Africa’s richest countries
Africa remains a powerhouse in the production of natural resources and innovation, despite the social and political issues the continent undergoes.
With over 54 countries, the continent is rapidly developing with new inventions and technologies each day. And to that, here are the continent’s largest economies as per the Gross Domestic Product (GDP) as of 2020.
1. Nigeria – The west African country has the largest economy in the continent that stands at $446.5 billion. With an abundance of natural resources, it remains Africa’s highest producer in terms of GDP output and is the continent’s largest crude oil exporter.
2. South Africa-With a GDP that amounts to $371.3 billion, South Africa went into a recession after two consecutive quarters of negative GDP growth. Financial services, mining, and personal services were the only industries to post positive growths in the 4th quarter in 2019.
3. Egypt- The land of pyramids has an estimated gross domestic product of about $302.2 billion. The real GDP growth amounted to 5.6% in 2019 up from 5.3% in 2018. By sector, gas extractives, tourism, wholesale and retail trade, and real estate have been the main drivers of economic growth.
4. Algeria- The country is highly exposed to the performance of hydrocarbons including oil and natural gas. The hydrocarbons make up nearly 70% of the GDP which stands at 183.6 billion.
5. Morocco- Located in the North of Africa, Morocco is at $121.4 billion. It derives just under 15% of its GDP from agriculture, 30% from the industry, and the remainder from services.
6. Kenya-With a GDP of about $99.3 Billion, Kenya is one the quickest growing economies in Sub-saharan Africa and averaged a GDP growth of 5.7% in 2019. It benefits from the increased international investment, a stable political climate, tourism, agriculture, technology and a clear business agenda.
7. Angola- The South African nation has an estimated GDP of $92 Billion. From the end of the Angolan civil war in 2002, Angola has been working on political and structural reforms to stabilize its economy.
8. Ethiopia- Ethiopia’s Gross Domestic Product amounted to around $90.1 billion. The country’s economic growth has averaged 9% annually from 2008 to 2018.
9. Ghana- The nation stands at $68.3 billion and mainly exports resources such as Cocoa, crude oil, gold and timber. Ghana experienced an economic expansion of 6.7% in the first quarter of 2019.
10. Tanzania- The east African nation has a population of over 55 million people and stands at $62.2 billion. The estimated GDP growth rate was 5.6% for 2019 due to high government investments in a new railway line, the revival of air Tanzania and a new hydropower plant.