*South Africa’s GDP now $370bn, Nigeria’s $432bn
Nigeria has maintained her position as Africa’s biggest economy after South Africa released the report of its rebased Gross Domestic Product (GDP) that pushed the latter’s economy up by 11 per cent, an analysis of a new report by Statistics South Africa (SSA), has revealed.
After a comprehensive overhaul of its national accounts up to the end of the 2020 fiscal year, South Africa disclosed in the SSA that the value of her economy increased to $370 billion as a result of the rebasing exercise.
The rebasing of South Africa’s GDP coincided with the release of Nigeria’s latest GDP report, which showed a 5.01 per cent growth in the second quarter of 2021.
During the period under review, the National Bureau of Statistics (NBS) and the World Bank put Nigeria’s GDP at $432.29 billion, indicating that her…