African countries’ GDP in 2021, broken down each country. Nigeria has the greatest gross domestic output in Africa, with a GDP of 514 billion dollars in 2021. Egypt’s GDP was worth 394 billion dollars, making it the continent’s second-highest.
Which African nation has the highest per capita GDP?
- Seychelles: With a GDP per capita of $9,670, this island nation now boasts the highest in Africa.
- Mauritius: Another island African country, Mauritius, takes the number two spot. The GDP per capita in this country is $9,640.
- Gabon: With a GDP per capita of $8,600, this oil-rich country is ranked third.
- South Africa is one of Africa’s most developed economies. It also has a $5,440 GDP per capita.
- Egypt: With a GDP per capita of $3,830, Egypt is one of just two North African countries to make the top ten list.
- Eswatini: Also known as Swaziland, this country in Southern Africa has a GDP per capita of $3,710.
Which African country has the best economy?
South Africa is the most developed economy in Africa, according to Trading Economics, with services accounting for 73 percent of GDP. South Africa’s GDP was $329.53 billion in 2021, according to available data.
Why is Gabon so prosperous?
Gabon, a country in central Africa, has a wealth of natural resources. It shares borders with Cameroon, Equatorial Guinea, and the Republic of Congo on the Atlantic Ocean. With a population of 2 million people in 2017 and woods covering 85 percent of its land, it is a sparsely inhabited country.
Gabon, however, has one of Africa’s highest urbanization rates, with more than four out of five Gabonese residents living in cities.
Libreville, the country’s capital, and Port Gentil, the country’s economic powerhouse, are home to 59 percent of the population. According to the 2012 Second Demographic and Health Survey, one in every two Gabonese people is under the age of 20, and the fertility rate in urban regions is four children per woman, compared to six in rural areas.
The Gabonese Democratic Party (Parti dmocratique gabonais PDG) is the most powerful political force in the country. Omar Bongo was president for 41 years, from 1968 to 2009, and his son, Ali Bongo Ondimba, was elected president in August 2009, despite the country’s social catastrophe.
The opposition boycotted parliamentary elections in 2011, but returned in December 2013 to run in municipal and departmental elections, as well as the Senate election in December 2014. Nonetheless, the ruling party won all of these elections. Ali Bongo, the current president, was re-elected on August 31, 2016, in disputed elections with a low voter turnout of 59 percent.
In October 2018, legislative and municipal elections were conducted. Despite losing 15 seats, the ruling party retained its two-thirds majority in the National Assembly, capturing 98 of the 143 seats. The elections came after a constitutional court judgement in April 2018 that dissolved parliament (due to election delays) and forced the government’s resignation in May. A caretaker administration implemented measures (which were codified in an updated 2008 Budget Law) to address Gabon’s deteriorating macroeconomic performance and bloated pay bill.
Several soldiers attempted to seize power on January 7, 2019, taking advantage of the President of the Republic’s protracted absence in Morocco for medical treatment. The ringleaders of this attempted coup were apprehended.
A new administration was sworn in in January 2019, and it was restructured by presidential decree on January 30, June 10, and December 2019.
Gabon is a country with a high standard of living. It is Africa’s fifth largest oil producer, with substantial economic growth over the last decade fueled by oil and manganese output. Over the last five years, the oil sector has accounted for 80 percent of exports, 45 percent of GDP, and 60 percent of fiscal revenue on average. The Gabonese administration, however, has opted to diversify its economy as the country’s oil reserves diminish.
Gabon’s fiscal situation deteriorated in 2015, with the government posting its first budget deficit since 1998. Despite the government’s efforts to cut spending and counteract the drop in oil revenues, Gabon’s economy has slowed, with growth forecasted at 0.8 percent in 2018 compared to 0.5 percent in 2017.
This tendency is due to the limited expansion of the secondary and tertiary sectors, which has been hampered by the reduction in government spending. Higher prices for crude oil, manganese, and rubber, three of the country’s exports, led to the primary sector’s expansion. Non-extractive sectors including agribusiness, as well as enhanced transportation and communication networks, could boost growth to 2.9 percent in 2019.
The COVID-19 situation, as well as the further decrease in oil prices, will stymie this anticipated expansion.
A substantial fiscal deficit will result from a sharp reduction in domestic revenue mobilization, exports, and foreign direct investment.
Gabon’s social spending must likewise be increased. According to a 2013 McKinsey report, over 30% of the population is vulnerable, with monthly salaries below the guaranteed minimum wage of CFAF 80,000 (around $150). In 60 percent of the locations, the survey finds, the socioeconomic situation has deteriorated in terms of access to essential social services (health care, drinking water, and electricity).
Gabon committed to improving its social policy as a result of this report by focusing on three pillars:
- Creating integrated social services for the most vulnerable (elders, orphans, and disabled people);
- Increasing access to essential public services and reducing inequality. Despite having one of the highest net primary enrollment rates in Africa (96.4%), Gabonese education has a low completion rate (37.2 percent ).
Another issue Gabon must solve is the shortcomings of its national statistical system, which lacks credible data on poverty and income distribution, with the most recent data dating back to 2010. The consumer price index is still calculated using data from a 2003 survey of household consumption.
Is Nigeria more prosperous than Ghana?
Ghana vs. Nigeria: A Comparison of Economic Indicators Nigeria ranked 32nd in the world with a GDP of $397.3 billion dollars, whereas Ghana ranked 73rd with $65.6 billion dollars. Nigeria and Ghana were rated 132nd and 46th, respectively, in terms of GDP 5-year average growth and GDP per capita.
What African country is the most powerful?
1. Egypt: Egypt’s population totals 99,413,317 people, with 42,946,553 (43.2 percent) of the population looking for work. Among Africa’s most powerful countries, it is ranked first. The total military population is expected to be over 920,000, with 440,000 active military personnel. In the United States, there are around 480,000 reserve soldiers. Egypt’s air force consists of 1,054 fighter airplanes, 88 attack jets, 59 transport jets, 387 training jets, 11 special purpose jets, 294 helicopters, and 81 assault helicopters. Egypt’s land forces are made up of 4,295 tanks, 11,700 armored vehicles, 1,139 self-propelled artillery, 2,189 towed artillery, and 1,084 rocket launchers.
Which African country has the most advanced economy?
With an HDI of.804, Mauritius is Africa’s most developed country, narrowly missing out on the “very high human development” criteria. Mauritius is noted for its modern economy, free health care, and education, and has a life expectancy of 75 years and a literacy rate of 91.3 percent. Mauritius still ranks 66th out of 189 countries studied globally, demonstrating the continent’s disparity with the rest of the world, but other African countries can learn from the country’s achievements. Seychelles (7.96) is ranked 67th, just behind Mauritius. Tourism is the country’s main source of revenue, and its GDP has expanded approximately sevenfold since 1976. Algeria is Africa’s third most developed country, with an HDI score of.748. With a life expectancy of 76.3 years, Algeria has the greatest life expectancy of all African countries. Check out the table below to see how each African country ranks on the Human Development Index.
What is Africa’s most powerful currency?
Because of the country’s efficient import and export regulations, the Tunisian Dinar is a strong African currency. A sound fiscal and monetary policy does not influence the people while the country’s economy suffers.
The currency’s ISO code is “TND,” and 1 TND equals 0.36 USD, or $1 = 2.88 TND as of January 2022.
Libyan Dinar
The Libyan Dinar ranks second on our ranking of Africa’s most valuable currencies. This currency is issued by the National Bank of Libya and has the ISO code “LYD.” Because 1 LYD = 0.22 USD, which translates to 1$ = 4.58 LYD, it is ranked first on our list.
Because of Libya’s central bank’s rigorous monetary policies, the Libyan Dinar has been the strongest currency in Africa for a long time. Libya is also abundant in natural resources such as oil, gold, and silver.
Libya is also one of the African countries whose economy are primarily reliant on oil exports, which makes LYD important. For its living exporters, it must be converted for USD or other foreign currencies. As a result, the LYD is today one of Africa’s most powerful currencies.
Even when political upheaval rocked Libya in 2011 due to domestic concerns, the Libyan Dinar has always been a highly stable currency. The Libyan Dinar is still one of Africa’s most valuable currencies today.
Ghanaian Cedi
The Cedi was replaced by the Ghanaian currency in 2007, and it has been steadily increasing in strength and value since then. Even though Ghana, along with Tunisia, Morocco, and South Africa, was affected by the 2008 foreign exchange crisis, its currency did not suffer as badly as the others.
The Cedi is the most powerful currency in Sub-Saharan Africa, and it serves as the official money of both Ghana and Togo’s Northern area.
The Cedi is pegged to the US dollar, making it one of Africa’s most powerful currencies; 1 GHC = 0.16 USD, which translates to 1$ = 6.16 GHC.
Is Gabon superior to Nigeria?
Nigeria ranked 32nd in the world with a GDP of $397.3 billion dollars, whereas Gabon placed 121st with $16.9 billion dollars. Nigeria and Gabon were rated 132nd and 116th in terms of GDP 5-year average growth and GDP per capita, respectively.
What is the total number of countries in Africa?
According to the United Nations, Africa now has 54 countries. The complete list, along with current population and subregions, can be found in the table below (based on the United Nations official statistics).
- Dependencies (sometimes known as dependent territories or dependent areas) or Special Sovereignty Areas (autonomous territories)