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South Africa welcomes Nigeria’s top economic growth

Recalculated GDP figures show that highly-populated Nigeria’s economy grew to $453 billion in 2012, leapfrogging SA’s $384 billion, according to the World Bank

South Africa welcomed on Monday new growth figures showing that Nigeria has overtaken it as the continents biggest economy, saying they indicate that Africa is rising.

“The announcement gives concrete expression to the fact that Africa is indeed rising,” said the ministry of finance.

The new data was boosted by the contribution of new industries such as mobile telephones, music and the film industry.

The new data was boosted by the contribution of new industries such as mobile telephones, music and the film industry.

While South Africa’s economy continues to attract modest growth, with a 2.7% expansion predicted for 2014, Nigeria estimates for 2013 indicated further expansion to $510 billion, according to official statistics.

South Africa’s growth falls behind that of many of the world’s developing countries due to high unemployment rates and low productivity.

Oil-rich Nigeria, however, is still battling poor infrastructure and institutionalised corruption.

Source: Times Live, The Africa Report

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