Business South Africa Gaps Nigeria as Finance Minister Says Economy is on the Rise


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South Africa's Finance Minister Pravin Gordhan on Monday stated that the country's economy might have already seen the worst of its current economic downturn, and things are starting to look better.

"We are going through a difficult economic patch at the moment but we may well have bottomed out," Gordhan told the FT Africa Summmit in London.

Recent data seems to bear out that optimism, with growth in the April-June period at 3.3 percent, the highest in six quarters. The economy shrank 1.2 percent in the three months to March.

Gordhan added that South Africa might see economic growth of one percent in 2017, without being more specific.

Nigeria on the other hand has seen its economic development indicators shrinking. The naira keeps depreciating, the government seems baffled by the economic situation, and widespread corruption.

Few months ago, South Africa overtook Nigeria as Africa's biggest economy.
 

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