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. As it stands, Tanzania’s GDP hovers around $51.7 billion. Nigeria’s economy is the biggest in Africa, whichever naira rate is used. The difference in the cost of living is not put into consideration in the following order. Regarded as one of the major contributors to GDP growth, tourism is obviously one of the beautiful Egyptian features which attract global interest. Algeria was estimated to have maintained a fair increase of 3 percent in its economic growth. Algeria: 5. Currently, unemployment is one of the toughest setbacks encountered by South Africa. 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. School Drillers Home » Viewpoint » POST COVID-19: Possibility of resurgence for SMEs in Africa’s largest economy On June 11, 2020 1:36 am In Viewpoint by Emmanuel Okogba Kindly Share This Story: The year 2013 saw a fall in their foreign exchange reserves that affected the country’s economy negatively. China has approximately $23 trillion in natural resources, 90% of which are rare earth metals and coal. The Nachtigal Hydropower Dam is one of the bold partnerships between the government and the private sector. Angola is the second-biggest supplier of oil in Africa. Nigeria’s economy ranks top in Africa and 28th in the world. Home Overview With respect to its massive economic growth, Nigeria happens to be the country with the largest economy in Africa by GDP. As it stands, Morocco’s GDP is estimated at $109.8 billion. Its accelerated economic growth is because of industrial activities that include investing in infrastructure like the Grand Renaissance Dam. Morocco: 6. India is the fifth largest economy in the world, with a GDP of $2.87 trillion in 2019, more than 4% higher than in 2018. Some of the key sectors which brought about this economic growth were manufacturing, agriculture, construction, fisheries, and non-oil energy. Tanzanian’s reliance on agriculture makes it vulnerable to environmental shocks that can adversely affect its economy. Just behind Nigeria, South Africa is the second African biggest economy. System collapse plunges Nigeria, Africa's largest economy, into darkness 30 November 2020 - 10:58 By Reuters All of Nigeria was plunged into darkness when the electricity went out on Sunday. Nigeria tops the list of the largest economies in Africa by GDP per capita. About three decades ago, the whole world came to the aid of Ethiopia. In 2011, Kenya was affected by a period of slowdown and this had some negative impact on its economy. The significant economic concerns include structural unemployment and its massive external debt. Save my name, email, and website in this browser for the next time I comment. This nation accounted for a GDP size of $26bn and is expected to have economic growth by 6 percent in 2020. Nigeria has a population of about 190 million with a little over 30% of the population living below poverty level. +0.11 +0.23%. Connect with friends faster than ever with the new Facebook app. In 2017, Nigeria was the biggest economy in Africa with a GDP of $400.6 billion, and this makes up for 0.5% of the world’s GDP. Some of the key sectors which brought about this economic growth were manufacturing, agriculture, construction, fisheries and non-oil energy. 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. Ghana is one of the countries that have taken significant strides towards democracy under the multi-party umbrella. CARTING TE FTRE FOR AFRICA’S LARGEST ECONOM: 1 ECONOMIC IMPACT OF COVID-19 IN NIGERIA Nigeria’s first confirmed 2019 coronavirus disease (COVID-19) case was on 27 February. As much as the country has the second largest population in the continent, it remains one of the fastest-growing economies in the world today. The increase in oil output has also played an essential role in elevating Nigeria’s economy. South Africa: 3. In 2013, Mohammed Morsi was ousted from the presidential seat and since this period, Egypt has remained in political instability. In simple terms, GDP per capita is country’s economic output per person. Besides, it happens to be one of the largest economies in Africa 2018/2019. Egypt: 4. Based on the forecast, Tanzania’s growth rate will be greatly favoured by infrastructural investments. Consequently, the governor added that it had become imperative to also end the operation of yellow […] 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. Outlook Economic Africa Sub-Saharan Ghana: Drillers School 2020, Africa In GDP Economy Largest 10 Top 1 2 Nigeria: 3 Africa: South 4 Egypt: 5 Algeria: 6 Morocco: 7 Angola: 8 Kenya: 9 Ethiopia: 10 Tanzania: Update 2020 June . Nigeria is one of the most influential countries not only in West Africa but across the entire African continent. See also : Largest And Smallest Country In Africa 2020. Its economy mainly depends on agriculture. Top 10 Largest Economy GDP In Africa 2020. Nigeria – GDP: $376.3 Billion; Nigeria is one of the most influential countries not only in West Africa but across the entire African continent. For a country that has dealt with 27 years of civil war, Angola beats the odds to appear at the top 10 African countries with the biggest economy. The slight decline in hydrocarbon production in 2017 slowed down the country’s economic growth. Despite its social and political issues, the 15 largest economies in Africa have proven to be a force to reckon with in the coming years. The Angolan government has been able to cut down expenditure and concentrate on exporting crude oil, petroleum products, diamonds and agricultural produce. The Egyptian government had to come up with economic reforms to salvage the situation. GDP PER CAPITA RANKING Of WORLD RICHEST COUNTRIES, PROBLEMS OF ECONOMIC DEVELOPMENT IN NIGERIA AND SOLUTIONS, RICHEST MUSICIANS IN AFRICA AND THEIR NET WORTH. Required fields are marked *. At the moment, Egypt’s overall GDP of $237.1 billion makes it the third-largest economy in Africa. Many African countries struggle with their politics which end up affecting their economy negatively. South Africa is an upper-middle-income economy and the most industrialized economy on the continent. Because of its large population, India has … In terms of population, Nigeria is Africa’s leading country and this gives it the enviable title “The Giant of Africa’’. Currently, Ethiopia’s GDP is estimated at $80.9 billion. Meanwhile, the country’s economy is vigorously supported by a number of vibrant sectors including manufacturing, communications, construction, agriculture, transport, and intermediation. South Africa. In previous years, the country’s economic growth has been gradual at a 2.7 percent increase. Recent growth has been due to growth in sales in commodities, services, and manufacturing. The land of the Pharaohs and pyramids is famous for its textile production, tourism and food processing. Since 2020 is seen as the start of a new decade, Brookings Institution’s annual Foresight Africa report looked at the average economic growth forecasts for the next five years till 2024. The rankings can change yearly due to the fluctuations in the currency of the country and the exchange rate. Kenya has put considerable effort in trade which plays a crucial role in its economy. Meanwhile, Kenya was able to recover its economic strength through vibrant activities in construction, tourism, agriculture, and financial intermediation. (adsbygoogle = window.adsbygoogle || []).push({}); Your email address will not be published. 1. Egypt is number one among the Arab Nation and comes at position 3 in … For the strongest economy in Africa, resources like trade, agriculture and human resource should be looked into. Over half of the country’s GDP is accounted for by the services sector, which includes mining, construction and manufacturing. Top 20 Largest Economies In Africa. 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. The country had a strong end in the year 2019, but the top economic watchers believe that it needs to strengthen its economy more for it to take care of the large chunk of its population struggling with poverty. FUTURE FOR AFRICA’S LARGEST ECONOMY: ECONOMIC IMPACT OF COVID-19 IN NIGERIA APRIL 2020 By Nneka Eze, Samuel Kanu, and Mikael Af Kleen. In terms of landmass, Algeria is the largest African country and in the global ranking, the North African country maintains the tenth largest territory. It plays a vital role in boosting the urban and rural cities in Cameroon. 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. The country has strongly recovered in the service industry with a non-oil growth of 6.0%. 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. However, in 2014, Nigeria’s volume of national production increased massively. 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. Cote d’Ivoire is one of the African countries that have made a major come-back after its post-election war. 2. 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. However, in the subsequent year, Morocco advanced beyond this mark with a 4.7 percent increase in GDP. Angola is also one of the fastest-growing countries in the world. Nigeria is well-heeled in natural resources with oil, rubber and cocoa as some of its top exports. The United States is often seen as an economic superpower and that’s because the economy constitutes al… It’s economy significantly expanded in the last four years with bold steps of its central bank, boosting credit growth. As much as the country has its challenges in the meeting revenue targets, its government continues with its fiscal consolidation to strengthen its economy. On the other hand GDP per capita is also another good way to measure economies of different Nations. 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. These conflicts have negatively impacted the World bank’s commitment to supporting the country's analytical services as well as grant financing. With respect to its massive economic growth, Nigeria happens to be the country with the largest economy in Africa by GDP. Nigeria’s soaring economy is mainly favoured by the country’s vast deposit of natural endowments such as crude oil. It is the home of the black race as well as the second most populous continent across the globe. Africa has a pool of some of the fastest-growing economies in the world. Although its economic development has not really proved stable, Nigeria continually maintains … It is also known for its sumptuous and exquisite menus. It is deemed as one of the fastest-growing countries in the world. It is essential to note that the GDP is calculated as per the population times the market value of the goods and services produced in a country, per person. Meanwhile, a favourable per capita income is an indication that there is a sustainable level of economic development. Tanzania: 10. The unemployment rate in 2016 was at 13.9%. In Nigeria, the practice of a mixed economy paves the way for economic contributions from both the public and private sectors. As an economic yardstick, per capita income is adopted in measuring economic development. That’s all on The Top 20 Largest Economies In Africa | African Biggest Economy. This forecast would change in the event of a deteriorating global economy. South Africa is well-known for its growth in agriculture, mining and manufacturing. Motorists drive on a motorway in Lagos, Nigeria, 10 February 2015. Fulham vs Chelsea prediction: How will Premier League fixture play out tonight? Lagos to Become Africa’s 3rd Largest Economy by 2020 Lagos State Governor, Mr. Akinwunmi Ambode, monday disclosed that the prime goal of his administration is to grow the state from fifth to third largest economy in Africa by 2020. 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. Based on estimates, over 20 percent of the country’s population is affected by the predominance of unemployment. The country has the best economy in Africa and is a powerhouse of economic development compared to other African countries. Based on GDP statistics, Nigeria is currently associated with a total GDP of $376.3 billion resulting from the enormous volume of national production. And with over 200 million people, it is the largest market in the continent, its population nearly twice the size of Ethiopia (110 million) or Egypt (102 million). As many African countries struggle with their political conflicts, Tunisia has made steady progress in its political transition since 2014. Uganda is an Africa country that is geographically located in East Africa, this country is rated ninth among the Fastest Growing Economic in Africa 2020, Uganda as a nation has emerged and mark in the IMF top 10 fastest growing economies for 2020. 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. list of the largest economies in Africa, Africa is an impressive continent that houses a number of countries. The country was going through a dreadful famine. Biden's inauguration: When is it and what can we expect? Africa is a resource-rich continent. African countries economic ranking based on the GDP (nominal) is sorted according to data and information from the International Monetary Fund. 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. The country also struggles with youth unemployment which is something that may affect its future economy. Over the years, the Egyptian GDP has received massive contributions from key sectors such as industry, tourism, services, and agriculture. With a GDP of $129.785 billion, this places Angola fifth among the countries with the largest economy in Africa 2020. Kenya surpassed Angola as sub-Saharan Africa’s third-largest economy in dollar terms, according to International Monetary Fund estimates. Based on the World Bank report released earlier this year, Africa’s economy is projected to continue to rise to 3.2 percent in 2018 and to a further 3.5 percent in 2019. Predictions show the country may remain as one of the largest economies in Africa, 2030. Its major exports include gold, diamonds and fruit. Ghana: Sub-Saharan Africa Economic Outlook, June 2020 Update. 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. Libya is one of the countries that had its political conflicts take a severe toll on its economy. Over the past ten years, Ethiopia has been marked by a considerable growth level. The Tunisian government has put more emphasis on its key ingredients to improve management and natural resources. 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. Instead, the Algerian government concentrated on its biggest exports which are petroleum and natural gases. The Nigerian GDP by PPP … Ethiopia is famous for its unique delicacies and delicious menus. The economic outlook for Sub-Saharan Africa (SSA) is positive, with growth rising to 5.3% in 2012, and 5.6% in 2013, over the pre-crisis average level of 5%. Since then, new cases have grown rapidly in line with global … Your email address will not be published. The country is still recovering from a series of conflicts that occurred in the 1990s. Ethiopia is one of the most influential African countries particularly in terms of military, history, and politics. It did not deter the country from moving forward. Egypt maintained only a 2% increase in economic growth. Tanzania is one of the vibrant East African countries. Its principal exports such as leather, spices, textiles and natural gum have also contributed to the stability of the country’s economy. With a GDP of $51 billion dollars, Ethiopia holds the 10th slot. SA has recorded an increase in its growth rate in the subsequent years, the country’s growth only saw a 1.9 percent increase. Morocco is one of the industrialized countries in North Africa. 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