Top 10 Biggest Economies in Africa, 2018
The African continent includes 54 different countries with a total population of more than 900 million people. It’s also home to some of the fastest growing economies in the world.
The following countries are the top ten economies in Africa, by Real GDP, which is adjusted for inflation. All GDP data is the most recent.
1. Nigeria – $408.61 billion
Nigeria’s economy is the largest in Africa, with a total GDP of $408.61. Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology, and entertainment sectors.
The country’s economy is driven largely by its oil sector Nearly one third of the country’s GDP is derived from the the oil sector.
2. South Africa – $370.89 billion
South Africa has the second largest economy in Africa. The country’s economy is valued with a GDP of $370.89 billion according to the IMF. As one of Africa’s most visited nation, South Africa’s tourism industry is a major component of the country’s economy.
3. Algeria – $197.63 billion
Number three on the list is Algeria with a GDP of $197.63 billion.
Algerias’ economy although diversified, is bolstered by a strong natural resources sector, with large natural gas reserves and a fairly healthy tourism industry.
4. Morocco – $121 billion
Morocco’s economy is considered a relatively liberal economy governed by the law of supply and demand. Since 1993, the country has followed a policy of privatisation of certain economic sectors which used to be in the hands of the governmen.., Thanks to these changes, Morocco has become a major player in African economic affairs, and is the 4th biggest economy in Africa by GDP.
Morocco is the world’s third-largest producer of phosphates and the price fluctuations of phosphates on the international market greatly influence Morocco’s economy.
5. Angola – $119.43 billion
Angola’s economy has in recent years moved on from the disarray caused by a quarter-century of
Angolan civil war to become the fastest-growing economy in Africa and the 5th biggest economy in Africa valued with a GDP of $119.43 billion.
Angola has vast mineral and petroleum reserves, and its economy is among the fastest-growing in the world,
Subsistence agriculture provides the main livelihood for 85% of the population. Oil production and the supporting activities are vital to the economy, contributing about 45% to GDP and 90% of exports.
6. Kenya – $88.27 billion
Kenya’s economy is the largest in eastern and central Africa and the 6th largest evonomy in Africa with Nairobi serving as a major regional commercial hub
In recent years, the economy has seen much expansion, seen by strong performance in tourism, higher education and telecommunications.
7. Ethiopia – $85.66 billion
According to the IMF, Ethiopia is one of the fastest growing economies in the world, registering and one of the fastest-growing non-oil-dependent African economy in recent years.
The country has the second largest economy (by GDP) in East Africa and is concentrated in the services and agriculture sectors.
8. Tanzania – $56.66 billion
As of 2018, according to the IMF, Tanzania’s
gross domestic product (GDP) was an estimated $56.7 billion making the 8th largedt economy in Africa.
Tanzania is largely dependent on agriculture for employment, accounting for about half of the employed workforce.
9. Ghana – $51.62 billion
Ghana is an average natural resource enriched country possessing industrial minerals, hydrocarbons and precious metals. It is an emerging designated digital economy with a mixed economy.
Ghana is Africa’s second-biggest gold producer and second-largest cocoa producer. It is also rich in diamonds and oil.
10. Cote d’Ivoire – $48.14 billion
With a GDP total of $48.14 billion Cote d’Ivoires has the 10th largest economy in Africa.
Ivory Coast is among the world’s largest producers and exporters of coffee, cocoa beans, and palm oil. Consequently, the economy is highly sensitive to fluctuations in international prices for these products and to weather conditions.
The Ivorian economy is largely market-based and still relies heavily on agriculture.