Africa is by far the world’s poorest continent. Though parts of the continent have made significant gains over the last few years. Several African countries have shown great economic development. Africa has great potentials. It is well endowed with resources of all kinds. This applies to natural as well as human resources. These resources are the mainstay of economic development in some African countries.
Which is the largest economy in African continent?
Egypt maintains the largest economy in North Africa –an African region dominated by Arabs –but across the entire African continent, the country sits in the third position of largest economies. Nigeria is ranked the country with the largest economy in Africa by GDP.
Let’s consider the top 10 largest African economies in 2019. Have a look at it.
Top 10 Largest Economies in Africa 2019
1. Nigeria- GDP: $594.257 Billion
This is the current largest economy in Africa. The level of GDP is $594.257 billion and this is majorly attributed to the vast reserves of oil. Due 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. Nigeria has a mixed economy emerging market, and that has helped the country to reach a middle-income status. 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.
2. South Africa- GDP: $341.216 billion
Just behind Nigeria, South Africa is the second African largest economy. South Africa is rated top on the list of most developed countries in Africa 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than Nigeria but due to the quick pace at which Nigeria increased in national production, South Africa was eventually withdrawn from the topmost position. Despite the fact that 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. The country is considered a popular tourist destination, so tourism is among the leading economic sectors. The main trading partners are Germany, United States, China, Japan, United Kingdom and Spain.
3. Egypt- GDP: $275.748 Billion
Third among the largest economies of Africa. Egypt’s GDP is estimated at $275.748 billion. For many sceptics, this came as a major surprise taking into account the political unrest in recent years. In fact, many expected the economy to take a dip. The primary sources of income are agriculture, media, petroleum imports, natural gas, and tourism.
It also has a thriving horticultural, and tourism industry. There are a significant number of tourist attractions in Egypt and some of these portray ancient architectural designs.
4. Algeria- GDP: $219.453 billion
In terms of land mass, Algeria is the largest African country and in global ranking, the North African country maintains the tenth largest territory. The main economic activities driving the country comprise of agriculture, fishing and mining. The country is well gifted with quite a number of valuable minerals. They include iron, copper, zinc, mercury, lignite, calamine, antimony and phosphate. At the moment, the economy of Algeria is associated with the entire GDP of $219.453 billion.
5. Angola- GDP: $129.785 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. A 7.1 percent increase was estimated to be Angola’s economy but in 2013, 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. With a GDP of $129.785 billion, this places Angola fifth among the countries with the largest economies in Africa.
6. Morocco- GDP: $114.7 Billion
Morocco is one of the industrialized countries in North Africa. The Kingdom of Morocco has for many decades featured among the top economies in the continent. This has largely been attributed to good policies and stable political structures. In 2012, the country’s economic growth was marked by a 2.7 percent increase. However, in the subsequent year (2013), Morocco advanced beyond this mark with a 4.7 percent increase in GDP. As it stands, Morocco’s GDP is estimated at $114.7 billion.
7. Libya- GDP: $67.622 billion
Previously, Libya had a favourable economic growth but due to the negative influence of the 2011 military intervention (spearheaded by NATO) alongside civil war, the country’s economy started encountering setbacks. Regarded as one of Africa’s vibrant producers of oil, Libya generates the largest portion of its revenue from oil. Besides that, the oil sector is considered the highest contributor to the Libyan economy as it makes up 80% of the country’s GDP. As it stands, Libya’s GDP is estimated at $67, 622 billion, this place Libya seventh among African largest economy.
8. Sudan- GDP: $63 billion
Until mid-2008, Sudan was infamous for civil wars. This greatly devastated the country. However, after 2008 the country’s economy sprang back to action. In 2013, 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. Currently, Sudan’s GDP is estimated at $63 billion.
9. Kenya- GDP: $56.3 Billion
In 2011, Kenya was affected by a period of slowdown and this had some negative impact on its economy. However, the government struggled to restore its economic strength and consequently in 2013. The main economy of the country is the service sector, while agriculture is the second largest contributor to the country’s gross domestic product. At the moment, Kenya’s GDP is estimated at $56.3 billion. This place Kenya ninth among the countries with the largest economies in Africa.
10. Ethiopia- GDP: $51 Billion
Ethiopia is one of the most influential African countries particularly in terms of military, history, and politics. About three decades ago, the whole world came to the aid of Ethiopia. The country was going through a dreadful famine. Three decades down the lane, Ethiopia is emerging as one of the top economies in the region. Its economy mainly depends on agriculture. It is the second largest producer of maize in the continent. Coffee and horticulture (flowers) have been doing quite well recently. 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 $51 billion.