The African continent has always been referred to as “The Sleeping Giant.” Such a terminology usually points at the great potential Africa has. It is well endowed with resources of all kinds. This applies to natural as well as human resources. In the recent past, African economies have been flourishing with the following countries making up the list of the top 10 largest economies in Africa .
10. Tanzania
GDP – $49 billion
Per Capita – $720
Tanzania completes the list of the top ten economies in the
African continent with a GDP of $49 billion. As of 2014, Tanzania ’s
gross domestic product (GDP) was an estimated $43.8 billion, or $86.4 billion
on a purchasing power parity (PPP) basis. Tanzania is a middle-power country,
with a per capita GDP of $1,813 (PPP) which was 32% below the average of $2,673
for the 45 sub-Saharan African countries[87] and ranked 23rd among those
countries.
From 2009 through 2013,Tanzania ’s
per capita GDP (based on constant local currency) grew at an average of 3.5%
per year. Tanzania ’s
population of 47.4 million (2014) is highly diverse, composed of numerous
ethnic, linguistic, and religious groups.
Ethiopia
GDP – $55 billion
Per Capita – $859
About three decades ago, the whole world came in aid ofEthiopia . The country was going
through a dreadful famine. Three decades down the lane, Ethiopia is
emerging as one of the top economies in the region. With a GDP of $55 billion
dollars, Ethiopia
holds the 9th slot. Its economy mainly depends on agriculture. It is the second
largest producer of maize in the continent. Coffee and horticulture (flowers)
have been doing quite well recently.
Sudan
GDP – $64 billion
Per Capita – $2,417
Until the mid 2008,Sudan
was infamous for civil wars. This greatly devastated the country. However,
after 2008 the country’s economy sprang back to action. As of 2014, the Eastern Africa country had a GDP of $64 billion. Its main
economic activities are agriculture, gold and petroleum mining. It is the 3rd
largest producer of sesame in the world. Other products include cotton, coffee,
cotton seed, wheat, sugarcane, tobacco, peanuts and more.
Libya
GDP – $ 67 billion
Per Capita – $11,354
Libya has an estimated GDP of $ 67 billion dollars. The
main economy of the country is petroleum mining. It has among the largest oil
reserves in the entire world. Better world prices have certainly favoured the
desert country in the recent past. Libya also has some substantial
deposits of steel ore.
Interestingly, despite Morroco’s position here, it is the country that has the highest per capita income in this list. This could be attributed to her small population side
Also see: 10 African Minerals of Highest Economic Value
Morocco
GDP – $107 billion
Per Capita – $5,765
The Kingdom of Morocco has for many decades featured among the top economies in the continent. This has largely been attributed to good policies and stable political structures. Its annual GDP in 2014 is valued at $ 105 billion dollars. The main economic activities include fishing, agriculture, and mining.Morocco
is among the top producers of cannabis. It also has a good reserve of lead,
phosphates, and silver.
Angola
GDP – $131 billion
Per Capita – $2,829
A few years back,Angola
was always in the news for civil wars and political unrest. However, it seems
like the 25 year war has finally ceded to peace. The once war-torn country
overtook the Kingdom of Morocco to become the fifth largest economy in Africa . Its GDP is valued at $ 131billion dollars. Its
main economic activities are mining of diamonds and petroleum oil % gas.
GDP – $49 billion
Per Capita – $720
From 2009 through 2013,
Ethiopia
GDP – $55 billion
Per Capita – $859
About three decades ago, the whole world came in aid of
Sudan
GDP – $64 billion
Per Capita – $2,417
Until the mid 2008,
Libya
GDP – $ 67 billion
Per Capita – $11,354
Interestingly, despite Morroco’s position here, it is the country that has the highest per capita income in this list. This could be attributed to her small population side
Also see: 10 African Minerals of Highest Economic Value
Morocco
GDP – $107 billion
Per Capita – $5,765
The Kingdom of Morocco has for many decades featured among the top economies in the continent. This has largely been attributed to good policies and stable political structures. Its annual GDP in 2014 is valued at $ 105 billion dollars. The main economic activities include fishing, agriculture, and mining.
Angola
GDP – $131 billion
Per Capita – $2,829
A few years back,
Algeria
GDP – $214 billion
Per Capita – $7, 095
They include iron, copper, zinc, mercury, lignite, calamine, antimony and phosphate.
Egypt
GDP – $292 billion
Per Capita – $4,282
It also has a thriving horticultural, and tourism industry. Her Per Capita which is $4,282 is not too bad, occupying the 5th position; just two steps down.
Read: 10 Common Reasons Why New Startup Businesses Fail
South Africa
GDP – $353
Per Capita – $11,035
Commendably,
Nigeria
GDP – $569 billion
Per Capita – $2,700
Unfortunately, the exploding population of