Economic recovery trend in two African big countries

Economic recovery trend in two African big countries

 

Speaking of Africa’s major economic aspects, it is a common view that South Africa and Nigeria, plus Kenya.

Two of them, South Africa and Nigeria, have gone out of recession.

 

(South Africa)

South Africa’s economy exited its second recession in almost a decade in the three months ended June 30 after agricultural output surged.

Gross domestic product increased an annualized 2.5 percent in the second quarter compared with a revised decline of 0.6 percent in the previous three months, the statistics office said in a report released on Tuesday in the capital, Pretoria. The median of 21 estimates compiled by Bloomberg was for growth of 2.3 percent. The economy expanded 1.1 percent from a year earlier.

※Source:http://www.statssa.gov.za/

 

(Nigeria)

Nigeria’s economy emerged from recession in the second quarter, expanding 0.55 percent year-on-year, the statistics office said on Tuesday, as economists expressed concern at the sluggish recovery.

Africa’s largest economy shrank by 1.5 percent in 2016 for its first annual contraction in 25 years. It also declined in the first quarter of this year, due to lower revenues from oil — its dominant export — and a shortage of hard currency.

※Source:http://www.nigerianstat.gov.ng/

 

The economic recovery of South Africa and Nigeria, which has a central role in the African economy, is expected to have a positive impact on the economy throughout Africa as it leads to the activation of purchasing supplies from neighboring countries in Africa.

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