The size of the GDP of Africa’s second-largest economy has risen by 11% ($37 billion) after a revision by the South African statistics body.
According to a report by Bloomberg on Wednesday, it was disclosed by Joe de Beer, Deputy Director-General of economic data at Statistics South Africa, indicating that the current GDP of 5.52 trillion rand ($369 billion) in 2020, compared previous estimates of 4.97 trillion rand.
Statistics South Africa added that revisions were implemented in fiscal metrics, which signaled a better ratio of debt as a percentage of GDP.
Bloomberg also disclosed that Nigeria’s National Bureau of Statistics planned to review GDP data in late collection, latest by the first quarter of 2023.
Nigeria is Africa’s largest economy ranked at $375 billion as at 2020.
What you should know
Nigeria’s Gross Domestic Product grew by 0.51% (year-on-year) in real terms in the first quarter of 2021. This is slower than the 1.87% growth recorded in the corresponding quarter of 2020 but higher than 0.11% recorded in the previous quarter (Q4 2020).
Growth in the non-oil sector was driven mainly by the Information and Communication (Telecommunication) sector, while other drivers include Agriculture (Crop Production); Manufacturing (Food, Beverage & Tobacco); Real Estate; Construction and Human Health & Social Services.