Electron Native

Nigeria’s economic growth has slowed to an annual rate of 1.94 percent in the three months to the end of June. The second quarter shows the country is struggling to shake off the effects of a recession it escaped two years ago. Naira notes Source : videoblocks.com Nigeria’s economy grew by 2.10 percent in the first quarter compared with the previous year, according to the National Bureau of Statistics (NBS) on Tuesday. Nigeria's Q2 2019 Source: NBS The economy has been held back by sluggish performance in the non-oil sector, despite government efforts to improve those industries and wean Nigeria off the crude oil on which it depends. The central bank has forecast growth of 3% for 2019. In the second quarter, the non-oil sector grew 1.64 percent and the oil sector expanded 5.15 percent, according to the statistics office. Crude production dipped to 1.98 million barrels per day from 1.99 million in the previous qu...

South Africa’s Gross Domestic Product(GDP) has grown more than expected in the second quarter. This has been attributed to a recovery in the mining and manufacturing sectors according to official data on Tuesday. This has given a reprieve to President Cyril Ramaphosa as the economy looks set to dodge recession this year.   The Rand Source: thesouthafrican.com After a downturn in the first half of 2018 when farming plunged, the economy has struggled to regain momentum, posting a shock contraction in the first quarter of this year. Analysts said while the second-quarter GDP print could see South Africa avoid recession in 2019, it was not enough to stop credit rating downgrades linked to debt issues including bailouts for state power utility Eskom. The rand extended gains after the data, firming more than 0.5 percent to a session high of 15.1125. GDP growth in the three months to June was 3.1 percent.’ This comes after a r...