Which African Country Has The Largest Economy – Africa doesn’t get much attention from the world because of its booming economy. Instead, they tend to focus on the countries of the continent that are in the most dire straits. In this post, we look at Africa’s richest countries and what makes their economies strong. Let’s also take a look at the richest people and cities in Africa.
In terms of GDP per capita, the richest country in Africa is the Seychelles, an archipelago of 115 islands in the Indian Ocean off the east coast of Africa. Since gaining independence from the United Kingdom in 1976, the Seychelles’ economy has grown dramatically.
Which African Country Has The Largest Economy
The tourism industry is responsible for most of the economic growth in the Seychelles and employs around 30% of the population. Beautiful beaches, coral reefs and nature reserves attract tourists.
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Besides tourism, agriculture is the other main economic activity in the Seychelles, with the most exported crops being sweet potatoes, vanilla, coconuts and cinnamon.
The second largest country in Africa is another island nation in the Indian Ocean: Mauritius. Economically, there are also similarities between Seychelles and Mauritius. Mauritius also had a largely agricultural-based economy in the years before independence from Britain in 1968.
Since independence, Mauritius has transformed into a diversified, high-income economy. The country’s main economic activities are currently tourism, the textile industry, sugar and financial services. The island nation has stunning beaches and natural parks on the mainland.
Mauritius’ economic growth after independence was so great that it was referred to as the “Mauritian miracle” and “African success”.
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The third richest country in Africa is Gabon, located on the west coast of Africa, near the equator. Gabon gained independence from France in 1960 and has had three presidents since then.
Unlike the first two countries on the list, Gabon’s economy is mostly dependent on oil reserves. Oil revenues account for about 43% of the country’s GDP and 81% of its exports. While this generates significant wealth for the country, income inequality is high. The richest 20% of the population earn more than 90% of the country’s total income.
Most of Equatorial Guinea is north of the equator and Gabon is on the west coast of Africa. There is also a small island region in the Gulf of Guinea that consists of islands. Equatorial Guinea is unique in Africa as it is the only country on the continent where Spanish is the official language.
Equatorial Guinea’s economy is relatively strong, supported mainly by oil reserves discovered in the country in 1996. Agriculture is the main source of employment in Equatorial Guinea, employing about 52% of the workforce. Unfortunately, this country has one of the worst human rights records in the world.
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The fifth richest country in Africa is Botswana, a landlocked country in the southern part of the continent. The country is mostly flat, has been inhabited for 200,000 years and gained independence from Britain in 1966.
Although today Botswana is one of the wealthiest countries in Africa, it was not always this way. At the time of independence, it was one of the poorest countries in the world, but since then, GDP per capita has increased significantly. This growth is driven by the establishment of an institutional framework that has enabled the country to exploit its abundant natural resources such as gems and precious metals.
At the southernmost tip of Africa is the Republic of South Africa, the sixth richest African country. South Africa is known for its incredible biodiversity, beautiful landscape and complex history of racial segregation.
South Africa’s main economic sectors include energy, tourism and mining. South Africa is the largest producer of electricity in Africa and the only country on the continent with a nuclear power plant. Tourism is popular in the country, thanks to its many national parks and impressive wildlife. Mining is the backbone of South Africa’s economy as the country produces large quantities of gold, diamonds and many other precious minerals.
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Namibia is a country in southern Africa, bordering the Republic of South Africa, Botswana, Zambia and Angola. It is the driest country in sub-Saharan Africa, and its western border stretches along the Atlantic Ocean. Namibia gained independence from South Africa in 1990 after years of war in the region, and the economies of the two countries remain closely linked.
Like neighboring South Africa, Namibia’s economy is heavily dependent on mining and tourism. Mining is the country’s largest industry as it boasts vast reserves of uranium and gem-grade diamonds. About 25% of Namibia’s income is related to mining.
Over 15% of Namibia’s jobs are in ecotourism, home to its vast wildlife. Cabins and reserves are home to trophy hunters, and extreme sports such as sandboarding and skydiving are also available.
Egypt is located in the most northeastern tip of Africa, bordered by the Mediterranean Sea to the north and the Red Sea to the east. It is a transcontinental country because the Sinai Peninsula forms a land bridge between the African and Asian continents. Egypt is the third most populous country in Africa and the eighth richest country.
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Some of the main contributors to the Egyptian economy are agriculture, media, and tourism. Although only about 3% of the country’s land is arable, these lands are fertile thanks to high fertility and significant investment by the Egyptian government. Tourism in Egypt generates billions of dollars annually through attractions such as beaches and ancient Egyptian monuments.
Eswatini is a small landlocked country in South Africa, bordering South Africa and Mozambique, and is one of the continent’s smallest countries. It has been fully independent since 1968, and in 2018 its name was changed from Swaziland to Eswatini.
Eswatini, a lower-middle-income country, has a developing economy, with agriculture, mining and manufacturing as the most important industries. The processing of sugar-related products and textiles are the country’s two most important manufacturing activities. The vast majority of Eswatini’s trade is with South Africa, and its overseas trading partners include the European Union and the United States.
Tunisia is a country in North Africa, on the coast of the Mediterranean Sea. It borders Algeria and Libya, and its closest non-African country is Italy. The geography of Libya is varied. It has an ocean coast, the eastern end of the Atlas Mountains, the northern border of the Sahara Desert, and many fields.
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The Tunisian economy is primarily supported by agricultural, mining, manufacturing and tourism activities. The country’s tourist attractions include the ancient city of Carthage, the seaside resorts and the capital of Tunisia. Tunisia’s economy has seen significant growth recently, but the country continues to struggle with high unemployment.
The 11th richest country in Africa is Libya, which lies along the Mediterranean coast of North Africa and shares land borders with six other countries. It is the fourth largest and the 35th most populous country on the continent.
The World Bank defines Libya’s economy as an upper-middle income country, which is heavily dependent on oil production. In fact, 90% of the country’s export earnings come from oil, and more than half of its GDP is linked to the oil sector. Libya has a relatively high unemployment rate, as well as high social inequality and regional economic disparities within the country.
Cape Verde is an archipelago of ten volcanic islands off the west coast of Africa, in the Atlantic Ocean. Not settled until the 15th century, Portugal colonized the islands and prospered economically through the Atlantic slave trade in the 16th and 17th centuries. The economy of the islands declined with the end of the Atlantic slave trade, and then gradually recovered, operating as a trading center and a stopover for shipping routes.
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Cape Verde gained independence from Portugal in 1975 and has been a stable representative democracy since the early 1990s. Tourism is an ever-growing part of the country’s economy, trade, transport and public services are the most important sectors.
The Republic of Congo, also known as “Congo” or “Congo”, is a country on the west coast of Central Africa. Its population is nearly six million, about 70% of which live in urban areas in the southwestern part of the country, near the coast of the Atlantic Ocean.
As with Libya, the Congolese economy is heavily dependent on the oil industry. The fourth largest oil producer in the Gulf of Guinea, the country’s other economic sectors include agriculture and forestry. There are also unexploited mineral resources in the territory of the country.
Located in the upper northwest corner of the African continent, Morocco is a country of approximately 36.7 million inhabitants. It has coastlines on the Atlantic Ocean and the Mediterranean Sea and borders the disputed Algeria
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