Egyptian economy larger than South Africa’s, says IMF report

12/05/2016

CairoThe depreciation in the rand has seen Egypt overtake South Africa as the second largest economy in Africa, according to the latest World Economic Outlook from the IMF, making it the African continent’s second largest economy after Nigeria.The report also predicts that South African GDP growth would slip back to 0.6% this year compared to the 0.9% being forecast by Pretoria.
Between 2012 and 2015, the rand suffered a depreciation of more than 50%, says the IMF and, while the Egyptian pound also depreciated over the same period, its GDP expanded by an average of 6.5%.

Source: xinhuanet