South African economy grows 5 percent after rebasing
South Africa economy is estimated to be about five percent larger than previously reported following a rebasing exercise. Statistics South Africa updated last year nominal GDP to over eight trillion rand. The revision strengthens its position as the largest economy in the region.
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South Africa expanded its nominal GDP by 5% to 8.04 trillion rand ($483B) following a comprehensive benchmarking and rebasing exercise. The revision pushes the nation further ahead of Nigeria as Sub-Saharan Africa's largest economy. Nigeria recorded a nominal GDP of 441.5 trillion naira ($328B) over the same period, trailing the continental leader.
