.43 for the year, GDP was $352 billion.

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