South Africa's economy is Africa's largest in dollar terms

South Africa's economy is once again Africa's largest in dollar terms overtaking Nigeria. According to recent data published by the International Monetary Fund, South Africa's economy is worth 301 billion dollars at the rand's current exchange rate, while Nigeria's Gross Domestic Product is 296 billion dollars. The rand has gained nearly 16 percent against the dollar thanks to growing inflows from investors and low oil prices. But Nigeria's naira has lost more than 75 percent of its value as the central bank unpegged the currency and oil revenue sank on global volatile prices of the commodity. However the two countries have one thing in common. Both economies are shrinking compared to last year. Nigeria's economy surpassed South Africa's as the largest on the continent in April 2014 after the West African nation rebased its gross domestic product data for the first time in two decades.