There are 195 countries in the world today and 54 of them are from Africa.
Based on IMF report released late last year. Nigeria tops as the biggest economy in Africa followed closely by South Africa.This rank relies entirely on Nominal GDP which mainly focuses on economic growth and perfomance but doesnt take into account the living standards of the people in the countries.
The entire continent of Africa has a GDP of 2.4 trillion. If Africa was to be ranked today as a whole among other countries ,It will take position 8 ahead of Italy,Brazil and Canada.
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Without further ado, lets dive in and have a quick look at the largest economies in Africa.
Nigeria is the most populous and biggest economy in Africa with a GDP of $ 446 billion and comes number 27 in the world. Nigeria is Africa’s biggest crude oil exporter, and has the largest natural gas reserves in the whole continent. Oil is one of the biggest contributor to Nigerias economy.
South Africa is an upper-middle-income economy and the most industrialized economy on the continent. South Africa comes on the second place with a GDP of $358 billion. Citizens in SA enjoy a high standards of living than Nigeria. SA is the 35th largest economy in the world.
See also : Largest And Smallest Country In Africa 2020
Egypt is number one among the Arab Nation and comes at position 3 in the continent. The country has a Nominal GDP of $ 302 billion and is position 40 in the world.Tourism, construction, and oil and gas are the forces driving economic growth in Egypt. Tourism is very crucial to Egypt’s economy.
Algeria has a GDP of $172 billion and comes at position 4 in Africa and 53 in the world.The oil and gas sector is Algerias main source of income, generating about 70% of total budget.Algeria is also the largest country in Africa by land mass.
Morocco is located at the northern part of Africa. It has a Nominal GDP of $119 billion. Morocco is at position 5 in Africa and 58 in the world.The ease of doing business in morocco is well above average due to good government policies. Its services sector accounts for nearly half of the GDP.
Kenya is the third largest economy in sub-Saharan Africa after Nigeria and South Africa. Kenya is also the economic, financial, and transport hub of East Africa. Main sectors that contribute to the economy include agriculture,fishing, manufacturing, tourism and financial services. The country has a Nominal GDP of $98 billion. Kenya is position 6 in Africa and 61 in the world.
Angola is the 7th biggest economy in Africa and position 62 in the world. Its GDP is $91 billion.The country has an abundance of natural resources such as oil and gas, diamonds , hydroelectric potential, and rich agricultural land. Angola‘s economic growth mainly depends on the oil sector, which accounted nearly 64 percent of government revenue in 2017. Angola is also the 2nd largest oil producer in Africa.
Ethiopia is the fastest growing economy globally at a rate of 9-10% over the past years. The country is number 63 in the world in terms of nominal GDP and position 8 in Africa.Its GDP is $90 billion.
Ghana has a nominal GDP of $67 billion. Its position 9 and 71 in Africa and the world respectively.Ghana is Africa’s second-largest gold producer after South Africa and its also rich in diamonds, manganese ore, bauxite, and oil.
Tanzania finalizes this list of the top ten largest economies in Africa.The country is located in East Africa and has a GDP of $62 billion putting it at number 74 on the world map. Tanzania overwhelmingly depends on agriculture which accounts for about half of the employed workforce.