Africa remains a powerhouse of natural resource production and innovation, despite the social and political challenges facing the continent.
With over 54 countries, the continent is growing rapidly with new inventions and technologies every day. And to that, here are the continent’s largest economies in terms of gross domestic product (GDP) as of 2020.
1. Nigeria – The West African country has the continent’s largest economy with $ 446.5 billion. With an abundance of natural resources, it remains Africa’s largest producer in terms of GDP and is the continent’s largest exporter of crude oil.
2. South Africa – With a GDP of $ 371.3 billion, South Africa entered recession after two consecutive quarters of negative GDP growth. Financial services, mining and personal services were the only sectors to post positive growth in the 4th quarter of 2019.
3. Egypt – The Land of the Pyramids has an estimated gross domestic product of around $ 302.2 billion. Real GDP growth amounted to 5.6% in 2019, compared to 5.3% in 2018. By sector, gas mining, tourism, wholesale and retail trade and real estate were the main drivers of economic growth.
4. Algeria – The country is highly exposed to the performance of hydrocarbons, including petroleum and natural gas. Hydrocarbons represent nearly 70% of the GDP which amounts to 183.6 billion.
5. Morocco – Located in northern Africa, Morocco is at $ 121.4 billion. It derives just under 15% of its GDP from agriculture, 30% from industry and the rest from services.
6. Kenya – With a GDP of around $ 99.3 billion, Kenya is one of the fastest growing economies in sub-Saharan Africa and recorded an average GDP growth of 5.7% in 2019 It benefits from increased international investment, a stable political climate, tourism, agriculture, technology and a clear business agenda.
7. Angola – The South African nation has an estimated GDP of $ 92 billion. Since the end of the Angolan civil war in 2002, Angola has been working on political and structural reforms to stabilize its economy.
8. Ethiopia – Ethiopia’s gross domestic product was approximately $ 90.1 billion. The country’s economic growth averaged 9% per year from 2008 to 2018.
9. Ghana- The nation stands at $ 68.3 billion and mainly exports resources such as cocoa, crude oil, gold and timber. Ghana experienced an economic expansion of 6.7% in the first quarter of 2019.
10. Tanzania – The nation of East Africa has a population of over 55 million and stands at $ 62.2 billion. The estimated GDP growth rate was 5.6% for 2019 due to significant government investments in a new railway line, the relaunch of Air Tanzania and a new hydropower plant.