GDP Rankings in Africa for the top countries
Africa is a large continent comprised of over 50 countries including islands. Although many may still have the misconception that the whole of Africa is poor and struggling, the truth cannot be further from that. There is no denying that the continent is home to some poorer countries that are in desperate need of assistance to grow their economy and provide proper health care and education systems for their nations. However, there are also many countries in Africa that have passed developing stage and are now at MIC (Middle Income Country) status. The GDP rankings in Africa show all this and more.
There are many countries in Africa that are not only safe and have the means to raise a family, but also stable and secure for business ventures.
The following are some of the countries in GDP Rankings in Africa in 2016:
Nigeria has managed to be the leaders in the African continent’s economy with an estimate GDP of 490 billion USD. The African giant continues to maintain its economic growth in all major sectors, with oil being right at the top.
Egypt swooped up 2nd place when SA fell to 3rd in the African economy ranks. The country was able to maintain a steady economic growth, although some reports show that it may not remain due to security challenges facing tourism. The country now sports a GDP of an estimate 330 billion USD
South Africa had been hot on Nigeria’s heels in largest African Economy status, but due to the incredible drop in the Rand, SA lost its place and now lies 3rd after Egypt. The fall of the rand was rapid going from R8.20 to the US Dollar in 2012 to R12.70 to the US Dollar in 2015 and now sits at R14.30. The decline has drastically weakened the country’s economy and only time will tell how it continues to fair against other African nations.
Algeria ranks at an estimate of 166 billion USD and has proven to grow rapidly without any negative aspects having an influence. The country’s main sectors include mining and are rich in minerals crude oil, iron ore, zinc and copper.
Morocco’s main sectors include agriculture, but their strong GDP contributor lies within the services and manufacturing industries. The country now shows an estimate GDP of 108 billion USD according to reports.
Sudan has a GDP of 93 billion with its primary sector in agriculture and primary resources being peanuts, gum arabic, tobacco, sesame seeds and cotton. Some of the country’s livestock such as cows and sheep are also exported to Saudi Arabia and thus contributes to the country’s GDP.
Although Angola has shown steady growth in its economy, reports show the country had to make a drastic budget cut by 20% due to the effects of oil costs. The country’s estimate GDP this year is at 81 billion USD. The country has dropped in the GDP Rankings in Africa due to oil price changes.
Even though according to reports, Ethiopia has shown to be one of the fastest growing economies in 2015, it has taken a dip since then due to the devastating drought this year, not only decreasing economic growth but also claiming many lives. The country now stands at an estimate 67 billion USD
Kenya is in 9th place with a GDP estimate of 64 billion USD. The country’s economy is mainly market base with main industries being fishing and forestry, mining and minerals, agriculture, as well as manufacturing. The country’s service sectors contribute a massive estimate of more than 60% towards the country’s GDP. According to the IMF the country’s GDP is expected to decline this year at about 4.5%.
Tanzania’s main industries include Agriculture with main resources being olive, grain, tomatoes, citrus fruit, sugar beets, dates and almonds. The country now has an estimate GDP of 43 billion USD. Main trading partners include China, Italy, Germany, France, and Spain.
GDP for other African countries to immigrate to
Furthermore, according to the IMF countries such as Cote d’Ivoire, Rwanda and Senegal are just some other countries in Africa suspected to show promising growth of about an estimate of 6-7% this year. GDP rankings in Africa continue to show the progress of the continent as a whole.