list of the largest economies in Africa, Africa is an impressive continent that houses a number of countries. It is the home of the black race as well as the second most populous continent across the globe. Africa’s entire landmass stretches across 30.2 million square kilometers and this makes it the second-largest continent in the world.
In terms of population, Nigeria is Africa’s leading country and this gives it the enviable title “The Giant of Africa’’. However, Algeria occupies the largest landmass and this distinguishes it as the largest country both in North Africa and the entire African continent.
In previous times, South Africa had the highest GDP level and this made it the biggest African economy. However, in 2014, Nigeria’s volume of national production increased massively. This boosted the country’s GDP and gave it the influence to overtake South Africa and become the number one country with the African biggest economy. In that case, this very article presents you with the Top 20 Largest Economies in Africa.
Top 20 Largest Economies In Africa
1. Nigeria – GDP: $376.3 Billion
Nigeria is one of the most influential countries not only in West Africa but across the entire African continent. With respect to its massive economic growth, Nigeria happens to be the country with the largest economy in Africa by GDP. Although its economic development has not really proved stable, Nigeria continually maintains an increasing level of economic growth. In terms of population and economic growth, Nigeria has remained Africa’s leading country year after year.
In Nigeria, the practice of mixed economy paves the way for economic contributions from both the public and private sectors. Besides that, Nigeria has a remarkable record in terms of stock exchange and this gives the country the second spot among Africa’s largest stock exchange markets. For a period of 20 years (from 1990 to 2010), Nigeria established a new base level for its Gross Domestic Product and consequently, the country achieved a massive increase of 89 percent in economic growth. Currently, Nigeria has the largest African economy and is expected to keep its economic growth at a fast-rising pace in coming years. Based on GDP statistics, Nigeria is currently associated with the total GDP of $376.3 billion resulting from the enormous volume of national production.
Nigeria’s soaring economy is mainly favoured by the country’s vast deposit of natural endowments such as crude oil. Undoubtedly, Nigeria is one of Africa’s biggest suppliers of crude oil and by reason of this, earnings from petroleum make up the largest portion of Nigeria’s economy. Although revenues are generated from various other key sectors such as manufacturing and agriculture, the petroleum sector remains the mainstay of Nigeria’s vibrant economic system.
Largest Economies In Africa
2. South Africa – GDP: $349.3 billion
Just behind Nigeria, South Africa is the second African biggest economy. In many aspects of development, South Africa has attained some impressive feats and these make it one of the most powerful African countries.
In previous times, South Africa had better economic growth than Nigeria but due to the quick pace at which Nigeria increased in national production, South Africa was eventually withdrawn from the topmost position.
Although Nigeria maintains Africa’s largest economy, many economic critics have argued that South Africa is Africa’s best economy with regard to its favourable economic development. As an economic yardstick, per capita income is adopted in measuring economic development. Meanwhile, a favourable per capita income is an indication that there is a sustainable level of economic development.
In recent moments, the unfavourable rate of the world’s economic growth has had a negative effect on the development of South Africa. Currently, unemployment is one of the toughest setbacks encountered by South Africa. Based on estimates, over 20 percent of the country’s population is affected by the predominance of unemployment. SA has recorded an increase in its growth rate in the subsequent years, the country’s growth only saw a 1.9 percent increase. Meanwhile, South Africa’s GDP is currently estimated at $349.3 billion.
3. Egypt – GDP: $237.1 Billion
Egypt maintains the largest economy in North Africa –an African region dominated by Arabs. In 2013, Mohammed Morsi was ousted from the presidential seat and since this period, Egypt has remained in political instability. Egypt maintained only a 2% increase in economic growth. Egypt maintains a diversified economic system and across the Middle East, the country is considered one of the biggest economies. At the moment, Egypt’s overall GDP of $237.1 billion makes it the third-largest economy in Africa.
Over the years, the Egyptian GDP has received massive contributions from the key sectors such as industry, tourism, services, and agriculture. Regarded as one of the major contributors to the GDP growth, tourism is obviously one of the beautiful Egyptian features which attract global interest. There are a significant number of tourist attractions in Egypt and some of these portray ancient architectural designs.
4. Algeria – GDP: $178.3 billion
In terms of landmass, Algeria is the largest African country and in the global ranking, the North African country maintains the tenth largest territory. Algeria was estimated to have maintained a fair increase of 3 percent in its economic growth. Meanwhile, this economic improvement resulted from the impact of the country’s political stability. The Algerian economy was favoured by a number of factors including private demand and high level of public investment. At the moment, the economy of Algeria is associated with the entire GDP of $178.3 billion.
5. Angola – GDP: $124.2 billion
Angola is the second-biggest supplier of oil in Africa. For this reason, the oil sector forms one of the major contributors to the GDP of Angola. Angola’s economy was estimated to reach a 7.1 percent increase in the past, the country’s GDP was marked by a 5.1 percent increase. Some of the key sectors which brought about this economic growth were manufacturing, agriculture, construction, fisheries and non-oil energy. Currently, Angola’s GDP is valued at $124.2 billion.
6. Morocco – GDP $109.8 Billion
Morocco is one of the industrialized countries in North Africa. In previous years, the country’s economic growth has been gradual at a 2.7 percent increase. However, in the subsequent year, Morocco advanced beyond this mark with a 4.7 percent increase in GDP. As it stands, Morocco’s GDP is estimated at $109.8 billion.
7. Ethiopia – GDP: $80.9 Billion
Ethiopia is one of the most influential African countries particularly in terms of military, history, and politics. Over the past ten years, Ethiopia has been marked by a considerable growth level. The most significant point of this was the 2012/13 fiscal year during which the country’s GDP had a 9.7 percent growth rate. Currently, Ethiopia’s GDP is estimated at $80.9 billion.
8. Kenya – GDP: $79.5 Billion
In 2011, Kenya was affected by a period of slowdown and this had some negative impact on its economy. However, the government strove hard to restore its economic strength and consequently in 2013, Kenya experienced the growth rates of 5.2% increase, 4.3% increase and 4.6% increase for the first, second and third quarters respectively.
Meanwhile, Kenya was able to recover its economic strength through vibrant activities in construction, tourism, agriculture, and financial intermediation. At the moment, Kenya’s GDP is estimated at $79.5 billion. This place Kenya ninth among the countries with the largest economies in Africa.
9. Sudan – GDP: $58.2 billion
Sudan saw a 3.6 percent increase in its real GDP level and this resulted from the favourable impact of two of the country’s major sectors. In addition to the contributions from these two sectors –being agriculture and mining –Sudan was favoured by Transitional Financial Arrangement (a financial relationship with South Sudan) and the economic returns generated from oil transit fees. Currently, Sudan’s GDP is estimated at $58.2 billion.
10. Tanzania – GDP: $51.7 Billion
Tanzania is one of the vibrant East African countries. Its economy has been favoured by a moderate growth rate of 7%. Meanwhile, the country’s economy is vigorously supported by a number of vibrant sectors including manufacturing, communications, construction, agriculture, transport, and intermediation. Based on the forecast, Tanzania’s growth rate will be greatly favoured by infrastructural investments. As it stands, Tanzania’s GDP hovers around $51.7 billion. Meaning Tanzania sits at the tenth position among African Biggest economy countries.
That’s all on The Top 20 Largest Economies In Africa 2020 | African Biggest Economy Top 20.