Africa’s rapid economic growth featured by its soaring GDP makes it the second fastest growing continent in the world next to Asia. With a population of nearly 1.242 billion people, Africa is the world’s second most populated continent today. It is also the world’s second largest continent with an area of about 30.2 million sq km.
Africa’s rapid economic growth featured by its soaring GDP makes it the second fastest growing continent in the world next to Asia. With a population of nearly 1.242 billion people, Africa is the world’s second most populated continent today. It is also the world’s second largest continent with an area of about 30.2 million sq km. In this article, we present you Africa Top 5 economies:
Nigeria holds the second largest stock exchange in Africa with a nominal GDP of $492.986 billion in 2017. The nation holds an abundant amount of natural resources such as agriculture and minerals.
Oil constitues the most valuable resource of the Nigerian economy, making it one of the world largest oil suppliers and a member of OPEC.
With 70% of its nation’s workforce invested in agriculture, the country is also the largest exporter of cassava and yams along with a variety of other agricultural products.
As far as education and literacy is concerned 61.3% Nigerians can read and write, and such percentage is bound to increase due to the current education policy aimed at proposing a sound eductaion program for every single Nigerian.
At last, The country’s export grosses $95.68 billion to many countries like the US, China and India among the majors.
2. South Africa
The South African economy is the industrial powerhouse of Africa, with its diversified natural resources and its agriculture accounting for about 24% of the continent’s GDP. The nation’s economic management has a sound track record that can be reflected by its GDP figures. Its administrative structure and business environments remains very close to major Western countries stabdards and the country entertains strong relationships with IFIs.
South Africa is one of the most promising economy for any ventures due to its competitiveness in the following areas:
- Cost of living
- Secondary school enrollment
- Export facilities
- Low commercial real estate price
- Effective personal income tax
- Very strong Stock market capitalization
The Egyptian economy retains Africa’s highest economic strength assessment despites its numerous negative shocks.
Egypt is commonly known as ‘the jewel of the Nile’, has delivered GDP output of $330.78 billion last year.
The nation holds many economic strengths for real estate investors in terms of capital growth associated with a low cost of living and at last booming market for foreign investment and economic expansion.
Tourism, despite the latest terrorist events remains a strong asset for the economy.
At last, Egypt’s current debt policy along with its financial and political support from the Gold monarchies and western countries do constitute its greatest strengths and provide a very positive outlook for the country.
With an area of about 2.381 million square kilometers, Algeria is the largest country in Africa and the tenth largest land in the world. It is a politically stable state with significant reserves of oil and gas.
The nation has a stable external financial situation with significant foreign exchange reserves and very low external indebtedness. The economy is leading the fields of renewable energies and tourism. The main activities driving the nation stand in agriculture, mining and fishing.
5. Angola GDP
Angola is Africa’s fifth largest economy and the second-largest oil producer. The nation has significant economic potential in agriculture, diamonds, copper, gold, iron and hydraulic resources. The production of liquefied natural gas (LNG) constitutes the country’s major concern since 2016.
Benefiting from an exceptional international financial backing, Angola’s economy is one of the fastest growing in the world today. Consequently, the nation is attracting significant volume of foreign investments and among them China .
To conclude this piece, we need to emphasize the fact that over the last decade, the African continent held six of the ten fastest-growing economies.
After decades of slow growth, striving to rebuild economies devastated by centuries of destructive european colonialism, Africa holds a real opportunity to follow the trend of Asia and become a major economic center for the rest of the world.