Egypt Drops to Third Place in Africa Economic Rankings

Egypt continues to struggle with a stagnant economy, dropping to third place in the Africa Economic Ranking.

CairoScene Team VIEW ALL ARTICLES BY CairoScene Team

Date
17/07/2016 11:06

According to Bloomberg, Egypt has dropped in rankings to be the third largest economy on the continent after being second just two months ago.

The report, published Friday, puts Egypt behind Nigeria and now, South Africa. Bloomberg did not give updated GDP figures for Egypt, but the numbers from Nigeria and South Africa show the gap between the two shrinking due to currency depreciation and overall GDP decline.

Egypt’s Planning Minister had expected five per cent GDP growth during the first quarter of the 2015-2016 fiscal year.

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