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HEY PRESTO: as if by magic, Nigeria has declared itself the biggest economy in Africa. Overnight, with the wave of a statistical wand, it has added 89% to its GDP, now worth $510 billion, and soared past the previous leader, South Africa, worth $370 billion. Nothing has changed in Nigeriaâs real economy, except the way it is measured. Yet the magic matters. The GDP revision is not mere trickery.
South Africa is ranked as an upper-middle income economy by the World Bank, and is considered to be a newly industrialised country. Its economy is the second-largest in Africa, and the 34th-largest in the world.In terms of purchasing power parity, South Africa has the seventh-highest per capita income in Africa.outh Africa is ranked as an upper-middle income economy by the World Bank, and is considered to be a newly industrialised country. Its economy is the second-largest in Africa, and the 34th-largest in the world.