GDP, or Gross domestic product, is the total monetary or market value of all the finished
goods and services produced within a country’s borders in a specific time period.
It provides an economic snapshot of a country, used to estimate the size of an economy and
growth rate.
Although GDP is generally used to measure the wealth of the country, it has limitations
when it comes to determining the state of living of the country, and it is mainly influenced
by population, because the higher the population, the higher the number of hands to produce
products and services.
Here are ten most richest countries of Africa, measured in GDP.
Number1 Nigeria, US$496.12 Billion
Officially, the Federal Republic of Nigeria it is a most populous country in Africa, found
in the West African region.
Nigeria is one of the world's most ethnically and linguistically diverse nations; covering
an area of 923,769 square kilometers, with a population of over 211 million.
This country is Africa’s leading economy, and the 30th largest economy by GDP volume
in the entire world.
However, Nigeria's economy is highly dependent on oil and is therefore very vulnerable to
fluctuate with the crude oil prices and production.
In 2020, the GDP was over US$ 400 billion, generated by the services, agricultural sector,
crude oil and mining industry.
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Number 2 South Africa, US$ 386.73 Billion
Often called 'the rainbow nation'.
the Republic of South Africa is one of the most ethnically diverse countries in Africa.
South Africa has a highly developed economy and advanced economic infrastructure, making
the country the leading African economy and home to 75% of the largest African companies.
South Africa is rich in mineral resources, The country is the world's largest producer
and exporter of gold, platinum, chrome and manganese, the second largest palladium producer
and the fourth largest producer of diamonds.
mining and manufacturing accounts for around 2.2% and 2% respectively of the GDP.
According to the International Monetary Fund's, the economic growth is expected to pick up
in 2021, estimated at 3.1% of the GDP, and to stabilize in 2022 at 2%
Number 3 Egypt, US$ 331.36 Billion
Egypt is a country in North Africa, borders the Red Sea and the Mediterranean Sea, neighbored
by countries include Libya, the Gaza Strip, and Sudan.
According to the International Monetary Fund's, April 2021 forecast, GDP growth is projected
to contract further to 2.5% in 2021 and recover to 5.7% in 2022.
The economy of Egypt is divided into three broad categories—agriculture, manufacturing,
and services with Services being by far the biggest contributor to GDP, accounting for
over 68 percent in 2018 Number 4
Algeria, US$ 193.06 Billion Algeria is the largest country in Africa,
officially the People's Democratic Republic of Algeria, it is a country located in Northern
Africa bordering the Mediterranean Sea, and popular link between Africa and Europe.
Algeria’s economy is dominated by its export trade in petroleum and natural gas commodities.
despite fluctuations in world prices, petroleum and gas annually contribute roughly one-third
of the country’s gross domestic product.
Number 5 Morocco, US$ 129.06 Billion
Morocco, officially the Kingdom of Morocco, is the northwestern most country in the Maghreb
region of North Africa.
It overlooks the Mediterranean Sea to the north and the Atlantic Ocean to the west.
Moroccan economy remains heavily dependent on the export of raw materials.
However, modern sectors like tourism and telecommunications are slowly emerging and making a considerable
contribution to the economy.
Number 6 Kenya, US$ 109.12 Billion
Officially the Republic of Kenya, lies across the equator, in east-central Africa, along
the coast of the Indian Ocean.
The Economy of Kenya is a market-based economy with a few state enterprises.
Major industries include agriculture, forestry, fishing, mining, manufacturing, energy, tourism
and financial services.
Number 7 Ethiopia, US$ 99.37 Billion
Ethiopia is a ancient country on the Horn of Africa.
The country lies completely within the tropical latitudes.
The 1993 secession of Eritrea, its former province, left Ethiopia landlocked.
Agriculture contributes about 35.45 percent Ethiopia's GDP, with industrial sector contributing
approximately 23.11 percent and 36.81 percent for the services sector.
Number 8 Angola, US$ 96.43 Billion
The Republic of Angola is found in the western region of Southern Africa.
It is the second largest country in the south of the Sahara Africa after the Democratic
Republic of Congo.
Angola is among the resource-richest countries in the world, The oil sector accounts for
one-third of GDP and more than 90% of exports.
Number 9 Ghana, US$72.26 Billion
Ghana is a country in western Africa, situated on the coast of the Gulf of Guinea.
Although relatively small in area and population, Ghana is one of the leading countries of Africa,
partly because of its considerable natural wealth.
The economy of Ghana has a diverse and rich resource base, including the manufacturing
and exportation of digital technology goods, automotive and ship construction and exportation,
including considerable amount of rich resources such as hydrocarbons and industrial minerals.
Number 10 Tanzania, US$64.89 Billion
Tanzania, the United Republic of Tanzania is found in the south of the Equator.
This East African country is a home to both highest mountain in Africa – Kilimanjaro
– and the deepest lake in Africa, Lake Tanganyika.
The Tanzanian economy is heavily based on agriculture, which accounts for 28.7 percent
of gross domestic product, provides 85 percent of exports, and accounts for half of the employment
creation.
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