Despite a $37 billion boost from its Gross Domestic Product (GDP) revision to $369 billion for 2020, South Africa is still second to Nigeria’s which was worth $375 billion the same year.
Nigeria’s Gross Domestic Product (GDP) also grew by 5.01% (year-on-year) in real terms in the second quarter of 2021, marking three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020, according to data from the Nigerian Bureau of Statistics (NBS).
The steady recovery observed since the end of 2020, with the gradual return of commercial activity as well as local and international travel, accounted for the significant increase in growth performance relative to the second quarter of 2020 when nationwide restrictions took effect.
Nigeria and South Africa are however both off the mark to their peak economic periods with unemployment and poverty deepening on the back of the COVID-19 pandemic. While South Africa now tops the list of countries with the highest unemployment rate, Nigeria is a close third.
Nigeria's non-oil sector grew by 6.74% in real terms while the oil sector declined by 12.65% year-on-year. The contribution of the non-oil sector grew from 90.75% recorded in the previous quarter to 92.58% in Q2 2021 while the oil sector contribution declined from 9.25% to 7.42%.
Year to date, Nigeria's real GDP grew 2.70% in 2021 compared to -2.18% for the first half of 2020. Nevertheless, quarter on quarter, real GDP grew at -0.79% in Q2 2021 compared to Q1 2021, reflecting slightly slower economic activity than the preceding quarter due largely to seasonality.
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