In a recent report by BusinessTech, it now confirmed that Nigeria is currently the biggest economy in Africa. Africa as a continent is the second-largest economy. According to the same report – what constitutes the biggest economy between South Africa and Nigeria, or any other African country is the choice of use of the exchange rate for the West African Nation.
“But now both the official naira rate of 306 per dollar and the weaker market exchange rate of around 360 that almost all investors use put Nigeria tops” – BusinessTech
In a press statement, it is confirmed that South Africa’s gross domestic product (GDP) decreased by 1.4% in Q4 of 2019.
“The transport, storage and communication industry decreased by 7,2% and contributed -0,6 of a percentage point to GDP growth. Decreased economic activity was reported for land and air transport, as well as transport support services.”
“The trade, catering and accommodation industry decreased by 3,8% and contributed -0,5 of a percentage point to GDP growth. Decreased economic activity was reported for wholesale and motor trade and accommodation.” according to a statement.
it is also reported that the manufacturing industry in South Africa has also decreased by 1.8%, this contributed a negative impact of -0.2 to the percentage point of GDP growth.
Other affected fields include the construction industry which decreased by 5.9% which contributed a negative impact of -0.2 to the percentage point of GDP growth.
“The agriculture, forestry and fishing industry decreased by 7,6% and contributed -0,2 of a percentage point to GDP growth.” in contrast, the fields which increased by 2.7% and contributed 0.6 of a percentage point to GDP growth are finance, real estate, and business services.
The mining and quarrying industry increased by 1.8% contributing 0.1% to GDP growth.