South Africa is once again the largest economy in Africa, surpassing oil-rich Nigeria.  But there are worries that both of Africa's top two economies are facing  possible recessions.

The International Monetary Fund says South Africa's economy is worth around $301 Billion, followed by Nigeria which comes in at US$296 Billion. 

South Africa's economic growth is unlikely to top 1 percent this year, and the country's reserve bank believes it will be zero.  South Africa is also beset with stubbornly high unemployment:  The unemployment rate increased to 26.7 percent in the first quarter of 2016, up from 24.5 percent in the fourth quarter of 2015.  And it's even worse when people who just gave up and stopped looking for work are factored in:  That came in at 36.3 percent, above the previous quarter's 33.8 percent - and it exceeds 50 percent in rural area.

Nigeria is dependent on oil.  As the price of oil remains in a worldwide slump, it chokes off the flow of petrodollars coming into the country's coffers.  The shortage of foreign currency shrunk the Nigerian economy by 0.4 percent in the three months through March from the same period a year earlier. 


Read more at: http://www.vanguardngr.com/2016/08/nigeria-loses-top-position-gdp-south-africa/