The most-read piece of 2019 on BRINK was this one on Nigeria and its growing economy. LATAM. Comparisons of national wealth are also frequently made on the basis of purchasing power parity (PPP), to adjust for differences in the cost of living in different countries. 12. [1] Such fluctuations may change a country's ranking from one year to the next, even though they often make little or no difference to the standard of living of its population. This year, Benin’s economy showed promise. Recent growth has been due to growth in sales in commodities, services, and manufacturing. The East African country has the second highest growing economy and predicted to grow by 8.2 percent this year. 7. Although the real gross domestic product (GDP) growth rate slowed in 2017, in 2018 economic growth is expected to hover around 6.8 percent. Excluding South Africa, the continent’s largest economy, growth in Sub-Saharan Africa is forecast to rise to 6%. Ethiopia’s economy is concentrated in the services and agriculture sectors. The country’s annual growth estimates hovered around 8 percent in 2017. After a difficult 2016, Ghana saw an improved performance in 2017. In the last decade, Tanzania has seen a relatively high economic growth, averaging 6–7 percent. Africa is a resource-rich continent. Between 2001 and 2015, real GDP growth averaged at about 8 percent per annum. Not to mention the rich agricultural sector that’s responsible for 18% … And that Africa has 4 of the top 5 fastest growing economies in the world. Based on the World Bank report released earlier this year, Africa’s economy is projected to continue to rise to 3.2 percent in 2018 and to a further 3.5 percent in 2019. The former French colony of Niger is located in the northwestern part of the continent. The unemployment rate in 2016 was at 13.9%. Previously, it was Africa’s largest economy until Nigeria displaced it after the … About three decades ago, the whole world came to the aid of Ethiopia. Algeria has a GDP of $178.287 billion in 2017 as the country’s economy is challenged by the … ALSO READ: Moody's says Nigeria and South Africa's economies will recover slowly in 2019 but there's a glitch. These are the top African powers ranked by military strength to an index released by Global Firepower (GFP). These figures should therefore be used with caution. Côte d’Ivoire is forecast to expand by 7.2 percent in 2018. Burkina Faso is a low-income, landlocked Sub-Saharan country with limited natural resources. CNN Explores Modern-day Africa With New-look Inside Africa, What Renewable Energy And Home Repair Have In Common, How Automation Is Changing The Landscape Of The African Labor Market, DRC Energy & Infrastructure Investment Summit 2021, Ms Campbell Becomes the Face of Kenya Travel, Niger Puts its Best Foot Forward with Exhibition, Somizi’s Cookbook Beats Jamie Oliver to ‘Highest Selling’ in South Africa. This would be because the country/region listed has a small population, and therefore small total economy; the GDP is calculated as the population times market value of the goods and services produced per person in the country.[3][4]. Africa's economic growth in 2018 will continue in 2019 in sub-Saharan Africa, averaging 3.6% over the next two years, according to World Bank estimates. Best Economy Class in China 2019. Ethiopia and Rwanda round up the top three with 8.5% and 7.8% respectively with Tanzania, Uganda and Kenya being the other East African economies in the top 10. PPP largely removes the exchange rate problem, but has its own drawbacks; it does not reflect the value of economic output in international trade, and it also requires more estimation than nominal GDP. Overall growth in 2019 will be anaemic at best and potential rating downgrades are looming. Ethiopian Airlines. [2], Some countries may have citizens that are on average wealthy. The second Economic Development and Poverty Reduction Strategy (EDPRS 2) outlines the country’s overarching goal of growth acceleration and poverty reduction through four thematic areas: economic transformation, rural development, productivity and youth employment, and accountable governance. We look forward to hearing from you. Nigeria’s economy ranks top in Africa and 28th in the world. China Southern Airlines. Best Economy Class in Australia/Pacific 2019. It’s probably worth noting that more than 80% of Niger’s territory lies in none other than the Sahara desert. Despite its slow growth of 4.4% in 2019, owing to commodity prices, DRC still maintains to be top 15 of the top African economies. The opening of new industrial mines, coupled with a slight rebound in gold and cotton prices and rising grain production, paved the way for an acceleration of economic growth in 2016. Ethiopia – GDP: $80.9 Billion. With a population of 20 million that is composed of a predominantly young population (with 49.2% aged under 15), there’s no doubt that Niger has a very strong growth potential. As in 2018, only Mauritius ranks in the “Full Democracy" category, ahead of France and the United States. It shows that in 2019, democracy declined globally, on the African continent and more particularly in sub-Saharan Africa. With an estimated population of 200 million, the West African country boast of $376.284bn in GDP, making Nigeria the highest GDP in Africa. Brazil is the largest and … The country’s economic growth is projected to be 6 percent in 2018. 1. Despite all of that, this West African country on the Atlantic Ocean is expected to expand by 6.3 percent in 2018. Benin’s economy relies heavily on its agriculture and its informal re-export and transit trade to Nigeria, which makes up roughly 20 percent of GDP. 1. The World Bank released its annual Global Economic Prospects report for sub-Saharan Africa earlier this month, forecasting a GDP growth rate of 3.4 percent in sub-Saharan Africa for 2019… South Africa is an influential African country and economic facts show that it is the second-largest African economy –precisely in terms of GDP. In 2017, Nigeria was the biggest economy in Africa with a GDP of $400.6 billion, and this makes up for 0.5% of the world’s GDP. Total domestic revenue was 3 percent short of its 2017 target of 3.4 trillion, increasing only slightly to 12.3 percent of gross domestic product (GDP) from 11.9 percent of GDP in 2016. This question is layered with several realities of recent years in the industry. Countries in Africa are sorted according to data from the International Monetary Fund. Thanks for reading and for your interest in Africa. The West African country remains among the fastest on the African continent. Africa-focused investors are in the same boat as other emerging market investors – if not London, then where? The fallout from Brexit will affect African economies in 2019. Best Economy Class in South America 2019. South Africa, Nigeria and Angola, the region’s best economies will be slightly weaker than expected, as the region is still experiencing negative per capita income growth, weak investment, and a decline in productivity growth. Cote d’Ivoire - nominal GDP per capita US$ 1,722.26 Unlike many global publications, for nearly a decade we have been committed to showing a complete picture of Africa – not just a single story. The performance of some of Africa's largest economies in 2018 does not inspire confidence for the year ahead. It is the second largest producer of maize in the continent. These countries/regions could appear in this list as having a small GDP. In 2018, growth is projected to be 5.2 percent. Second-quarter 2019 GDP data due on Tuesday 3 September, will probably show that South Africa … However from 1992 up to now, the country has managed to hold peaceful elections and their economy has made a strong rebound.The discovery of major offshore oil deposits helped the recuperation of the economy. The inflation rate is down to 10 percent. The figures presented here do not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency. Niger’s economic growth, estimated at 5.2 percent in 2017, was driven largely by the secondary sector, particularly oil. Image – AP Photo Brexit Will Force Some Changes for Africa-Focused Investors. Côte d’Ivoire is among the largest economies in the West African Economic and Monetary Union. According to this year’s list, Mauritius is the best African country to do business in 2019 and the 39th best in the world. The economy of Niger, a landlocked sub-Saharan nation, is upheld by uranium exports and foreign financial assistance. The business trends shaping Africa in 2019 -- and beyond . The project is estimated to cost a total of $16 billion and aims to be completed by 2021. Ethiopia’s economy is growing at 10 percent a year and is expected to double within the next seven years. Ghana is a tale of remarkable fortunes. With an overall population of about 55 million in 2016, the East African country has seen a decline in poverty. This forecast would change in the event of a deteriorating global economy. Small and landlocked, Rwanda has a population of about 11.9 million people (2016). They are closely followed by South Africa, second in Africa and 59th best in the world. Among other things, it comprises of 45 flagship projects in the economy’s key sectors. The economy in the country is projected to see a 6 percent growth in 2018. The 3rd edition of the Ghana Economic Update indicates that the service sector bounced back and the fiscal consolidation is paying off. The Gross Domestic Product (GDP) in Niger expanded 5 percent in the fourth quarter of 2017. Algeria. Although growth is projected to turn mildly positive this year, low oil prices and much-needed reforms will keep the economy under pressure. Source: IMF, Renaissance Capital . 1. World Rank - 91st. The country is blessed with abundant natural resources especially crude oil, which accounts for over 70 percent of its earnings. The last 10 years has seen Ethiopia average around 10 percent economic growth. Content is produced in collaboration between Africa.com’s editorial team and our partners — including nongovernmental organizations, private sector stakeholders, agencies and institutions. Best Economy Class in Africa 2019. In its third quarter in 2017, Senegal’s economy grew at a rate of 7.1 percent, its strongest since the last quarter of 2015, when it was at an all-time high. The economic outlook for this country for the next two to three years is positive due to several factors. Nigeria, South Africa and Angola contribute 60% of SSA’s GDP and face ongoing challenges constraining the overall outlook. The East Africa Economic Outlook 2019 was prepared in the Vice Presidency for Eco-nomic Governance and Knowledge Man-agement, under the supervision and general direction of Célestin Monga, Vice President and Chief Economist, with support from Eric Kehinde Ogunleye, Amah Marie-Aude Ezanin Ethiopia’s economy is boosted by a number of large-scale infrastructure projects, including the Grand Renaissance Dam and a railway network. 1. According to relevant datacourtesy of the Trading Economics, In the first quarter of 2018, Niger has managed to increase its gross domestic product (GDP… In 2015, the service sector contributed most the country’s GDP at 54.6%, the industry contributed 25.7%, and agriculture contributed 17.8%. Content is produced in collaboration between Africa.com’s editorial team and our partners — including nongovernmental organizations, private sector stakeholders, agencies and institutions. The economy of Africa consists of the trade, industry, agriculture, and human resources of the continent.As of 2019, approximately 1.3 billion people were living in 54 countries in Africa. In fact, Nigeria is Africa’s largest crude oil supplier. 1. Based on IMF growth predictions for 2019, Libya will be the fastest-growing African economy this year with a predicted GDP of 10.8%. The initial 3.3% GDP forecast for 2019 has been revised down to 2.8%. According to the World Bank, Burkina Faso continued to improve its external position in 2016, with a current account [deficit] of 6.8 percent of GDP, compared to 8 percent in 2015. Brazil. Africa Rank - 13th. Three decades down the lane, Ethiopia is emerging as one of the top economies in the region. Nigeria has overtaken South Africa as Africa’s largest economy. In the 1980s, the country was mired in poverty. In 2016, Senegal was termed by the World Bank as the second fastest growing economy in Africa, further validated with this past year’s economic growth. East Africa remains the continent’s growth hotspot, with regional output seen expanding by 6% in 2020. Angola’s real GDP, meanwhile, looks to have contracted for a fourth straight year in 2019. Ethiopia 8.2% Ethiopia’s economy is growing at 10 percent a year and is expected to double within … And with over 200 million people, it is the largest market in the continent, its population nearly twice the … Rwanda’s economic growth is predicted to be 5.9 percent in 2018. These are the top 20 Most Powerful Militaries In Africa as of 2019. Thanks for reading and for your interest in Africa. ", "Purchasing Power Parity: Weights Matter", "Gross Domestic Product: An Economy's All", IMF World Economic Outlook (WEO), April 2018, "IMF World Economic Outlook (WEO), October 2016", "Egypt—IMF Executive Board Completes Fourth Review under the Extended Fund Facility (EFF), February 2019", "World Economic Outlook Database, April 2019", List of top international rankings by country, https://en.wikipedia.org/w/index.php?title=List_of_African_countries_by_GDP_(nominal)&oldid=998631354, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License, This page was last edited on 6 January 2021, at 08:43. [5] On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures. South Africa; GDP per capita: $13,675. The Nigerian GDP by PPP … Its economy mainly depends on agriculture. [6], The 2020 estimates are as follows:[7][8][9][10], List of African countries by Human Development Index, "A Beginner's Guide to Purchasing Power Parity Theory", "Economic Growth and Real Exchange Rate: An Overview of the Balassa-Samuelson Hypothesis in Asia", "What is GDP and why is it so important? Indeed, the average score for the region fell from 4.36 in 2018 to 4.26 in 2019, the worst score since 2010. The good news is that in 2019, like in 2018, Sub Saharan Africa will be home to several of the world’s fastest-growing economies, according to the IMF. Ethiopia is one of the most influential African countries particularly in … From the report, East Africa is set to lead the continent in improved economy with a 5.9 growth in 2019, followed by the North, Central, West and Southern Africa. This year, Ghana is the world’s fastest growing … The rest of Africa will be more favourable as non-resource intensive countries are expected to expand at a solid pace, helped by robust investment growth. Best Economy Class in Asia 2019. WATCH: Backstage with… Minister Ngozi Okonjo-Iweala (part 1), Tony Elumelu Guest Curates This Week’s Top10 Business News, Daniel Monehin Guest Curates Business News, Refresh Your Waste Products into Something Beautiful, Study: Africa’s Biggest “Digital Divide” Lies In Its Rural Areas, Property and Lifestyle in Blouberg Cape Town, 5 Top Opportunities for Investment in Djibouti, The Road To Achieving Internet Access For All In Africa. Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. If you are interested in telling stories in an impactful way to shine a spotlight on a particular issue, please email us. Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. Listwand have compiled Africa’s top countries for doing business in 2019. Analysts expect overall growth to be as high as 6.8 percent in 2017 and the World Bank has predicted a growth of 6.9 percent for 2018. Japan Airlines. Qantas Airways. Ghana is projected to see an 8.3 percent growth in 2018. The low post-crisis increase in total-factor productivity (TFP) growth in Sub-Saharan Africa has been attributed to a slowdown in convergence to the technological frontier after a rapid catch-up in the decade preceding the crisis according to the World Bank. Nigeria has a population of about 190 million with a little over 30% of the population living below poverty level. The latest forecast places Ethiopia at 8.2 percent with Ghana leading the continent at 8.3 percent. Other non oil export include; cocoa, and rubber. According to the World Bank, this means that by 2025, it will have grown to a middle-income nation. Private sector involvement in the country’s development can help finance the government’s ambitious investment plans, be a source of finance and innovation, and create jobs for new entrants into the job market. This can be attributed to the ‘Revealing Benin’ programme which acts simultaneously in institutional, economic and social areas. Becoming An Investor In Nigeria: Where To Start? Brazil Nominal GDP: $1.85 trillion - Brazil GDP (PPP): $3.37 trillion. Tanzania GDP growth rate - 7.1%. Its benchmark stock index achieved the world’s highest rate of growth at 19 percent. If you are interested in telling stories in an impactful way to shine a spotlight on a particular issue, please email [email protected] Improved economic growth across Africa has been broad, with variation across economies and regions. The economic outlook for Sub-Saharan Africa (SSA) is positive, with growth rising to 5.3% in 2012, and 5.6% in 2013, over the pre-crisis average level of 5%. The country was going through a dreadful famine. Nigeria currently leads as the top economy on the continent with a 1.9 per cent increase. Sierra Leone’s economic growth slowed to 4.3 percent in 2017 from 6.3 percent in 2016. With a series of military coups, the situation was not good for the Ghanaian people. Offended by one-sided coverage of wars, disasters and disease, the founders of Africa.com created a website that provides a balanced view of Africa – current events, business, arts & culture, travel, fashion, sports, information, development, and more. With a GDP of $51 billion dollars, Ethiopia holds the 10th slot. Coffee and horticulture (flowers) have been doing qu… Sub-Saharan Africa’s economic momentum will take longer than expected to flourish. 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