South Africa’s Economy 11% Bigger Than Previously Estimated

Africa | South Africa August 25, 2021

South Africa’s economy alias Gross Domestic Product (GDP) is 11% bigger than previously estimated, announced the country’s body responsible for statistics namely Statistics South Africa. The latter reportedly made the announcement on August 25, 2021, following revision of the GDP, using a new method of calculating GDP.

According to the revision, South Africa’s GDP is $369 billion as of 2020, hence $37 billion or 11% bigger than previously estimated.

The new estimated GDP gets South Africa closer to catching up with Nigeria that is Africa’s biggest economy with GDP of $375 billion as of 2020.

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