Africa is a vast continent with 54 countries and a population of 1.2 billion. Yet, despite this, it is often thought of as a single entity with the same problems and the same potential. But when you look at the individual countries, you see huge disparities in wealth and development.
Thanks to their natural resources or strong economies, some African countries are doing very well. These are the richest countries in Africa. They have high GDPs, low levels of poverty, and high levels of development.
The Richest Countries In Africa 2018
In 2017, according to the International Monetary Fund, the GDP of Tanzania was approximately $51.725 billion. The remainder of its population passes through the agricultural sector, while the rest are divided between mining, manufacturing, food processing, and telecommunications.
The country’s heavy reliance on agriculture makes it easy to fall victim to natural disasters and its commodities. Tanzania’s main exports are coffee and cacao and minerals such as gold and diamonds.
Sudan had an economy worth $58.239 billion in 2017, with a 4.26% annual growth rate from 2005 to 2017. Despite significant growth, Sudan still faces several problems with political conflicts and a lack of basic infrastructure in large areas. The majority of the population also depends on subsistence farming.
Along with the issues mentioned above, Sudanese people will stay below the poverty line. The secession of South Sudan proved to be a blow to Sudan, given that the industry since 1994 has been a central pillar for the country’s economic growth.
Kenya had a GDP of $79.511 billion in 2017. Trade is a crucial part of the country s economic growth. According to Heritage.org, the conjoined value of exports and imports equals 38 percent of GDP. The agricultural sector dominates Kenya s economy. The primary industries are agriculture, industry, manufacturing, and services.
Kenya’s leading agricultural sector gives rise to sisal, tea, coffee, pyrethrum, wheat, and corn grown in the fertile highlands; livestock dominate in the north and the east; coconuts, pineapples, cashews, cotton, sugar, sisal, and corn are grown in the lower-lying areas. Despite taking a hit due to economic volatility, tourism also plays a significant role in Kenya’s service sector.
According to the IMF World Economic Outlook, Ethiopia’s 2017 GDP of $80.874 billion puts it in sprinting range of two of the fastest-growing economies in the world. The nation’s fast economic growth is driven chiefly by industrial investment, with the country investing heavily in infrastructure such as the Grand Renaissance Dam.
Ethiopia’s primary exports include coffee, leather, textiles, natural gums, spices, and minerals. However, agriculture is the top industry in the country since the government dominates the banking industry, telecommunications, and transportation sectors.
Morocco’s GDP in 2017 amounted to $109.082 billion. Among Morocco’s economic sectors, just the service sector accounts for more than half of GDP and industry for roughly a quarter. Tourism, telecoms and the textile sector saw the fastest growth. Important exports excluding phosphates are electric components, inorganic chemicals, transistors, and citrus fruits.
Angola is still reeling from a 27-year-long civil war that began after being divorced from Portugal in 1975. The conflict ended after more than a decade, but the country’s economy recently blossomed along all lines, despite costly stalemates with the global energy market. According to the most recent figures, Angola is one of the fastest-growing economies globally. GDP of $124.209bn, but the sharp decline in global oil prices has caused GDP growth to drop to 1.5% from 10.3% pre-2014.
The government intervened by cutting consumption and increasing non-oil revenue, devaluing the national currency. Angola exports crude oil, petroleum products, diamonds, fish, fish products, coffee, sisal, cotton, and lumber, and its most important industries are oil, diamonds, agriculture, and fishing.
Algeria’s gross domestic product was nominal $178 billion in 2017, but exports dropped from the previous year due to a slump in hydrocarbon exports. Petroleum and natural gas are the country’s most significant mineral resource exports, while agriculture plays a relatively minor role. However, examples of subsistence still exist. Algeria’s principal farm crops exported are wheat, oats, citrus fruit, olives, and dates.
Egypt has a long, diverse economy with lots of ups and downs. After the 2011 revolution, foreign exchange reserves declined considerably. Reserves fell from $36 billion in December 2010 to just under $16 billion in January 2011. The revolution also hurt Egypt’s economic growth, prompting it to pursue economic reforms that promote long-term growth.
The gross domestic product in 2017 was $237.037 trillion. One of the world’s most significant exports is petroleum, insulated wire, video displays, and gold. Another key area of this country’s economy is agriculture.
2. South Africa
The second-largest economy in Africa is South Africa, trailed by Nigeria, with a GDP of $349.299 billion. Statistics were higher than expected for 2017, seeing as the country’s economy grew by 1.3 percent, just higher than the National Treasury’s expectation of 1.0 percent. The highest-performing industry to contribute to this growth was agriculture, followed by mining and manufacturing.
The demand for manganese ore, chrome, iron ore, and anything used in the production of steel during the latter half of the 20th century was necessary for the growth of this sector. In addition, several of South Africa’s most important exports include corn, diamonds, and fruit. Along with being the second-largest producer of gold globally, South Africa’s gold industry is one of the most important in the country.
Nigeria has the largest GDP in Africa, next to having the largest population. Following a current population of 195 million based on the most recent findings of the U.N., it is an economic powerhouse compared to its neighbours. With an abundance of natural resources, the country ranks 2nd in oil, cocoa, and timber exports.
Nigeria is the African continent’s largest crude oil supplier. Also, Nigeria’s booming agricultural sector is responsible for 18% of the continent’s GDP and close to a third of its employment. Developed first in Africa in farm output, Nigeria’s main agricultural exports are cocoa, peanuts, rubber, and palm oil.
this article originally appeared on Ethiopian Gazette