The country has the best economy in Africa and is a powerhouse of economic development compared to other African countries. In previous years, the country’s economic growth has been gradual at a 2.7 percent increase. Africa has a pool of some of the fastest-growing economies in the world. In previous times, South Africa had the highest GDP level and this made it the biggest African economy. Based on estimates, over 20 percent of the country’s population is affected by the predominance of unemployment. It is also known for its sumptuous and exquisite menus. Statistics were higher than expected for 2017, seeing as the country’s economy grew by 1.3 per cent, just higher than the National Treasury’s expectation of one per cent. Egyptians main exports include insulated wire, petroleum and gold. USD/bbl. With a GDP of $129.785 billion, this places Angola fifth among the countries with the largest economy in Africa 2020. Morocco is one of the industrialized countries in North Africa. Over the past ten years, Ethiopia has been marked by a considerable growth level. 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. Egypt: 4. Driven by the economic fallout of the COVID-19 pandemic, growth in Sub-Saharan Africa is predicted to fall to -3.3% in 2020, pushing the region into its first recession in 25 years. In many aspects of development, South Africa has attained some impressive feats and these make it one of the most powerful African countries. 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. System collapse plunges Nigeria, Africa's largest economy, into darkness By Reuters - 30 November 2020 - 12:05 All of Nigeria was plunged into darkness when the electricity went out on Sunday. South Africa comes on the second place with a GDP of $358 billion. Besides that, Nigeria has a remarkable record in terms of the stock exchange and this gives the country the second spot among Africa’s largest stock exchange markets. Currently, unemployment is one of the toughest setbacks encountered by South Africa. As much as the economy of South Africa grew by 1.3%, it is currently placed in second place when it comes to the top economies in Africa. It is deemed as one of the fastest-growing countries in the world. SA is the 35th largest economy in the world. In that case, this very article presents you with the Top 20 Largest Economies in Africa. Morocco: 6. Angola: 7. The African Economic Outlook report specifically mentions that Africa’s trade with China has multiplied by 10 since 2001, reaching over USD 100 billion in 2008. This place Kenya ninth among the countries with the largest economies in Africa. Predictions show the country may remain as one of the largest economies in Africa, 2030. The Tunisian government has put more emphasis on its key ingredients to improve management and natural resources. The country is still recovering from a series of conflicts that occurred in the 1990s. This forecast would change in the event of a deteriorating global economy. In Nigeria, the practice of a mixed economy paves the way for economic contributions from both the public and private sectors. +0.11 +0.23%. Meanwhile, a favourable per capita income is an indication that there is a sustainable level of economic development. As the second-largest economy in the world, China has seen an average growth rate of 9.52% between 1989 and 2019. 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. Some 6,500 Honduran migrants in caravans traveling north to Guatemala, officials estimate, William & Kate reach out to frontline workers. As much as the country has its challenges in the meeting revenue targets, its government continues with its fiscal consolidation to strengthen its economy. Its principal exports such as leather, spices, textiles and natural gum have also contributed to the stability of the country’s economy. SA has recorded an increase in its growth rate in the subsequent years, the country’s growth only saw a 1.9 percent increase. The following is a compilation of the top 15 largest economies in Africa by GDP. Three decades down the lane, Ethiopia is emerging as one of the top economies in the region. The difference in the cost of living is not put into consideration in the following order. Ethiopia: 9. By 2020, Lagos State aspires to be the third largest economy in Africa. African countries economic ranking based on the GDP (nominal) is sorted according to data and information from the International Monetary Fund. The Nigerian GDP by PPP … Brazil, on the other hand, will have overtaken both the UK and France to become the seventh largest economy in 2020. It has taken advantage of its agricultural sector, which is one of the pillars that enable it to maintain a top 6 position as one of the biggest economies in Africa. It did not deter the country from moving forward. There are a significant number of tourist attractions in Egypt and some of these portray ancient architectural designs. Save my name, email, and website in this browser for the next time I comment. About three decades ago, the whole world came to the aid of Ethiopia. The increase in oil output has also played an essential role in elevating Nigeria’s economy. It devides the total economic output of a country by its population. 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. Its major exports include gold, diamonds and fruit. With respect to its massive economic growth, Nigeria happens to be the country with the largest economy in Africa by GDP. It plays a vital role in boosting the urban and rural cities in Cameroon. Algeria was estimated to have maintained a fair increase of 3 percent in its economic growth. The economy of Africa consists of the trade, industry, agriculture, and human resources of the continent.As of 2019, approximately 1.3 billion people were living in 54 countries in Africa. Although its economic development has not really proved stable, Nigeria continually maintains … Nigeria is one of the most influential countries not only in West Africa but across the entire African continent. In terms of population, Nigeria is Africa’s leading country and this gives it the enviable title “The Giant of Africa’’. Consequently, the governor added that it had become imperative to also end the operation of yellow […] South Africa, Nigeria and Angola, the region’s best economies will be slightly weaker than expected, as the region is still experiencing negative per capita income growth, weak investment, and a decline in productivity growth. At the moment, the economy of Algeria is associated with an entire GDP of $178.3 billion. The country also struggles with youth unemployment which is something that may affect its future economy. However, Algeria occupies the largest landmass and this distinguishes it as the largest country both in North Africa and the entire African continent. In 2015, the service sector contributed most the country’s GDP at 54.6%, the industry contributed 25.7%, and agriculture contributed 17.8%. The Algerian economy was favoured by a number of factors including private demand and a high level of public investment. School Drillers Also it will interest you to know that India is one of the Fastest Growing multi-billion economies in the world occupying the sixth spot on our list of the Largest Economy in the World with a nominal GDP of $2.61 trillion and going by its pace in economic growth, is poised to overtake the United Kingdom to become the fifth-Largest Economy in the World by 2020 base the IMF projection. By 2020, Russia will rank higher than Germany in the top ten economies in terms of GDP measured at PPP terms and become the fifth largest economy. Required fields are marked *. Spanning 54 countries, Africa is a high-flyer when it comes to natural resources. Kenya has put considerable effort in trade which plays a crucial role in its economy. The rankings can change yearly due to the fluctuations in the currency of the country and the exchange rate. 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