{"id":130062,"date":"2016-07-14T11:57:51","date_gmt":"2016-07-14T09:57:51","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=130062"},"modified":"2016-07-14T12:03:17","modified_gmt":"2016-07-14T10:03:17","slug":"south-africa-reclaims-its-spot-as-africas-second-biggest-economy","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/130062\/south-africa-reclaims-its-spot-as-africas-second-biggest-economy\/","title":{"rendered":"South Africa reclaims its spot as Africa’s second biggest economy"},"content":{"rendered":"

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.<\/p>\n

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

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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).<\/p>\n

\"Bloomberg<\/a><\/p>\n

More on South Africa<\/h3>\n

South Africa\u2019s economy sinks to third largest in Africa<\/a><\/strong><\/p>\n

Which African country is next in line to overtake South Africa?<\/a><\/strong><\/p>\n

The richest and poorest countries in Africa<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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.<\/p>\n","protected":false},"author":10,"featured_media":52484,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872,11121],"tags":[26],"class_list":["post-130062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-finance","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/130062","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=130062"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/130062\/revisions"}],"predecessor-version":[{"id":130076,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/130062\/revisions\/130076"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/52484"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=130062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=130062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=130062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}