IMF: Egypt surpasses South Africa as second largest economy in Africa
International Monetary Fund
Washington - MENA
Egypt has replaced South Africa as the second largest economy in Africa, the International Monetary Fund said in a report about the World Economic Outlook.
The IMF said that South Africa is now the third-largest economy on the African continent after Nigeria and Egypt.
According to the statement, Egypt surpassed South Africa due to the depreciation rand, the local currency of South Africa.
The Gross Domestic product (GDP) of Egypt has been increased by 7.5% during the period from 2012 to 2015, the statement said.
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