Africa’s biggest economies Nigeria, South Africa say are out of recession


Africa’s leading economies Nigeria and South Africa say they have emerged from recession.

The two countries on Tuesday released figures showing economic growth in the second quarter of the year.

South African authorities on Tuesday announced that the country had recorded a 2.5 percent growth quarter-on-quarter.

The growth was majorly attributed to Agriculture, forestry and fishing.

South Africa, considered the continent’s most industrialized economy, entered into a technical recession in early 2017 after two consecutive negative growth quarters were recorded.

Nigeria on the other hand emerged from recession with quarter on quarter growth of 3.23 percent, coming on the back of five consecutive quarters of contraction.

The country’s growth was attributed to an improving oil sector as well as agriculture and finance industry.

Analysts however say that the West African country still has a long way to go before it fully emerges from the economic doldrums.