By now, you should all know that Africa is the second largest continent in the world. There are officially 54 countries on the African continent. In this article, we have compiled a list of the top 10 richest countries in Africa, based on their GDP.
Note that all GDP figures come from the
International Monetary Fund (IMF) World Economic Outlook. Their latest report was published on the 4th quarter of 2018, with projections for 2019 made by the World Bank. Below are the top 10 Richest Countries in Africa;
1. NIGERIA
GDP of Nigeria: $397.472 billion (USD)Nigeria is currently the most highly populated country in Africa, with a population of more than 190 million inhabitants. Based only on GDP, Nigeria is the richest country in Africa in 2019.
2. South Africa
GDP of South Africa: $376.679 billion (USD)Cape Town is the legislative capital, Pretoria is the administrative capital, and Bloemfontein is the judicial capital of South Africa. South Africa was formerly the richest country in Africa based on GDP, until recently, when Nigeria took over.
3. Egypt
GDP of Egypt: $249.471 billion (USD)Egypt’s economic growth has been robust, averaging 5.3% in 2017/18; a rate that was sustained through 2019. The Egyptian economy is mainly driven by the expansion in the gas resources, tourism, manufacturing and construction. Private investment is picking up and net exports are improving.
4. Algeria
GDP of Algeria: $188.342 billion (USD)Algeria’s economy is dominated by its export trade in petroleum and natural gas, commodities that, despite fluctuations in world prices, annually contribute roughly one-third of the country’s gross domestic product (GDP)
Algeria has the tenth largest reserve of natural gas in the world and is the sixth largest gas exporter on the planet.
5. Morocco
GDP of Morocco: $118.178 billion (USD)GDP growth slowed down in 2018 to an estimated 3 percent compared to 4.1 percent in 2017, owing to the decline of agricultural value-added growth, which was only partially compensated by otherwise good performance of non-agricultural activities. Mining activities contributed the most to growth apart from agriculture, mostly driven by phosphates production and exports. The unemployment rate slightly decreased to 9.8 percent in quarter 4 2018.
6. Angola
GDP of Angola: $114.504 billion (USD)Angola’s economy is expected to grow at an average rate of 2.6% per year in the 2019-2023 period. The country’s economy is heavily driven by its oil sector. Oil production and its supporting activities contribute about 50% of GDP, more than 70% of government revenue, and more than 90% of the country’s exports.
Angola is an OPEC member and subject to its direction regarding oil production levels.
7. Kenya
GDP of Kenya: $89.591 billion (USD)Kenya’s short-term gross domestic product growth (GDP) is expected to rise to 5.8% in 2019 underpinned by recovery in agriculture, better business sentiment, and easing of political uncertainty.
Medium-term GDP growth should rebound to 5.8% in 2019 and 6.0% in 2020 respectively dependent on growth in private sector credit, continued strong remittance flows, management of public debt and expenditure and global oil prices.
8. Ethiopia
GDP of Ethiopia $83.836 billion (USD)Ethiopia’s economy experienced strong, broad-based growth averaging 10.3% a year from 2006/07 to 2016/17, compared to a regional average of 5.4%.
However, Ethiopia’s real gross domestic product (GDP) growth decelerated to 7.7% in 2017/18. The construction sector, and services accounted for most of the growth. Agriculture and manufacturing made lower-contribution to growth in 2017/18 compared to the previous year.
9. Tanzania
GDP of Tanzania: $55.645 billion (USD)
Tanzania has sustained relatively high economic growth over the last decade, averaging 6–7% a year. While the poverty rate in the country has declined, the absolute number of poor citizens has not because of the high population growth rate.
Economic performance in 2018 was mixed, while inflation remains low and stable.
10. Ghana
GDP of Ghana $51.815 billion (USD)Ghana’s growth target for 2019 is 7.4% mainly to be driven by the industry sector, especially oil, gas and mining. Industry’s growth is expected to improve to 9.7%; the agriculture sector is expected to grow by 7.3% on the back of the government flagship programs in the sector which will enhance performance in the crops sub-sector.
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