African countries with the highest Gross Domestic Product (GDP) in 2021 (in billion U.S. dollars)
The 5 Biggest Economies in Africa
Africa has become home to some of the fastest growing economies in the world, spurred on by improving infrastructure, greater political stability, and flourishing exports in various global sectors.
This growth has caused Africa to become a new frontier in many senses for industries around the world, attracting Foreign Direct Investment and a greater penetration of international companies setting up shop on African soil.
In this comprehensive review from forexbroker.ng, we take a closer look at the 5 biggest economies in Africa and their new position on the world economic stage.
1. Nigeria
In recent times, you may have come across speeches or publications that referred to Nigeria as Africa’s largest economy. That’s mainly due to the country’s enormous GDP. In 2021, Nigeria recorded Africa’s largest GDP, at $514.05 billion.
Nigeria’s first spot is partly due to its fast increasing financial industry, which expanded from 1% of GDP in 2001 to 10% in 2018, and its position as one of the world’s leading oil exporters.
Read Also : Top 10 Best And Most Beautiful Places To Visit In UAE [Photos]
Lagos, Africa’s second-largest metropolis and one of the world’s most populous, is expected to contribute to Nigeria’s growth in the years to come, despite the rising gap between the city’s high and lower class residents.
2. Egypt
This North African country has the second largest gross domestic product (GDP) in Africa. With a GDP of $394.28 billion, it has the largest GDP in North Africa and is one of just three countries from the region to make it into the top 10 countries in the world.
favourable circumstances. It also has a strong currency, which helps its economy. Egypt is a safe investment destination since it is stable and well-supported by foreign parties.
3. South Africa
With a gross domestic product (GDP) of $329.53 billion, this country in Southern Africa ranks third on this list. South Africa is one of only two countries from Southern Africa to make the cut, and it is also the most populous.
Compared to other African economies, the economy of South Africa is the most industrialized, technologically advanced, and diverse economy. A middle-income economy, South Africa is one of only eight such countries in Africa.
4. Algeria
Here we have the second country from Northern Africa to make the cut for the top 5. Algeria has a gross domestic product (GDP) of $151.56 billion, making it the fourth largest in Africa.
Algeria’s economy is heavily reliant on the export of hydrocarbons, which accounts for approximately 30 percent of the country’s gross domestic product (GDP) and 60 percent of its budget income.
Algeria has the world’s tenth-largest natural gas resource and is the world’s sixth-largest natural gas exporter, according to the International Energy Agency.
5. Morocco
Morocco has the fifth highest GDP size in Africa at $124 billion. Industry and mining account for around one-third of the country’s annual gross domestic product (GDP).
Morocco is the world’s third-largest producer of phosphates (after the United States and China), and fluctuations in the price of phosphates on the international market have a significant impact on the country’s economic development.
Read Also : Top 8 Multi-national Switzerland Companies That Sponsors Work Visa For Immigrants
Highlights Of Countries In African leading Areas
1) Largest country in Africa by land mass – Algeria 🇩🇿
2) Largest country in Africa by population – Nigeria 🇳🇬
3) Largest movie industry in Africa – Nigeria 🇳🇬
4) Largest democracy in Africa – Nigeria 🇳🇬
5) Richest Black man – Nigerian 🇳🇬
6) Richest African woman – Nigerian 🇳🇬
7) largest single solar power plant in Africa – Morocco 🇲🇦
😎 Largest Museum in Africa – Egypt 🇪🇬
9) Tallest building in Africa – Egypt 🇪🇬
10) Largest rice mill in Africa – Nigeria 🇳🇬
11) Largest fertilizer plant in Africa – Nigeria 🇳🇬
12) largest oil refinery in Africa – Nigeria 🇳🇬
13) largest fish farm in Africa – Egypt 🇪🇬
14) largest cement plant in Africa – Nigeria 🇳🇬
15) largest tea farm in Africa – Kenya 🇰🇪
16) largest music industry in Africa – Nigeria 🇳🇬
17) largest stadium in Africa – South Africa 🇿🇦
18) Fastest train in Africa – Nigeria 🇳🇬
19) longest subsea gas pipeline in Africa – Nigeria 🇳🇬
20) largest city by population – Nigeria 🇳🇬
21) Largest news network in Africa – Nigeria 🇳🇬
22) largest car race arena in Africa – South Africa 🇿🇦
23) largest pharmaceutical industry in Africa – Nigeria 🇳🇬
24) Fastest woman in Africa – Nigerian 🇳🇬
25) Fastest man in Africa – Kenyan 🇰🇪
26) largest stock exchange by market capitalization in Africa – South Africa 🇿🇦
27) largest stock exchange by number of listings – south Africa 🇿🇦
28) longest concrete road in Africa – Nigeria 🇳🇬
29) largest airline in Africa – Ethiopia 🇪🇹
30) most streamed musicians in Africa – Nigeria 🇳🇬
31) most awarded artist in Africa – Nigerian 🇳🇬
32) largest mall in Africa by structure – Morocco 🇲🇦
33) most valuable tech startup in Africa – Nigeria 🇳🇬
34) most valuable company in Africa – South Africa 🇿🇦
35) largest economy in Africa – Nigeria 🇳🇬
36) Most tribes in Africa – Nigeria 🇳🇬
37) most languages in Africa – Nigeria 🇳🇬
39) largest seaport In Africa by size – Morocco 🇲🇦
40) largest university in Africa by area – Nigeria 🇳🇬
