Top 10 Richest Countries in Africa in 2021-2022 GDP
Top 10 Richest Countries in Africa in 2021-2022 By GDP, Top 10 LARGEST Economies in Africa (GDP) in 2020,
10 Strongest Economies in Africa 2021 – With all the world’s economies being struck badly by the pandemic, many countries have slowly begun to recover after facing its effects. The continent of Africa, which has been struck by the pandemic the least, has shown impressive
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00:00 – Intro
00:17 – Tanzania
01:38 – Ghana
03:02 – Ethiopia
04:40 – Angola
06:04 – Kenya
07:30 – Morocco
08:40 – Algeria
10:04 – Egypt
11:24 – South Africa
13:07 – Nigeria
10. Tanzania (62.2 Billion US dollars)
Tanzania supports a population of around 55 million people. Although the poverty rate has decreased in the last few years, the absolute number of citizens in poverty has remained the same. The estimated GDP growth rate was 5.6% for 2019 due to high government investment in a new railway line, the revival of air Tanzania and a new hydropower plant.
Tanzania mainly exports gold, cashew nuts, coffee and cotton. Tanzanian President, John Magufuli’s government has high growth plans for Tanzania including the expansion of their budget deficit in the next few years to support capital outlays for new developments.
9. Ghana (68.3 Billion US dollars)
Ghana mainly exports resources such as cocoa, crude oil, gold and timber. The country experienced an economic expansion of 6.7% in the 1st quarter of 2019, with non-oil growth at 6%. Inflation remains in the single digits at around 9% and the banking sector is well-capitalized.
Ghana’s energy sector remains under financial pressure due to high costs and natural gas supply. With an election cycle in the midst of an oil price war and Covid-19, 2020 will be a test of what growth will be seen in Ghana.
6. Kenya (99.3 billion US dollars)
Kenya, one of the quickest growing economies in Sub-Saharan Africa, averaged GDP growth of 5.7% in 2019. The recent economic expansion has been boosted by a stable macroeconomic environment, positive investor confidence and a resilient services sector.
Although Kenya has experienced fast growth in both technology and financial services, their total output still remains heavily skewed to agricultural produce (approximately 35% of its GDP) including coffee, tea and corn
2. South Africa (371.3 Billion US dollars)
South Africa holds on to the second spot in this list, after a difficult 2nd half of 2019. South Africa went into a recession after 2 consecutive quarters of negative GDP growth. The main reason, among others, power outages from ageing operations at its main power producer, Eskom.
South Africa has diversified its offering over the past two decades away from mainly raw material exports such as gold, iron ore and platinum group metals, to financial services and manufacturing. Financial services, mining and personal
services were the only industries to post positive growth in the 4th quarter in 2019.
1. Nigeria (446.5 Billion US Dollars)
A key component of the African economy, Nigeria has a population amounting to half of West Africa (just over 200 million). With an abundance of natural resources, it remains Africa’s number one producer in terms of GDP output.
The country is Africa’s largest crude oil exporter, recording production of about 1.6 million barrels a day in December of 2019. Petroleum exports account for 10% of GDP and exceed 80% of export revenue. Apart from petroleum, Nigeria’s other natural resources include natural gas, tin, iron ore, coal, limestone, niobium, lead, zinc and arable land.
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Algeria, Angola, Benin, Botswana, Burkina Faso, Burundi, Cape Verde, Cabo Verde, Cameroon, Central African Republic (CAR), Chad, Comoros, Democratic Republic of the Congo, Republic of the Congo, Cote d’Ivoire, Djibouti, Egypt, Equatorial Guinea, Eritrea, Eswatini (formerly Swaziland), Ethiopia,Gabon,Gambia,Ghana,Guinea,Guinea-Bissau, Kenya, Lesotho, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Seychelles, Sierra Leon, Somalia, South Africa, South Sudan, Sudan,Tanzania,Togo,Tunisia,Uganda, Zambia, Zimbabwe
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