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FINANCIAL NEWS
Egypt ranks Africa’s 2nd largest economy
12 May 2016
(MENAFN) Egypt has exceeded South Africa as the 2nd biggest economy in Africa, according to the latest data provide by the International Monetary Fund (IMF) in its latest World Economic Outlook.
Accordingly, South Africa has been taken over by Egypt because of the depreciation of its currency, plus it’s forecasted that the South African economy would grow by a mere 0.6 percent this year.
Additionally, South Africa reported a decrease in its economy through 2012-15 period due to slowdown of real growth in local currency terms not to mention a depreciation in the value of the rand.
Meanwhile, Egypt’s nominal US dollar GDP, expanded by an average of 7.5pct during 2012-15 period, plus the Egyptian pound’s depreciation during 2012-15 period was at a notably slower pace compared to that of the rand.
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