2023-08-01 11:17:53
The three largest economies in Africa are Nigeria, Egypt and South Africa. Algeria, for its part, is considered one of the most important economies in North Africa. Almost half of the states entered in the list gravitate in the “BRICS” galaxy, as a member or candidate.
According to World Bank data, Nigeria and Egypt, each with a GDP in 2022 of almost $477 billion, share the top position in the list of African economies according to their gross domestic products.
Nigerian power is fueled by the rapid growth of the financial sector and oil exports. As for Egypt, its economy is driven by various industries, from tourism and agriculture to textiles and hydrocarbons, reports the Business Insider Africa portal. Recently, the country applied to join the BRICS, a group of emerging powers (Brazil, Russia, India, China, South Africa).
Financial center and industrial leader
South Africa, with an economy of around $406 billion, ranks third, is considered a financial center and industrial leader. It has been a member of BRICS since 2011.
Algeria is in fourth place. Its petrochemical industry contributes to its GDP which is estimated at $192 billion. The country, which is considered a major economic force in North Africa, has also applied to join the BRICS.
In fifth place comes Morocco. Its economy, valued at $134 billion, is boosted by the tourism and agriculture sectors coupled with investments in renewable energy.
Ethiopia, with a GDP of $127 billion, is sixth. Its economy is fueled by a thriving agricultural and manufacturing sector. Like Algeria and Egypt, this country wants to join the BRICS.
The 7th position is occupied by Kenya. With an estimated $113 billion in economic growth, the country is promoting its innovative technology sector and conducive business environment.
Angola is 8th on the list. Its GDP is estimated at 107 billion dollars, the economy is driven by oil production and diamond mining.
the 9e place is held by Tanzania. Tourism, agriculture and mining industries contribute $75.71 billion to the GDP.
The list ends with Ghana, whose economic growth is driven by cocoa production, mining and oil exploration. The country’s GDP is estimated at $72.84 billion.
Amazing Growths
It should be noted that other countries have shown spectacular growth such as Sudan with an increase of 50.9%, its GDP increasing from 34.2 billion dollars to 51.7 billion during 2022. Zambia comes next with a rate of 34.5%, while Guinea’s economy grew by 31.9%. Seychelles’ GDP rebounded by 23.4% to $1.59 billion in 2022.
According to the African Development Bank (AfDB), this continued growth is driven above all by high oil prices, which stood at nearly $100.65 per barrel in 2022.
Regressing country
Among the countries registering a decline, it was Zimbabwe which posted the largest contraction of 27.1%, with its nominal GDP falling from $28.4 billion to $20.7 billion in 2022. Ghana follows it with an 8% regression, while Sierra Leone’s GDP fell by 6.6% year-on-year.
Overall, the continent’s economy grew 3.8% to $2.7 trillion from the $2.5 trillion recorded the previous year, despite various headwinds, the analysis says. World Bank.
Forecast 2023
According to World Bank forecasts, made in early June, the Democratic Republic of Congo, Nigeria, Côte d’Ivoire and Rwanda will experience economic growth of more than 6% in 2023. However, the continent’s overall growth will mark the not in a context of external and internal disturbances, notes the study. In 2023, growth in sub-Saharan Africa is expected to decline to 3.2% before rising to 3.9% in 2024, according to the World Bank report, published last June.
1690944019
#Africas #Largest #Economies #Nigeria #Egypt #Top #Ranks
