{"id":824,"date":"2017-09-27T22:15:33","date_gmt":"2017-09-27T22:15:33","guid":{"rendered":"http:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/?p=824"},"modified":"2017-09-27T22:15:33","modified_gmt":"2017-09-27T22:15:33","slug":"nigeria-and-south-africa-emerge-from-recession","status":"publish","type":"post","link":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/2017\/09\/27\/nigeria-and-south-africa-emerge-from-recession\/","title":{"rendered":"Nigeria and South Africa emerge from recession"},"content":{"rendered":"
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\u00a0http:\/\/www.cnn.com\/2017\/09\/05\/africa\/nigeria-south-africa-recession\/index.html<\/a>\\\u00a0<\/a><\/p>\n

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Nigeria and South Africa emerge from recession<\/h1>\n
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By Kieron Monks, CNN<\/span><\/p>\n

Updated 9:32 AM ET, Tue September 5, 2017<\/p>\n<\/div>\n<\/div>\n

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(CNN)<\/cite>Two of the largest economies in Africa are growing again after recessions.<\/p>\n<\/div>\n

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%.<\/div>\n
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.<\/div>\n
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Historic decline<\/h3>\n<\/div>\n
Growth in Nigeria marks the end of its worst recession in 25 years.<\/div>\n
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Africa’s leading oil producer has been hard hit by falling prices for the commodity, which accounts for the majority of its export revenue.<\/div>\n
But the oil sector has recovered slightly in the last quarter, with growth of 1.6% year-on-year.<\/div>\n
Nigerian agriculture, which contributes around 23% of GDP, has also rebounded with growth of 3% over the same period.<\/div>\n
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Agriculture boom<\/h3>\n<\/div>\n
South Africa’s recovery from a shorter recession has been supported by growth across a range of industries.<\/div>\n
The agriculture sector expanded by 33.6% quarter-on-quarter, boosted by strong harvests of crops such as maize and wheat.<\/div>\n
The finance industry also performed well with growth of 3.5%, and the mining industry expanded by 3.9%, supported by increased production of coal and gold.<\/div>\n
But despite these positive indicators, Statistics South Africa warned that the recovery remains fragile as “longer-term indicators show subdued growth.”<\/div>\n<\/div>\n<\/div>\n<\/section>\n
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\u00a0http:\/\/www.cnn.com\/2017\/09\/05\/africa\/nigeria-south-africa-recession\/index.html\\\u00a0   Nigeria and South Africa emerge from recession By Kieron Monks, CNN Updated 9:32 AM ET, Tue September 5, 2017     (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…. Read more »<\/a><\/p>\n","protected":false},"author":58,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-824","post","type-post","status-publish","format-standard","hentry","category-article"],"_links":{"self":[{"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/posts\/824","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/users\/58"}],"replies":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/comments?post=824"}],"version-history":[{"count":1,"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/posts\/824\/revisions"}],"predecessor-version":[{"id":825,"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/posts\/824\/revisions\/825"}],"wp:attachment":[{"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/media?parent=824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/categories?post=824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/tags?post=824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}