info.afrindex.com
China-Africa Trade Information Service
info.afrindex.com
China-Africa Trade Information Service
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According to 2017 statistics released by the International Monetary Fund (IMF) in 2018, Nigeria and South Africa are the largest economies in Africa with a combined GDP of around $750 billion.
1. Nigeria
With an estimated population of 200 million, the West African country boast of $376.284bn in GDP, making Nigeria the highest GDP in Africa. The country is blessed with abundant natural resources especially crude oil, which accounts for over 70 percent of its earnings. Other non oil export include; cocoa, and rubber. In fact, Nigeria is Africa’s largest crude oil supplier. Not to mention the rich agricultural sector that’s responsible for 18% of the country’s GDP and almost a third of employment. Ranking first in Africa in terms of farm output, Nigeria’s main agricultural exports are cocoa, peanuts, rubber, and palm oil. Its tech industry is also booming, as start ups continue to take center stage.
2. South Africa
With a GDP of $349.299bn, South Africa is the second largest economy in the continent. IMF data in 2017 revealed that the country's GDP grew by 1.3%, just higher than the National Treasury’s expectation of 1.0%.
Its mining sector and agriculture are the country's power assets followed by manufacturing. A demand for manganese ore, chrome, iron ore, and anything used in the production of steel helped spur on this growth.Some of the country's key exports include diamonds, fruits and vegetables. It is also the second largest producer of gold.
3. Egypt
The political unrest that ensued also negatively impacted the country's economic growth, urging the government towards economic reform that'll focus on sustainable growth. The GDP in 2017 stood at $237.037bn. Some of the countr's main exports include petroleum, insulated wire, video displays, and gold. The biggest non-petroleum based industries are tourism, textile production, food processing.
4. Algeria
As an oil producing country, Algeria has a GDP of $178.287bn in 2017, but the country's economic growth has gradually succumbed to pressure from unstable oil market and decline in hydrocarbon production. Petroleum and natural gases are the country’s most important mineral resources, with the biggest exports being either mined or manufactured, while agriculture plays a comparatively minor role. However, examples of some of Algeria’s principle farm crops that are exported are wheat, oats, citrus fruit, olives, and dates.
5. Angola
Angola today is considered one of the fastest-growing economy in the world.The government intervened by cutting expenditure, increasing non-oil revenue, and devaluing the kwanza. Angola exports crude oil, petroleum products, diamonds, fish, fish products, coffee, sisal, cotton, and lumber and its biggest industries are oil, diamonds, agriculture, and fishing.
6. Morocco
The services sector accounts for just over half of GDP and industry a quarter, made up of mining, primarily phosphate rock mining, construction, and manufacturing. Telecoms and textile sector recorded the highest growth. Important exports excluding phosphates are electric components, inorganic chemicals, transistors, citrus fruits, vegetables, and fish.
