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South Africa Ranked As Africa’s Biggest On Rand - Business - Nairaland

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IMF Affirms Nigeria As Africa’s Biggest Economy!!! / Any Interest In South African Rand? / 5 Reasons Why Nigeria Lost Its Place As Africa’s Largest Economy (2) (3) (4)

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South Africa Ranked As Africa’s Biggest On Rand by dont8(m): 9:06pm On Aug 10, 2016
South Africa’s economy regained the position of Africa’s largest in dollar terms more than two years after losing it to Nigeria as the value of the nations’ currencies moved in opposite directions.

Based on gross domestic product at the end of 2015 published by the International Monetary Fund, the size of South Africa’s economy is $301 billion at the rand’s current exchange rate, while Nigeria’s GDP is $296 billion. That’s after the rand gained more than 16 percent against the dollar since the start of 2016, and Nigeria’s naira lost more than a third of its value after the central bank bank removed a currency peg in June.


[img]http://assets.bwbx.io/business/public/images/favicons/apple-touch-icon-57x57-b572ef8093.png[/img]
[img]http://imp.admarketplace.net/imp?type=adtag&tid=&err=no_prop.bloomberg.com&rid=&tracer_id=&sub2=&v=2.27&rnd=588689361289466839[/img]



Both nations face the risk of a recession after contracting in the first quarter of the year. The Nigerian economy shrank by 0.4 percent in the three months through March from a year earlier amid low oil prices and output and shortage of foreign currency. That curbed imports, including fuel. In South Africa, GDP contracted by 0.2 percent from a year earlier as farming and mining output declined.

“More than the growth outlook, in the short term the ranking of these economies is likely to be determined by exchange rate movements,” Alan Cameron, an economist at Exotix Partners LLP, said in e-mailed responses to questions on Aug. 2. Although Nigeria is unlikely to be unseated as Africa’s largest economy in the long run, “the momentum that took it there in the first place is now long gone.”


Both nations face the risk of a recession after contracting in the first quarter of the year. The Nigerian economy shrank by 0.4 percent in the three months through March from a year earlier amid low oil prices and output and shortage of foreign currency. That curbed imports, including fuel. In South Africa, GDP contracted by 0.2 percent from a year earlier as farming and mining output declined.

“More than the growth outlook, in the short term the ranking of these economies is likely to be determined by exchange rate movements,” Alan Cameron, an economist at Exotix Partners LLP, said in e-mailed responses to questions on Aug. 2. Although Nigeria is unlikely to be unseated as Africa’s largest economy in the long run, “the momentum that took it there in the first place is now long gone.”


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The South African rand rallied as investors turned to emerging markets with liquid capital markets to seek returns after Britain voted to leave the European Union on June 23, even as the central bank forecast the economy won’t expand this year and the nation risks losing its investment-grade credit rating. The ruling African National Congress’s lowest support since 1994 in the Aug. 3 local government vote led to further gains on speculation that it will pressure the party to introduce economic reforms that will boost growth and cut unemployment.

In Nigeria, investors didn’t flock to buy naira-based assets after authorities removed the peg of 197-199 naira per dollar. The Central Bank of Nigeria raised its benchmark interest rate to a record in July to lure foreign money, even as the IMF forecast the economy will contract 1.8 percent this year.

Nigeria was assessed as the continent’s largest economy in April 2014 when authorities in the West African nation overhauled their GDP data for the first time in two decades. The recalculation saw the Nigerian economy in 2013 expand by three-quarters to an estimated 80 trillion naira.

The rand gained 1 percent to 13.2805 per dollar at 4:03 p.m. in Johannesburg on Wednesday. The naira weakened 2.7 percent to 320 per dollar.



http://www.bloomberg.com/news/articles/2016-08-10/south-africa-s-economy-regains-rank-as-africa-s-biggest-on-rand

5 Likes 1 Share

Re: South Africa Ranked As Africa’s Biggest On Rand by Pavarottii(m): 9:10pm On Aug 10, 2016
Only a fool(zombie) won't av expected this news. Just that it came quite early.

All the gains of GEJ, going away under Cassandra in one year.

140 Likes 5 Shares

Re: South Africa Ranked As Africa’s Biggest On Rand by Oluwabusobomi(f): 10:02pm On Aug 10, 2016
Nothing good can come out of this skull

141 Likes 8 Shares

Re: South Africa Ranked As Africa’s Biggest On Rand by sleekbae: 10:25pm On Aug 10, 2016
wtf

1 Like

Re: South Africa Ranked As Africa’s Biggest On Rand by activeguy: 10:28pm On Aug 10, 2016
Hausa/Fulanis and yorubas are killing all of us softly in this country.
That combo is always a disaster for Nigeria right from independence.
By the time these folks finish with us heh..... cry cry cry



Pls do anyone know a drug one can take to sleep and wake up in 2019..??

102 Likes 4 Shares

Re: South Africa Ranked As Africa’s Biggest On Rand by Onyejiuwaokoh: 10:36pm On Aug 10, 2016
Hunger will soon reset the brain factory setting of zombies and sai babas . If education is expensive just try illiteracy, NEPA bill is never a certificate. Febuhari people, how market?

66 Likes 1 Share

Re: South Africa Ranked As Africa’s Biggest On Rand by Joel3(m): 10:37pm On Aug 10, 2016
.


don't you think APC need to put pride behind and seek help from Jonathan economic team??


when we were warning them that they should negotiate with militant quickly, they thought we don't know what we were saying. it's only a matter of time people will soon start eating each other.


northerners are untrained in matters of
economy and leadership of diverse people
( ethnic & religious settling). . go and check
their leadership history. the achievement of
Gej has been swindled into the ocean in one
year.. and they are telling us they are fighting corruption...

they have succeeded in taking us back to the
80s. and few years from now Muslim countries
like Niger, chad. north sudan, Mali will be
competing with Nigeria.

57 Likes 2 Shares

Re: South Africa Ranked As Africa’s Biggest On Rand by MXrep: 10:38pm On Aug 10, 2016
bring back our corruption

16 Likes 1 Share

Re: South Africa Ranked As Africa’s Biggest On Rand by DaudaAbu(m): 10:40pm On Aug 10, 2016
Slowaxie
A naira to a rand is 23naira

However, a naira to a dollar is above 300..

Did you knw why a Rand to a naira is low? because we dnt demand for it!

Did u knw why a Rand to a dollar is low? because they dnt demand for it that much...


What sane country spends dollar as if it's her currency?

7 Likes 1 Share

Re: South Africa Ranked As Africa’s Biggest On Rand by adjoviomole(m): 10:46pm On Aug 10, 2016
Chai! APC will kill us finish o.


Oya all d brainless zombies fall down and die

54 Likes 3 Shares

Re: South Africa Ranked As Africa’s Biggest On Rand by DemonInSiege: 10:57pm On Aug 10, 2016
All thanks to President Buhari

38 Likes 3 Shares

Re: South Africa Ranked As Africa’s Biggest On Rand by Newmanluckyman(m): 11:02pm On Aug 10, 2016
dont8:
South Africa’s economy regained the position of Africa’s largest in dollar terms more than two years after losing it to Nigeria as the value of the nations’ currencies moved in opposite directions.

Based on gross domestic product at the end of 2015 published by the International Monetary Fund, the size of South Africa’s economy is $301 billion at the rand’s current exchange rate, while Nigeria’s GDP is $296 billion. That’s after the rand gained more than 16 percent against the dollar since the start of 2016, and Nigeria’s naira lost more than a third of its value after the central bank bank removed a currency peg in June.


[img]http://assets.bwbx.io/business/public/images/favicons/apple-touch-icon-57x57-b572ef8093.png[/img]
[img]http://imp.admarketplace.net/imp?type=adtag&tid=&err=no_prop.bloomberg.com&rid=&tracer_id=&sub2=&v=2.27&rnd=588689361289466839[/img]



Both nations face the risk of a recession after contracting in the first quarter of the year. The Nigerian economy shrank by 0.4 percent in the three months through March from a year earlier amid low oil prices and output and shortage of foreign currency. That curbed imports, including fuel. In South Africa, GDP contracted by 0.2 percent from a year earlier as farming and mining output declined.

“More than the growth outlook, in the short term the ranking of these economies is likely to be determined by exchange rate movements,” Alan Cameron, an economist at Exotix Partners LLP, said in e-mailed responses to questions on Aug. 2. Although Nigeria is unlikely to be unseated as Africa’s largest economy in the long run, “the momentum that took it there in the first place is now long gone.”


Both nations face the risk of a recession after contracting in the first quarter of the year. The Nigerian economy shrank by 0.4 percent in the three months through March from a year earlier amid low oil prices and output and shortage of foreign currency. That curbed imports, including fuel. In South Africa, GDP contracted by 0.2 percent from a year earlier as farming and mining output declined.

“More than the growth outlook, in the short term the ranking of these economies is likely to be determined by exchange rate movements,” Alan Cameron, an economist at Exotix Partners LLP, said in e-mailed responses to questions on Aug. 2. Although Nigeria is unlikely to be unseated as Africa’s largest economy in the long run, “the momentum that took it there in the first place is now long gone.”


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The South African rand rallied as investors turned to emerging markets with liquid capital markets to seek returns after Britain voted to leave the European Union on June 23, even as the central bank forecast the economy won’t expand this year and the nation risks losing its investment-grade credit rating. The ruling African National Congress’s lowest support since 1994 in the Aug. 3 local government vote led to further gains on speculation that it will pressure the party to introduce economic reforms that will boost growth and cut unemployment.

In Nigeria, investors didn’t flock to buy naira-based assets after authorities removed the peg of 197-199 naira per dollar. The Central Bank of Nigeria raised its benchmark interest rate to a record in July to lure foreign money, even as the IMF forecast the economy will contract 1.8 percent this year.

Nigeria was assessed as the continent’s largest economy in April 2014 when authorities in the West African nation overhauled their GDP data for the first time in two decades. The recalculation saw the Nigerian economy in 2013 expand by three-quarters to an estimated 80 trillion naira.

The rand gained 1 percent to 13.2805 per dollar at 4:03 p.m. in Johannesburg on Wednesday. The naira weakened 2.7 percent to 320 per dollar.



http://www.bloomberg.com/news/articles/2016-08-10/south-africa-s-economy-regains-rank-as-africa-s-biggest-on-rand
... Surprise? No! There are no solid economic team (technocrats) . Thanks to APC AND BUHARI for this great feat. Build and consolidate on the existing structures the met on ground they refused.. Oya add a cubic to it, they blame Ghost.

35 Likes 2 Shares

Re: South Africa Ranked As Africa’s Biggest On Rand by tsdarkside(m): 11:03pm On Aug 10, 2016
Pavarottii:
Only a fool(zombie) won't av expected this news. Just that it came quite early.

All the gains of GEJ, going away under Cassandra in one year.

hug-wash...cant you imagine that the south-africans are lying to demselves,the way we lied to ourselves??....

what realy belongs to them,in that hell-hole??...

2 Likes

Re: South Africa Ranked As Africa’s Biggest On Rand by Flyingngel(m): 11:04pm On Aug 10, 2016
Kia! Buhari u don tidy us finish oo.

15 Likes 1 Share

Re: South Africa Ranked As Africa’s Biggest On Rand by HomelandRealty: 4:01am On Aug 11, 2016
This is no surprise at all, it was bound to happen. And the earlier we stop seeing the imminent collapse of the Nigerian economy as a GEJ vs PMB , APC vs PDP, or even a tribal issue, and start viewing it as a 'Nigerian' problem which affects all of us, the better for the whole nation. We all have a role to play in putting our country back on track

17 Likes

Re: South Africa Ranked As Africa’s Biggest On Rand by Standing5(m): 4:34am On Aug 11, 2016
I am happy as the news came in some 16 months late. Buhari has succeeded in postponing the doomsday pre-programmed and predicted by GEJ. Sai Buhari.

6 Likes 1 Share

Re: South Africa Ranked As Africa’s Biggest On Rand by Jengem: 4:47am On Aug 11, 2016
Oluwabusobomi:
Nothing good can come out of this skull


Sharia killings is all he thinks about.



When he gave economy to a runs girl after dulling for 6 months

Apc is party of dimwits, numbskulls and dumbtards

28 Likes 1 Share

Re: South Africa Ranked As Africa’s Biggest On Rand by Springup: 5:06am On Aug 11, 2016
It took Buhari one year and 3 months to appoint an economic adviser...
Buhari is not the answer
Buhari was only refurbished and presented to us as the only alternative

16 Likes

Re: South Africa Ranked As Africa’s Biggest On Rand by labamo07(m): 5:27am On Aug 11, 2016
activeguy:
Hausa/Fulanis and yorubas are killing all of us softly in this country.
That combo is always a disaster for Nigeria right from independence.
By the time these folks finish with us heh..... cry cry cry



Pls do anyone know a drug one can take to sleep and wake up in 2019..??
You need a SLAP not a drug.................

4 Likes

Re: South Africa Ranked As Africa’s Biggest On Rand by Nobody: 7:52am On Aug 11, 2016
I thank God everyday that buhari didn't become president in 2003 when he first contested.

With this kind of government, Nigerians might have been surviving on food aid by now.

Meanwhile buhari is having a meeting wih peak milk boss to enhance our milk production. My advice, guys guys buy cows

38 Likes 1 Share

Re: South Africa Ranked As Africa’s Biggest On Rand by justicejay(m): 7:56am On Aug 11, 2016
NIGERIA under bubu ranked as the ant of africa

16 Likes 2 Shares

Re: South Africa Ranked As Africa’s Biggest On Rand by MrPresident1: 7:56am On Aug 11, 2016
7 years of plenty under GEJ the 'clueless one' is over.

It is well documented that under GEJ Nigeia was number one in Africa, no amount of propaganda can erase this fact from history.

The suffocating stench of evil, wickedness and zombiesm!

43 Likes 2 Shares

Re: South Africa Ranked As Africa’s Biggest On Rand by emmyid(m): 7:57am On Aug 11, 2016
Oh! General Cassandra, The Zombie warlord, what have U done to my beloved country, where did U keep the giant of Africa, from which coven were U sent to destroy my country, who sent U, Oh! General Cassandra it shall not be well wit U and yo zombie batalions!!!**weeping**

Now my South African frens go start d finish me again, wat do I use in defense?

25 Likes 2 Shares

Re: South Africa Ranked As Africa’s Biggest On Rand by niceguy7(m): 7:57am On Aug 11, 2016
Na their time..
Re: South Africa Ranked As Africa’s Biggest On Rand by LMAyedun(m): 7:57am On Aug 11, 2016
Buhari doesn't listen, he is tough headed and clueless. I'm tired of everything in this country, nothing is working anymore.
After 365 days in power, they said it's too early to judge Buhari, I kept shut, now it's almost 2years and the whole country is crumbling down.

The most painful thing is that, I doubt if Buhari will ever allow for a free and fair election like GEJ come 2019

32 Likes 2 Shares

Re: South Africa Ranked As Africa’s Biggest On Rand by Zico5(m): 7:57am On Aug 11, 2016
Ok
Re: South Africa Ranked As Africa’s Biggest On Rand by kingvectorv(m): 7:58am On Aug 11, 2016
I saw it coming after buhari came with his useless CHANGE

8 Likes

Re: South Africa Ranked As Africa’s Biggest On Rand by CHANNELStv2020: 8:00am On Aug 11, 2016
TOMORROW IDIOTS WILL BE DRAGGING AFRICA'S LEADER WITH THEM, GO N DO YOUR HOMEWORK BEFORE COMING TO WORLD STAGE

1 Like

Re: South Africa Ranked As Africa’s Biggest On Rand by CHANNELStv2020: 8:01am On Aug 11, 2016
UNA NEVER SEE ANYTHING YET, UNA WANT CHANGE BAHOW CAN U CALL JONATHAN CLUELESS? How?

12 Likes 1 Share

Re: South Africa Ranked As Africa’s Biggest On Rand by birmingham04: 8:01am On Aug 11, 2016
activeguy:
Hausa/Fulanis and yorubas are killing all of us softly in this country.
That combo is always a disaster for Nigeria right from independence.
By the time these folks finish with us heh..... cry cry cry



Pls do anyone know a drug one can take to sleep and wake up in 2019..??
Yes I know it. Take 20 paracetamol with ogogoro I swear you will sleep beyond 2019. Enjoy ur bigger sleeper till judgement day.
Re: South Africa Ranked As Africa’s Biggest On Rand by Francis95(m): 8:02am On Aug 11, 2016
All Thanks to Buhari

7 Likes 1 Share

Re: South Africa Ranked As Africa’s Biggest On Rand by Nobody: 8:04am On Aug 11, 2016
what happened to all the money saved when oil was selling for over 100 dollar a barrel

1 Like

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