Nigeria Tops List of Top 7 Biggest Economies in Africa, 2019
Nigeria currently leads as the top economy on the continent with a 1.9 per cent increase.
Nigeria has the biggest economy in Africa according to PwC.
PricewaterhouseCoopers has revealed the seven biggest economies in Africa right now.
The firm’s report, ‘Nigeria Economic Outlook - Top 10 themes for 2019,’ was released on February 18, 2019.
According to the data provided by the professional services firm, Nigeria has the biggest economy in Africa, followed by Egypt and South Africa.
Here are the 7 biggest economies in Africa right now:
1. Nigeria (GDP of $1.121 trillion)
Nigeria comes in at number one with a GDP of $1.121 trillion. Manufacturing, financial, service, communications, technology, entertainment, agriculture and oil sectors all contribute to the country’s economy.
2. Egypt (GDP – $1.13 trillion)
Sectors like tourism, gas, telecom and construction play major roles in Egypt’s economy. The World Bank (WB) predicts that the country’s economy will increase by 5.7% in 2019.
3. South Africa – (GDP – $765.5 billion)
The economy of South Africa is the second largest in Africa, after Nigeria and Egypt. It is one of most industrialized countries in Africa. South Africa is an upper-middle-income economy by the World Bank – one of only four such countries in Africa (alongside Botswana , Gabon and Mauritius ). Tourism is a major revenue generating industry.
4. Algeria (GDP -$630.5 billion)
The non-hydrocarbon sector (petroleum and natural gas) is the major contributor to the country’s economy.
5. Ethiopia (GDP -$199.3 billion)
The economy of Ethiopia is a mixed and transition economy with a large public sector. The Ethiopian government is in the process of privatizing many of the state-owned businesses and moving toward a market economy.
6. Angola (GDP – $197.9 billion)
The country’s economy relies heavily on the oil sector in addition to the manufacturing, agricultural, transport and fisheries sectors.
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Still, Focus Economics, a major provider of economic analysis and forecasts for 130 countries, predicts a 1.3% increase in 2019.
7. Kenya (GDP – $163.3 billion)
Last on the list is Kenya with a GDP of $163.3 billion. Kenya’s economy is market-based with a few state-owned infrastructure enterprises and maintains a liberalised external trade system. The country is generally perceived as Eastern Africa’s hub for Financial, Communication and Transportation services.