Business

See The 7 Biggest Economies In Africa Right Now

Published

19 February 2019

3:16 PM

Trying to get to grips with what to expect from Africa’s economies in 2019 can be broken out into three categories of discussion: the good, the underwhelming and the disconcerting.

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.

Nigeria

Nigeria comes in at number one with a GDP of $1.121 trillion. Manufacturing, financial, service, communications, technology, entertainment, agriculture and oil sectors all contribute to the country’s economy. Nigeria is expected to see an expansion of 2.3%—better, but not much, than the 1.9% of 2018.

Egypt

GDP – $1.13 trillion. Sectors like tourism, gas, telecom and construction play major roles in Egypt’s economy. The World Bank (WB) predicts that the country’s economy will increase by 5.7% in 2019.

South Africa

GDP – $765.5 billion. Tourism is a major revenue generating industry. South Africa will expand by 1.4% which is, again, an improvement on 0.8% last year, but nothing to cheer about.

Algeria

GDP -$630.5 billion. The non-hydrocarbon sector (petroleum and natural gas) is the major contributor to the country’s economy.

Ethiopia

GDP -$199.3 billion. The services and agriculture sectors contribute heavily to the country’s economy.

Angola

GDP – $197.9 billion. The country’s economy relies heavily on the oil sector in addition to the manufacturing, agricultural, transport and fisheries sectors. Still, Focus Economics, a major provider of economic analysis and forecasts for 130 countries, predicts a 1.3% increase in 2019.