Top 10 Highest GDP In Africa. Gross domestic product shortened to GDP refers to the market value of all final goods and services in a given year from a nation. The highest GDP in Africa are sorted according to data from the International Monetary Fund (IMF). The comparator of national wealth is done frequently on the basis of Purchasing power parity (PPP), to adjust for differences in the cost of living in different countries. Even though Africa is referred to as the sleeping giant, such adjectives refer to the great potentials Africa has. It is a continent well endowed with natural resources as well as human resources. In the recent past, the contribution of the countries listed in the highest GDP in Africa has seen African economies flourishing. The list will be in descending order starting from the last to the first.
Top 10 Highest GDP In Africa 2020
- GDP – $444.916 Billion
- Per Capita – $2,233.45
The West African country has always been referred to as “the giant of Africa”, both in terms of population and economy. Since 2014, Nigeria has been topping the list of highest GDP in African countries in terms of Gross Domestic Product (GDP). The country had disposed of South Africa which for many decades had a firm grip at the position. Nigeria’s GDP is currently valued at $444.916 billion. Thanks to its vast oil and gas reserves.
Unfortunately, Nigeria citizens and inhabitants at large are rendered poor in the midst of plenty due to its exploding population.
2. South Africa
- GDP – $371.298 Billion
- Per Capita – $6,331.46
South Africa has always been recognized as the top economy in Africa was displaced to second place by Nigeria a few years back. The southern Africa state nominal GDP is estimated at $371.298 billion dollars. Before now, South Africa’s had a struggling economy. This is largely due to the mining industries where reserves for precious minerals such as gold, platinum, palladium, and diamond have been dwindling.
- GDP – $299.589 Billion
- Per Capita – $3,019.72
Egypt still maintains its position as the largest economy in North Africa. The north African country is famously known as “the jewel of the Nile” is sited convincingly in the third position. Its average annual GDP is estimated at $299.589 billion dollars. For many reasons, this came as a major surprise taking into account the political unrest in the country in recent years. In fact, many expected the economy to nosedive. Copper, natural gas, aluminum, steel, and iron ore are the mineral resources the country depends on. Also, the country has a thriving horticultural, and tourism industry which contributes to her GDP. Egypt’s Per Capita which is $3,019.72is not really bad.
- GDP – $183.687 Billion
- Per Capita – $4,229.78
Algeria is second to none in terms of the landmass in Africa making it the largest African country and maintains the tenth largest territory in the global ranking. The North African country has always been a regional rival to Egypt. Algeria’s GDP is estimated to be $183.687 billion. Agriculture, fishing, and mining are the main economic activities driving the country. The country is blessed with quite a number of valuable minerals including iron, copper, zinc, mercury, lignite, calamine, antimony, and phosphate.
- GDP – $121.350 Billion
- Per Capita – $3,409.95
Number 6th on our list of highest GDP in Africa is Morocco. The north African country is among the most industrialized countries in North Africa and has always featured among the top economies in the continent. This can be largely attributed to the existence of good policies and stable political structures in the country. The North African country has experienced an obvious boom in its GDP which has risen to $121.350 billion. The main source of income contributing to the country’s nominal GDP includes agriculture, fishing, and mining. Morocco also has a good reserve of lead, phosphates, and silver. It is among the top producers of cannabis.
- GDP – $109.246
- Per Capita – 2,086.54
Kenya experienced a period of slowdown which had some negative impact on its economy as of couple of years back. Kenya’s GDP is estimated to be over $70 billion dollars. The service sector is the main economy of the country and agriculture is the second-largest contributing sector to the country’s gross domestic product. In 2005, agriculture contributed about 24% of the country’s GDP. In addition, agriculture accounted for 18% of wage employment and generated 50% of revenue from exports of agricultural products. Tourism has also grown to become Kenya’s major source of foreign exchange apart from the two sectors mentioned above.
- GDP – $105 Billion
- Per Capita – $1,000.10
Ethiopia is among the most influential countries in African, especially in terms of history, military, and politics. The whole world came to the aid of Ethiopia about three decades ago. The country was experiencing a thorough and dreadful famine for three decades. Not relenting, Ethiopia is emerging as one of the top economies in Africa. Having a nominal GDP of $105 billion dollars, Ethiopia is listed in the 7th position. Ethiopia’s main economy is agriculture. In fact, it is the second-largest producer of maize in the continent. Recently, Coffee and horticulture (flowers) have been flourishing in the country.
- GDP – $92.191 Billion
- Per Capita – $3,060.02
Angola used to know for civil wars and political unrest some years back. It seems like the 25-year civil war has finally ceded to peace. The South African country is the second-biggest exporter of oil in Africa. Thus, the oil sector is one of the major contributors to the country’s GDP. Angola has overtaken the Kingdom of Morocco to be in the fifth spot of the highest GDP in Africa. Mining of diamonds and petroleum oil as well as gas are the major economic activities of the country. Angola’s GDP is estimated at $102.643 billion.
- GDP – $68.258 Billion
- Per Capita – $2,262.57
- GDP – $61.032 Billion
- Per Capita – $1,172.18
- 13. Libya
- GDP – $44.964 billion
- Per Capita – $6,835.62
Before now, Libya had a booming economy but due to civil war and the negative influence of the 2011 military intervention (spearheaded by NATO), the country’s economy started to draw back. The main source of Libya’s income is petroleum mining. Libya has an estimated GDP of $44.964 billion). Also, Libya is among the countries with the largest oil reserves in the world. Also, Libya has some substantial storage of steel ore. In addition, Libya is among the country’s’ that have the highest per capita income on our list of highest GDP in Africa. Probably because of her small population size.
- 17. Sudan
- GDP – $31.468 billion
- Per Capita – $728.06
The Civil War in 2008 greatly devastated the country’s economy. Nonetheless, after the Civil War in 2008, the country’s economy boomed again. The Eastern Africa country had a GDP of $31.468 billion as of 2018. Its main contributor to its economic activities is agriculture, petroleum, and gold mining. Other than the aforementioned products, the country also produces cotton, coffee, cottonseed, wheat, sugarcane, tobacco, peanuts, and many more.
Conclusion On Top 10 Highest Gdp In Africa 2020
That is the list of the top ten highest GDP countries in Africa. Despite so many demeaning factors such as civil war, famine, drought, etc. and even though there is still a lot to be done in various sectors to catch up with the rest of the world, we can still say Africa is doing her best to be found on the radar of richest continents.