10 biggest economies in africa 2021 by gdp africa is by far the world's poorest inhabited continent
although parts of the continent have made significant gains over the last few years africa's
decolonization was fraught with insecurity which was exacerbated by the cold war conflict
since the mid 20th century the cold war and increased corruption and dysphorism
has also contributed to africa's core economy the biggest contrast in terms of development
has been between africa and the economy of europe the african economic outlook report
specifically mentions that africa's trade with china has multiplied by 10 since 2001
reaching over 100 billion us dollars in 2008 while no african nation has joined the ranks
of the developed nations in the organization of economic cooperation and development
yet the entire continent is not orderly improvised and there is considerable variation in its wealth
north africa has long been closely linked to the economies of europe and the middle east south
africa is by far the continent's wealthiest state in total gdp accounting for 30 of the continent's
gdp in nominal terms and 24 of the ppp the smaller oil rich states of gabon and equatorial guinea
round out the list of 10 wealthiest states in africa this entry below gives the gross
domestic product or value of final goods and services produced within a nation in a given
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economies in africa let's go number 10 tanzania in 2017 according to the imf tanzania's gdp was
about 52 million us dollars half of the country's workforce is employed in agricultural sector while
the rest is divided among mining manufacturing food processing and telecommunications also
the heavy reliance on agriculture makes tanzania vulnerable to environmental shocks
arabic gum and sugar are other sources of income with all this the country is able to
keep its gross domestic product high number five angola the country is still recovering from a 27
year-long civil war that began immediately after becoming independent from portugal in 1975 before
finally coming to an end in 2002 but the country's economy picked up considerably in the last years
following the war and is today considered as one of the fastest growing in the world
despite recent struggles in the global oil market they're still pushing through and
their gross domestic product is going to be high as a result the country's development improves
number four algeria algeria the continent's largest country is located in the north and ranks
fourth on the list of the worthiest countries in africa with a significant economy and available
infrastructure as well as gdp of more than 170 billion dollars the country has achieved a notable
achievement of reducing poverty by 20 in the last 20 years crude oil reserves are abundant in this
developing saharan country and the economy is heavily reliant on them so much of that
hydrocarbons such as oil and natural gases account for nearly 70 percent of the country's income
the recent discovery of more crude oils have boosted this rapidly grown industry country
agriculture and industrial countries are two other sectors that contribute to algerian economy
other sectors that make up a german economy include agriculture industrial work commercial
services and construction the country is also one of the largest suppliers of
ammonia in africa it is worth noting however that the recent depression and vitality in oil prices
have resulted in a country's currency reserve declining in addition political uncertainty
and scandals in hydrocarbon industry cause a dip in nigerian's economic growth
number three egypt this ancient land in northern africa has held the spot
as the richest country in africa for many years however the economy suffered several and
foreign exchange reserve tumbled following the 2011 revolution during the arab uprising with
the most recent gdp of over 300 billion dollars egypt now holds the third spot on the switch list
economic activities have improved and stabilized over the last decade experiencing positive
economic growth the government recently concluded an economic forum program alongside the imf
aimed at reforming and bolstering the economy real gdp growth in 2019 was 5.6 up from 5.3 percent in
2018. the country has also seen unemployment levels fall an improvement in the foreign
economy higher export of goods and services and a boosted tourism sector all contributing to its
development the leading factor of egyptians economy include petroleum and natural gas
number two south africa the southernmost country in africa is another significant player
in the economy as their second richest african country with a high developed economy advancing
infrastructure and a gdp of over 350 billion us dollars the country is considered as one of the
fastest developing countries in the world often referred to as the rainbow nation south africa is
one of the only countries on the list that is not reliant on a single source of revenue
the country has a good mix of mining manufacturing financial services and tourism it is also abundant
in natural resources and raw material exports like gold diamonds platinum coal and iron ore
it is one of the world's largest exporters of commodities
particularly gold and platinum the country is world renowned as major tourist destinations
and places a lot of emphasis on tourism as part of its economy
number one nigeria this west african country with a population of over 200 million citizens
makes up an essential part of africa's economy with a gdp of just under 450 billion us dollars
nigeria holds the position of the richest country in africa the sizeable gdp is mainly driven by
finance transport infrastructure and tourism and the abundance of crude oil according to opec
the country produces approximately 1.6 billion pounds of crude oil per day
making it africa's largest crude oil exporter this petroleum export makes up 10 of the total gdp
and over 80 percent of the export sector's revenue in addition to petroleum nigeria has
an abundance of raw materials and natural resources contributing to regional wealth
these include coil limestone zinc lid tin natural gas and iron oil there is also significant fertile
land for agriculture which is responsible for over 20 of the gdp producing cocoa and rubber
nigeria's large population also helped propel the country of the largest consumer retailer in africa
and the country's digital savvy resident has contributed to the country's rapidly growing tech
sector according to the world bank nigeria's gdp grew 7 year on year between 2000 and 2014. here
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