TOP ECONOMIES IN AFRICA RANKED BY GDP
Africa is a land of abundant natural resources, arable soil, and valuable metals. The continents boast 30% of the world’s mineral reserves. To quantify the value of a country’s wealth, we ranked them by their Gross Domestic Product (GDP) which is defined as the total output of goods and services produced in a country’s economy annually.
Top 10 economies in Africa by GDP
1. NIGERIA
According to World Bank, Nigeria’s GDP grew yearly by 7% between 2000 and 2014. With a population of 195,874,740, its economy is propelled largely by crude oil, petroleum products, and agriculture. Petroleum exports make up 10% of the total GDP and over 80% of the export sector revenue.
Africa’s richest man is from Nigeria. According to Forbes, with an estimated net worth of $12.5 billion, Aliko Dangote's fortune is primarily built from his company, Dangote cement.
2. SOUTH AFRICA
Considered as one of the fastest developing countries in the world, South Africa encompasses different sources of revenue. The country is one of the largest exporters of gold and platinum. A major tourist destination with a good mix of mining, manufacturing, and financial services.
South Africa equally exports machinery and equipment, motor cars, agricultural stuff, and wine.
3. EGYPT
The leading factors of the Egyptian economy include petroleum and natural gas exports. Tourism, wholesale and retail trade, construction, and real estate.
4. ALGERIA
Countries in North Africa are rich in crude oil. A recent discovery of more crude oil reserves has boosted the rapidly growing economy of Algeria. The country is equally among the largest suppliers of Ammonia in Africa.
5. MORROCO
Morroco’s economy is driven by mining and manufacturing. 30% of Morroco’s GDP comes from industry, 15% from agriculture, and 55% from services.
Morroco is heavily dependent on agriculture and is the third-largest producer of Phosphorus in the world.
6. Kenya
Referred to as the trade hub for East Africa as its coastline has been home to strategic ports for Asian and Arabian traders for centuries. Unlike most economies built on oil trade in Africa, Kenya’s main products of export are agriculture, financial services, and technology.
Through Safaricom, a Kenyan corporation, Kenya was the first country in the world to launch mobile money transfers.
7. ANGOLA
Angola’s economy is built on oil, with large reserves of natural gas and oil. 90% of the nation’s revenue in the export sector comes from the sale of crude oil.
8. ETHIOPIA
Coffee beans were first discovered in Ethiopia. The country is the highest coffee and honey producer in Africa. In 2018, the government launched an ambitious economic reform to open up the economy even further and spearhead transformation. By 2025, the country projects to be among the middle-income economy.
9. GHANA
The Gold Coast of Africa has an abundance of natural resources, helping feel an economic boom. Gold is the country’s main export. Other major exports include cocoa beans, timber, and gold.
10. TANZANIA
Famous for its national parks and national reserves, Tanzania is the center of a lower-middle mixed economy. The country is largely based on agriculture that employs half of the workforce. Industries are a growing component of the economy, which accounts for 30% of the GDP and includes mining, manufacturing, construction, electricity, natural gas, and water supply.
