in ,

Richest Countries in Africa – Ranked by Nominal GDP & GDP Per Capita

Richest countries in Africa

Oil production, mining and agriculture are some of the economic activities that create the economies of the 10 richest countries in Africa.

This information will help to dissuade readers of the notion that all the countries in Africa are severely impoverished.

Tanzania

With an estimated GDP of $45.899 billion, Tanzania’s has the second largest economy in East Africa and is the tenth richest country in Africa. The agriculture industry is the major contributor to the GDP followed closely by the industry and construction industry.

Among the country’s mineral deposits are diamond, bauxite, and gold, with gold being a major earner of export revenue. The country also has a thriving tourism sector which is a major foreign exchange earner. The GDP per capita is $ 943.797. However, income is unevenly distributed and an estimated 68% of the population lives below the poverty line.

Kenya

Kenya has the largest economy in East Africa, a GDP of $ 64.688 billion and a per capita GDP of $ 1,422.411. Since 2007, the Kenya economy has seen significant growth aided by expansion in its telecommunications and tourism industries.

Even though the agriculture sector is very unstable, it employs 75 percent of the country’s labor force. The ninth richest country in Africa, it is categorized as a medium developed country and 18% of the population lives below the poverty line.

Ethiopia

When other countries were experiencing economic depression, the economy of Ethiopia was flourishing. Over the last decade, growth in the economy increased the country’s GDP to $67.435 billion and its GDP per capita to $739.444.

The service industry is the major contributor to the GDP with the agriculture sector just behind. Ethiopia is the largest coffee exporter in Africa and the agriculture sector employs 85% of the labor force. Despite its GDP, a significant portion of the population is impoverished.

Angola

Angola is a country in Africa rich in mineral resources. The economy of Angola is said to be one of the fast growing economies in the world. The country has a GDP of $ 91.497 billion and a GDP per capita of $ 3,150.476.

Oil production and diamond exportation make up 60 percent of the country’s GDP. Discovery of oil deposits is the reason rapid growth the country has experienced over the last two decades. The country has the potential for even more growth with the expansion of its agriculture and telecommunications sectors

Sudan

After the independence of South Sudan from Sudan in 2011, the economy came to a grinding halt. However, an increase in the production of oil soon revived the economy. Sudan is now the sixth richest country in Africa with a GDP of $2,366.970 billion and a GDP per capita of $98.729.

Even though oil production helped to boost growth, the GDP of the country is largely dependent on its agriculture sector. This sector contributes 39 per cent of the GDP and is the largest employer in the country.

Morocco

Morocco’s $145.096 billion GDP and $3,195.564 GDP make it the fifth richest country in Africa. Morocco exports the third largest quantity of phosphorous which makes it the largest earner of foreign exchange for the country.

The second is the tourism sector. The ancient cities and  rich history engraved in every brick attract tourists to the country.The ancient cities and the rich history engraved . The agriculture sector is, however, the largest employer

Algeria

The country generates a significant of its earnings from the exportation of oil and natural gas. Revenues generated from the mining industry rank Algeria as the fourth richest country in Africa. Algeria has a GDP of $180.974 billion and a GDP per capita of $4,082.572.

There is also the agriculture and service industries. These industries make up a small portion of the GDP but in recent years have seen some growth. The government has made efforts to diversify the economy by inviting foreign direct investments.

South Africa

A GDP of $310.213 billion and a GDP per capita of 4,768.235 ranks South Africa as the third richest country in Africa. The country has a very diversified economy. The country earns from its mining, agriculture, food processing, energy, telecommunications, tourism, and vehicle manufacturing industries.

South Africa exports gold and diamond. It is also the third largest exporter of coal in the world. It is one of four African countries identified as having an upper middle-income economy. Despite its position and resources, income is unevenly distributed and a large portion of the population is poor.

Egypt

The government of Egypt has instituted a number of reforms that have kept the economy stable. The country’s 2016 GDP of $330.765 billion and $3,740.249 GDP per capita make it the second richest country in Africa.

The natural gas, clothing and textile, services, manufacturing, and agriculture sectors support Egypt’s economy. The economy is also boosted by flows of remittances and foreign direct investments. Only a few benefits from the economy, there is a high level of unemployment and poverty.

Nigeria

Nigeria’s 2016 GDP of $411.966 makes it the richest country in Africa. Sound economic policies have seen the GDP per capita increasing by 109 per cent to $2,929.525 in 2016 from 2000. The country in 2005 managed to have almost all of its external debt forgiven.

This country has the largest manufacturing, agriculture, and services sector in Africa. The services sector contributing 55 per cent of the economy is the largest sector in Nigeria. Oil production contributes 9 per cent of the GDP.

Richest Countries In Africa – Comprehensive Rankings

The 2017 best estimates of the richest countries in Africa are laid out below.

2016 Rank Country Nominal GDP
($ billions)
Nominal GDP per capita(US$)
1 Nigeria 411.966 2,929.525
2 Egypt 330.765 3,740.249
3 South Africa 310.213 4,768.235
4 Algeria 180.974 4,082.572
5 Morocco 145.096 3,195.564
6 Sudan 98.729 2,366.970
7 Angola 91.497 3,150.476
8 Ethiopia 67.435 739.444
9 Kenya 64.688 1,422.411
10 Tanzania 45.899 943.797
11 Tunisia 43.989 3,919.332
12 Democratic Republic of the Congo 41.207 489.796
13 Libya 39.315 6,157.797
14 Ghana 38.171 1,384.354
15 Ivory Coast 34.668 1,425.056
16 Cameroon 30.296 1,279.103
17 Uganda 24.995 608.353
18 Zambia 19.117 1,143.550
19 Zimbabwe 14.659 1,081.531
20 Senegal 14.572 945.863
21 Mali 14.198 844.274
22 Gabon 14.166 7,530.435
23 Botswana 12.701 5,896.556
24 Mozambique 12.505 434.930
25 Burkina Faso 11.872 644.502
26 Mauritius 11.865 9,421.541
27 Namibia 11.210 5,005.166
28 Chad 10.096 851.640
29 Madagascar 9.524 382.241
30 Benin 9.062 814.360
31 Rwanda 8.490 732.463
32 Congo 8.364 1,875.265
33 Equatorial Guinea 7.884 9,604.286
34 Niger 7.510 412.797
35 Guinea 6.569 519.173
36 Eritrea 5.352 771.361
37 Malawi 5.347 286.981
38 Mauritania 4.541 1,197.121
39 Togo 4.405 586.301
40 Sierra Leone 4.095 635.892
41 Swaziland 3.391 2,611.777
42 South Sudan 3.074 245.901
43 Burundi 2.772 287.286
44 Liberia 2.106 478.681
45 Lesotho 1.766 911.775
46 Djibouti 1.903 1,917.576
47 Central African Republic 1.819 372.165
48 Cape Verde 1.625 3,057.916
49 Seychelles 1.427 15,400.056
50 Guinea-Bissau 1.136 624.671
51 The Gambia 0.886 435.452
52 Somalia 0.720 145.06
53 Comoros 0.609 739.132
54 São Tomé and Príncipe 0.349 1,681.379

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

Leave a Comment!

Hajia Bola Shagaya

Richest Black Women in the World – Top 10

charles-taylor

Worst African Dictators & Leaders – Top 10