South Africa And Nigeria Are Officially Out Of Recession – Report

South Africa and Nigeria are now officially out of recession according to survey reports.

According to a report released on Tuesday morning, September 5 by Statistics South Africa (SSA) the South African economy expanded an annualized 2.5% in second quarter of the year 2017 surpassing the 2.1% projection.

Also, according to reports made available on Tuesday morning, September 5 by the Nigerian National Bureau of Statistics (NBS), the Nigerian economy has officially climbed out of the 5 – quarter long contraction.

The data released by the NBS shows that the economy grew by 0.55 per cent in the second quarter (Q2) of 2017, effectively removing Nigeria out of recession.

The NBS results also pointed out the four main sectors responsible for the nation’s economic recovery to be oil, agriculture, manufacturing, and trade.