Lagos to Become Africa’s 3rd Largest Economy by 2020 Lagos State Governor, Mr. Akinwunmi Ambode, monday disclosed that the prime goal of his administration is to grow the state from fifth to third largest economy in Africa by 2020. The slight decline in hydrocarbon production in 2017 slowed down the country’s economic growth. Based on the forecast, Tanzania’s growth rate will be greatly favoured by infrastructural investments. Sudan saw a 3.6 percent increase in its real GDP level and this resulted from the favourable impact of two of the country’s major sectors. The Nachtigal Hydropower Dam is one of the bold partnerships between the government and the private sector. Egypt maintained only a 2% increase in economic growth. However, Algeria occupies the largest landmass and this distinguishes it as the largest country both in North Africa and the entire African continent. 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%. On the other hand GDP per capita is also another good way to measure economies of different Nations. At the moment, the economy of Algeria is associated with an entire GDP of $178.3 billion. 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. Currently, Angola’s GDP is valued at $124.2 billion. Morocco is one of the industrialized countries in North Africa. Nigeria’s soaring economy is mainly favoured by the country’s vast deposit of natural endowments such as crude oil. Based on GDP statistics, Nigeria is currently associated with a total GDP of $376.3 billion resulting from the enormous volume of national production. At the moment, Egypt’s overall GDP of $237.1 billion makes it the third-largest economy in Africa. +0.11 +0.23%. The African Economic Outlook report specifically mentions that Africa’s trade with China has multiplied by 10 since 2001, reaching over USD 100 billion in 2008. Its accelerated economic growth is because of industrial activities that include investing in infrastructure like the Grand Renaissance Dam. Egypt: 4. It did not deter the country from moving forward. Africa’s entire landmass stretches across 30.2 million square kilometers and this makes it the second-largest continent in the world. The top 15 largest economies in Africa are giving some of the top players in the world, a run for their money. Cote d’Ivoire is one of the African countries that have made a major come-back after its post-election war. 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Nigeria is well-heeled in natural resources with oil, rubber and cocoa as some of its top exports. Sales in commodities and manufacturing play an essential role in the GDP of the country. Angola’s economy was estimated to reach a 7.1 percent increase in the past, the country’s GDP was marked by a 5.1 percent increase. Fishing is also one of the main activities in the country that contribute positively to their economy. The country has strongly recovered in the service industry with a non-oil growth of 6.0%. FUTURE FOR AFRICA’S LARGEST ECONOMY: ECONOMIC IMPACT OF COVID-19 IN NIGERIA APRIL 2020 By Nneka Eze, Samuel Kanu, and Mikael Af Kleen. Despite its social and political issues, the 15 largest economies in Africa have proven to be a force to reckon with in the coming years. The country also struggles with youth unemployment which is something that may affect its future economy. The Egyptian government had to come up with economic reforms to salvage the situation. South Africa is an upper-middle-income economy and the most industrialized economy on the continent. Some of the key sectors which brought about this economic growth were manufacturing, agriculture, construction, fisheries and non-oil energy. It has taken advantage of its agricultural sector, which is one of the pillars that enable it to maintain a top 6 position as one of the biggest economies in Africa. 1. There are a significant number of tourist attractions in Egypt and some of these portray ancient architectural designs. Regarded as one of the major contributors to GDP growth, tourism is obviously one of the beautiful Egyptian features which attract global interest. These conflicts have negatively impacted the World bank’s commitment to supporting the country's analytical services as well as grant financing. Morocco is known for exporting electric components, transistors, citrus fruits and vegetables. It plays a vital role in boosting the urban and rural cities in Cameroon. Its economy mainly depends on agriculture. Many African countries struggle with their politics which end up affecting their economy negatively. Outlook Economic Africa Sub-Saharan Ghana: Drillers School 2020, Africa In GDP Economy Largest 10 Top 1 2 Nigeria: 3 Africa: South 4 Egypt: 5 Algeria: 6 Morocco: 7 Angola: 8 Kenya: 9 Ethiopia: 10 Tanzania: Update 2020 June . USD/bbl. Required fields are marked *. Meaning Tanzania sits at the tenth position among African Biggest economy countries. This is based on the previous analysis and the expected developments over the years. For a period of 20 years (from 1990 to 2010), Nigeria established a new base level for its Gross Domestic Product, and consequently, the country achieved a massive increase of 89 percent in economic growth. The current size of the U.S. economy is estimated at $22.32 trillion in nominal terms. South Africa is well-known for its growth in agriculture, mining and manufacturing. Egypt maintains the largest economy in North Africa –an African region dominated by Arabs. Top 10 Largest Economy GDP In Africa 2020. About three decades ago, the whole world came to the aid of Ethiopia. Meanwhile, this economic improvement resulted from the impact on the country’s political stability. The Nigerian GDP by PPP … Egypt. The significant economic concerns include structural unemployment and its massive external debt. Currently, unemployment is one of the toughest setbacks encountered by South Africa. System collapse plunges Nigeria, Africa's largest economy, into darkness 30 November 2020 - 10:58 By Reuters All of Nigeria was plunged into darkness when the electricity went out on Sunday. Recent growth has been due to growth in sales in commodities, services, and manufacturing. SA has recorded an increase in its growth rate in the subsequent years, the country’s growth only saw a 1.9 percent increase. Ethiopia: 9. Three decades down the lane, Ethiopia is emerging as one of the top economies in the region. As many African countries struggle with their political conflicts, Tunisia has made steady progress in its political transition since 2014. The country has the best economy in Africa and is a powerhouse of economic development compared to other African countries. As much as the country has the second largest population in the continent, it remains one of the fastest-growing economies in the world today. Based on estimates, over 20 percent of the country’s population is affected by the predominance of unemployment. Predictions show the country may remain as one of the largest economies in Africa, 2030. Electricity grid collapses in Nigeria, Africa’s largest economy. U.S. Nominal GDP: $21.44 trillion – U.S. GDP (PPP): $21.44 trillion The U.S. remains the world’s largest economy and this has been effective since 1971. The most significant point of this was the 2012/13 fiscal year during which the country’s GDP had a 9.7 percent growth rate. In simple terms, GDP per capita is country’s economic output per person. Yet among many companies, there is a great deal of nervousness around investing in Nigeria. The difference in the cost of living is not put into consideration in the following order. For a country that has dealt with 27 years of civil war, Angola beats the odds to appear at the top 10 African countries with the biggest economy. See also : Largest And Smallest Country In Africa 2020. In 2013, Mohammed Morsi was ousted from the presidential seat and since this period, Egypt has remained in political instability. Cameroon has a lower-middle-income population of over 25 million along the Atlantic Ocean. The country also pressed forward exporting principal farm crops like wheat, citrus fruits, olives and dates. Besides, it happens to be one of the largest economies in Africa 2018/2019. Besides that, Nigeria has a remarkable record in terms of the stock exchange and this gives the country the second spot among Africa’s largest stock exchange markets. The following is a compilation of the top 15 largest economies in Africa by GDP. Algeria was estimated to have maintained a fair increase of 3 percent in its economic growth. China is the second-largest economy considering nominal GDP, at $14.14 trillion, and the largest using GDP (PPP), which is $27.31 trillion. The country had a strong end in the year 2019, but the top economic watchers believe that it needs to strengthen its economy more for it to take care of the large chunk of its population struggling with poverty. In that case, this very article presents you with the Top 20 Largest Economies in Africa. It is also known for its sumptuous and exquisite menus. 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. Tanzania: 10. 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