Tag: GDP

Charles Robertson: 40 African countries have a smaller GDP than US state of Vermont

Business
The US state of Vermont has a gross domestic product (GDP) bigger than those of 40 African countries. reports HowwemadeitinAfrica A recent note by Charles Robertson, chief economist at Renaissance Capital, shows that with a GDP of US$30bn, Vermont has a larger economy than countries such as Côte d’Ivoire, Zambia and Mozambique. Vermont has a population of about 600,000 and is the US state with the smallest GDP. However, Robertson says he is confident that an improvement in education and positive demographics will help countries such as Uganda and Mozambique overtake Vermont in the coming years. More African countries are also expected to rebase their GDP calculations like Nigeria did earlier this year. In April Nigeria officially overtook South Africa as the largest economy on the

Nigeria trounces South Africa as Africa’s largest economy

Business
According to Financial Times, Nigeria overtook South Africa on Sunday to become Africa’s largest economy and 26th largest in the world after the government released updated figures that nearly doubled estimates for gross domestic product. As a result of the statistical revision, Nigerian GDP for 2013 was $509bn, 89 per cent larger than previously stated for last year. The change was made by bringing forward the base year for calculations to 2010 from 1990, when the structure of the economy was very different and services such as banking and telecoms had barely taken off. Companies ranging from Nestlé and Standard Bank to Heineken and MTB have already poured millions of dollars into Nigeria but foreign businessmen and analysts said the revision could serve as a catalyst for further investme