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  • Largest economy in Africa 2018 - Top 5 countries Written by Zain Agu
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    Updated 2 years ago

    There are several African countries that show great economic development. Here we have the list of top 5 largest economy in Africa. We will consider all the details in this post, so read on to know the latest information.

    The largest economy in Africa in 2018

    Nigeria

    Photo: guardian.ng

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    This is the current largest economy in Africa. The level of GDP is $376.284 billion and this is the most populated county on the continent. Experts expect 2.6% increase of GDP in 2018. Nigeria has a mixed economy emerging market, and that helped the country to reach a middle-income status.

    Nigeria is one of 11 Global Growth Generators. According to Citigroup projected, the country has a good chance to have highest in the world average GDP growth level in 2020. The main branches of the economy:

    – Agriculture

    Photo: africabusinessclassroom.com

    In 2010, 30% of Nigerian citizens were employed in agriculture and this sector continues the development. The main crops are: beans, sesame, cashew nuts, cassava, cocoa beans, groundnuts, gum arabic.

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    – Oil

    Nigeria is the 8th largest exporter and 12th largest producer of petroleum products in the world. 40% of GDP and 80% of Government earnings comes from the petroleum sector.

    – Services

    In our days the country has fast growing telecommunication market. The financial service sector is one more leading sources of economic growth.

    Among less developed sectors of the economy, there are mining, manufacturing and government satellites.

    South Africa

    Photo: africa-facts.org

    South Africa has an estimated GDP of $349.299 billion. The population of the country is more than 50 million people and 25 per cent of them are unemployed. The rate of economic growth is around 3.2 per cent.

    The country has mixed economy, in 2018 South Africa is at the second place at the list of largest economies in Africa. From 2004 the country started its economic growth. The country is considered a popular tourist destination, so tourism is among the leading economic sectors.

    Top 7 fastest growing economy in Africa in 2018

    The main trading partners are Germany, United States, China, Japan, United Kingdom and Spain. 10% of the population work in the agriculture industry, this is relatively low level in comparison with other African countries. According to FDI magazine, South Africa has one of the best economic potentials among all the African continent.

    Egypt

    Third among the largest economies of Africa. Egypt's GDP is estimated at $237.037 billion. The primary sources of income are agriculture, media, petroleum imports, natural gas, and tourism.

    The level of unemployment is 9.7 per cent. Experts expect economic growth at the rate of 1.5 per cent this year. Unstable political situation unfortunately harmed the economic situation. Nevertheless, the government promises to boost incomes and create more jobs.

    The country has a developed energy market based on coal, oil, natural gas, and hydropower. Liberal economic policy led to the development of such sectors as tourism and a booming stock market.

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    Photo: dailynewsegypt.com

    IT sector shows fast rate of development with many start-ups and outsourcing projects. As for tourism, it is known as one of the most important economic sector of the country. 12% of the population works in tourism. The next big sector is energy, Egypt is the largest non-OPEC producer of oil. The government has a plan to build the first nuclear power plant that can increase the level of energy sector development.

    Algeria

    Photo: northafricapost.com

    The GDP level is $124.209 billion, the industrial sector is the primary source of income. In this year the country expects 2.5% of GDP growth.

    The country was classified by World Bank as an upper middle-income country. In recent years the government imposed restrictions on imports and halted the privatization of state-owned industries.

    Unfortunately, the economy of the country still faces many problems. Economic protests of March 2011 forced the government to allocate $23 billion to increase salaries and payments. In the same year, the agriculture and services sectors increased to 10%. This year 14% of the population are employed in the agriculture sector.

    Top ten richest countries on the African continent in 2018

    Photo: titanoutletstore.com

    The country has well-developed program of alternative energy production, especially solar and wind power. Algeria has the largest solar energy potential of the region.

    Since 2004 the government of Algeria started a program of tourism development.

    Morocco

    Photo: atom.mu

    The GDP level is $109.824 billion, the economy is market-oriented. The main sectors of the economy are agriculture, tourism, and industry. The country expects to reach 3.1 per cent of economic growth in 2018.

    The country has a liberal economy. In 1993 the government started a policy of privatization of some economic sectors. Such a change led to positive results. According to Economist Intelligence Unit's quality-of-life index, Morocco has one of the best economic potentials among African countries.

    – Tourism

    Photo: eturbonews.com

    Today it is one of the most important sectors of the economy. The government works to create a more tourist-oriented environment. Every year more than 10 million tourists visit the country. Morocco has become one of top 20 tourist destinations in the world. It is expected that in 2020, there will be 20 million tourists visiting Morocco every year. 60% of tourists visit the country for its heritage and culture.

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    – Agriculture

    14% of GDP comes from the agriculture sector, 40-45% of working population work in this sector.

    – Energy sector

    It should be said that in recent years the government of Morocco invested more in alternative sources of energy.

    Now you know what country has the largest economy in Africa.

    READ ALSO: Sectors of the Nigerian economy

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    Source: Legit

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