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South Africa reclaims its spot as Africa’s second biggest economy

South Africa reclaims its spot as Africa’s second biggest economy

South Africa is once again the second biggest economy on the African continent as it reclaims the position from Egypt – and continues to narrow in on Nigeria.

According to the latest projections from the IMF, published by Bloomberg, South Africa has stepped past Egypt with a GDP of around $275 billion, versus the north African nation’s $270 billion.

Nigeria has seen its economy slump significantly since the devaluation of its currency, which saw the naira drop by 30%. Despite this, however, the country still maintains the biggest economy on the continent.

The gap between South Africa and Nigeria is narrowing, however, as the distance between the two nations now stands at only $60 billion, compared to the $170 billion gap 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).

Bloomberg graph

More on South Africa

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BusinessTech's Staff Writer is directly plugged into the South African Internet backbone, and spits out press releases and other news as they receive it. They are believed to be cl...
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  • Thivhulawi Victor Munyai

    Stop misleading investors bcouse SA is number one in Africa

  • Skerminkel

    Nigeria is only big because its population is 3xSA, therefore many more consumers. They do not produce much, apart from oil and even that they do poorly and ineffectively.

    • Mikhael Rowe

      And they are masters at 419. We only have the 26s, 27s, and 28s.

      • What are the 27s?

        • Mikhael Rowe

          I think they are the Hollanders, the murderers, but I speak under correction. I have only heard of them in fleeting.

          • Matthys Jacobs

            The numbers

          • Kalium_Chloraat

            Don’t forget Number 1.

        • Matthys Jacobs

          The ones who do the work for the 26’s and 28’s.

          Numbers Gang.

      • Matthys Jacobs

        hahahahaha

        The numbers

      • niran ade

        Always in agony when the name Nigeria is pronounced to you. You must be so terrified for not understanding the concept NITWIT!

        • Mikhael Rowe

          Lighten up dude, I can see that vein that’s on the verge of bursting. People are dissing my country, SA, all day and every day, but you don’t see steam squirting out of my nose and ears while my face is turning red with anger.

      • Kalium_Chloraat

        Well done. ROFL

    • niran ade

      True! How is South Africa doing with the present crop of leaders? Always bitter when the news is unfavorable. Why can’t it just be …”bravo to the Nigerians” and we leave it at that! Must you always spill the wrong seeds affecting a group of people to feel better? Posterity will remember us for US

      • Skerminkel

        I don’t understand your idioms, but OK.
        My criticism is aimed at the economists who calculate these things. Within a month of them declaring that Nigeria’s economy edged ahead of SA, their economy tanked on the back of the oil price collapse. In Feb. 2015 (IIRC) the Nigerian gov. income literally halved.

        • Jay

          African economies are so integrated these days. It doesn’t matter which region is number one. Let’s strive to improve the living standards of our people. I call these colonial borders regions.

          • Skerminkel

            A lot of truth in that statement! Despite what the British plebs may think, closer cooperation is always better.

          • Jay

            Mhmmmmmm! After they dismantled Africa into small disfunctional pieces for their own benefits after which they left and now talk about British patriotism!

          • Skerminkel

            Not sure what you are saying. I agreed with your previous statement and indicated that the British are a poor example.

          • Jay

            Indeed we are on the same page. I just stressed that they are selfish too?

          • Fanandala

            “Mhmmmmmm! After they dismantled Africa into small disfunctional pieces”
            That is rubbish.
            Africa consisted of small dysfunctional pieces since like forever.
            The Colonialists actually forced these pieces together into bigger units. Had it not been for the colonisers we would have probably 4 or 5 countries (if not more) within present day South Africa. Like it or not Cecil Rhodes is greatly responsible of the borders of present day SA.

        • umolu

          There are so many things to consider in the comparative analysis of nation states as to economic wellbeing. Facts don’t lie.South Africa has in Africa a very wide gap in infrastructural development compared to all African countries. Nigeria has by far a more educated population than South Africa. South Africa has a more advanced military than Nigeria. And you can go on and on .The major difference between South Africa and Nigeria is their past which may be responsible for their present.If South Africa had not been developed by the white minority, would it have been different from other Africa countries infrastructural wise? Just asking

          • Carter deshaun

            Keep asking.. maybe you’ll get an answer one day..

          • Skerminkel

            Are you Nigerian? In SA we are not allowed to ask that question. Nigerians have asked me, though.

          • umolu

            Yes,I am Nigerian and a naturalized US citizen, where I have been living for a little over two decades. Africans are the same, be it west ,east or South. We have common problems and aspirations. We have to carry ourselves along no matter how difficult that may be .There is no room for unhealthy rivalry.

  • James Dean

    Yes but we’re playing at the top of the table in the B division.

    Wake me up when we play in the A division.

    • Wyzak

      So never?

  • bengine

    We are second biggest in Africa – which is bigger than all the other countries put together – so that makes us like the second biggest economy on earth almost a million thousand and twenty three hundred and twenty nine

  • Kalium_Chloraat

    Reminds me of when Rapport called themselves the biggest Afrikaans newspaper in the world.

  • Zaheer

    Makes 1 wonder – we the 2nd biggest economy – or even biggest economy according to some – yet every other thread you read shows how SA is suffering – even the universities cant make it.
    People cant afford anything anymore, and then Pravin says – pay your taxes – its the right thing to do.
    Where to put that X now ??? Hmmm

    If only we had some JuJu that can bring back Margaret Thatcher.

    • Skerminkel

      Where to put the X? Behind the people who have proved that can govern, I would say.

      • Zaheer

        Still to be born that guy….
        I knew a man who was worthy of a vote .. a mayor who came in and was for the people…. a mayor who even when he came in drove his old bantam van… and said : its not correct for me to use state money to purchase a vehicle – i will set an incorrect example, and the best part – the man knew the laws and constitution.

        Until another like him is available – do i just exercise my democrate right and place an X ??

        Then i am no better than the masses.

        Drifting off topic here – but its also related – some guy opens his mouth and the rand weekends… thats not good 4 the economy.

        If JuJu says – forget the whiteman – i will sell all my assets and help all my supporters to ensure they are not hungry. That will help the economy alot and will attract alot of investment to SA.

        How does it go : put your money where your mouth is

  • Carter deshaun

    Africa my beginning, Africa my ending….

  • Betterestdayz

    Twice bitten thrice shy. …

  • patuxolo mdoda

    After reading all these comments it seems that South Africans are inferior. They don’t pride whatever they get

    • Zaheer

      😊 – cant disagree with you on that. We have alot to be greatful for.
      But if you an 80 % student – 2nd best – should you not aim to be the best ??

      • patuxolo mdoda

        Maintaining the standard is important

      • Fanandala

        Unfortunately the numbers up there say nothing about being second best.
        They only speak about that we lost less than the others. But we still lost a lot.
        Its like when they come home from gambling and they brag: Tom lost his house and his car, Dick lost his house, and Harry only lost the car.
        Hurray for Harry!!??
        What is wrong with your comprehension?

  • Black_Hat

    Zuma is a country on its own.

    • Roan Brand

      Didn’t you hear? It’s a planet

  • MasterZu

    To reclaim top spot again, sack ZUMA!!!

    • patuxolo mdoda

      Sack Zuma and replace him with who? Surely, not with a Wall street man like Maimane

      • Fanandala

        Just because Maimane can speak numbers coherently and actually understands the difference between millions and hundreds and billions and tens, does not mean he has ever been near Wall street.
        A decent and honest man at the helm would be giant leap for South Africa, or even the whole continent.

        • patuxolo mdoda

          Give Maimane power, he will be caught up in the mix like Obama. It will be difficult for him to abandon the white supremacists that put him there and the black electorate that voted for him. Maimane will never discuss issues like land or BRIICS

          • Fanandala

            Maimane can address both.
            Land: Between the land bank and the state and the tribal authorities there is more than enough land to go around for those who are willing and able to work it.
            As for BRICS. The connection is pretty loose and SA does not really fit into it and will be just a source of raw materials. But as long as they don’t let the Indian and Chinese “Guptas” walk all over them and the Russians tie them up in a highly disadvantageous nuclear agreement (like the ANC is doing right now) it could be useful. The ANC is treating the country like a liquitadion down sale “everything must go” as long as I get the comission.

          • patuxolo mdoda

            Got it way wrong, and this exactly Maimane way of thinking, always measuring himself against the ANC instead of addressing country’s issues

  • Jeffery Stokes

    The ANC must be doing something right

  • Reject

    Such bullshit. The gap is narrowing because Nigeria and Egypt economies are shrinking faster than South Africa.

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