Nigeria and South Africa emerge from recession

Nigeria’s economy has suffered from falling oil prices but the worst may be over. Credit: CNN

Two of the largest economies in Africa are growing again after recessions.

Nigeria‘s GDP expanded by 0.55% in the second quarter of 2017 year-on-year, according to the National Bureau of Statistics, ending five consecutive quarters of contraction. Quarter-on-quarter growth for the same period was 3.23%.

The South African economy grew by 2.5% quarter-on quarter for the three months to June 30 after two quarters of decline, according to official statistics.

Historic decline

Growth in Nigeria marks the end of its worst recession in 25 years.

Africa’s leading oil producer has been hard hit by falling prices for the commodity, which accounts for the majority of its export revenue.

Read more: Nigeria and South Africa emerge from recession – CNN