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How many African economies are in the world GDP ranking?
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Which country has the biggest economy in Africa?
List of African countries by GDP (nominal) Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. Countries in Africa are sorted according to data from the International Monetary Fund. [1]
RankCountryNominal Gdp (billion Us$) [1]Per Capita (us$) [1]1373.2335,974.9122347.5943,224.8683266.7805,721.6784252.7381,109.899Sep 22, 2023 · African countries with the highest Gross Domestic Product (GDP) in 2022 (in billion U.S. dollars) [Graph], IMF, April 1, 2023. [Online]. Available:...
Mar 5, 2024 · We visualize the 2024 gross domestic product (GDP) projections for African countries from International Monetary Fund (IMF) estimates, last updated in October 2023. The data is in current USD, and does not include projections for Eritrea.
- Marcus Lu
- Using Gross Domestic Product (GDP) to Measure The Wealth of African Countries
- Top 10 Richest African Countries by Overall GDP*
- Shortcomings of GDP and Strengths of GDP Per Capita and GNI Per Capita
- Richest African Countries by GDP Per Capita (Current US$ - World Bank)*
- Gross National Income (GNI) Per Capita of African Economies
While there are several ways to compare various nations' wealth, one of the best methods is to evaluate each country's gross domestic product, or GDP. This is the value of all the goods and services produced by a nation in a given year. GDP is typically expressed in one of two ways. The first is in current US dollars (USD or US$). The second method...
Ranked by GDP in current USD, Nigeria comes out as the richest country in Africa during the year 2021. Nigeria is the most populous country in Africa, with 211 million residents—nearly twice the population of Egypt—contributing to its GDP. Nigeria is a lower-middle-income, mixed economy focused upon petroleum and (to a lesser extent) agriculture. I...
Although GDP is an extremely valuable metric, it is also quite broad. For example, it disregards the number of citizens contributing to a country's GDP, which means a country with a vast, but less effective workforce can post a higher GDP than a country with a smaller, but more efficient workforce. GDP can also be distorted by the financial sector ...
Switching the measurement to GDP per capita has a significant impact on the list of Africa's richest countries. Seychellesis the richest country when using this metric. The Seychelles economy is primarily driven by fishing, tourism, boat building, processing coconuts and vanilla, and agriculture, especially cinnamon, sweet potatoes, tuna, and banan...
A final metric often used by economists to compare the wealth of different countries is gross national income, or GNI. While GDP measures the value of the goods and services a country creates, GNI measures the total income obtained through those goods and services. GNI also tracks money that enters or exits a country's economy as part of internatio...
Tanzania will overtake Ghana. None of the African economies are in the list of the top ten largest economies globally, and only four economies are within the top 50 world gdp ranking. Out of 54 economies, gdp (nominal) of 52 economies would increase, and 2 economies would decrease in 2023 compared to 2022.
Details. Label. 1960 - 2022. Selected Countries and Economies. Country. Most Recent Year. Most Recent Value. Africa. Country. Most Recent Year. Most Recent Value. (Thousands) All Countries and Economies. Country. Most Recent Year. Most Recent Value. (Millions) GDP (current US$) - Africa from The World Bank: Data.
Dec 9, 2021 · Dec 9, 2021. With a total GDP of $432.3 billion, Nigeria has become the biggest economy on the African continent over the last 30 years. While the five highest spots on this ranking have been...
