Subscribe to Our Newsletter In 2018, real GDP in East Africa grew by an estimated 5.7percent, slightly less than the 5.9 percent in 2017 and the highest among African regions. South Africa, Nigeria and Angola, the region’s best economies will be slightly weaker than expected, as the region is still experiencing negative per capita income growth, weak investment, and a decline in productivity growth. As per the market reports, the continent is forecasted to witness a rise in GDP by 6%+ annually between 2013 & 2023. Nigeria’s economy has been boosted over the years by oil and gas revenues. Besides, it happens to be one of the largest economies in Africa 2018/2019. Kenya’s economy is the biggest in East and Central Africa. Nigeria – GDP: $376.3 Billion; Nigeria is one of the most influential countries not only in West Africa but across the entire African continent. Revisiting the Exchange Rate Pass‐Through to Inflation in Africa’s Two Largest Economies: Nigeria and South Africa. Although it holds the second spot in sub-Saharan Africa, due to its well-developed financial system (18th place) and market size (35th), it performs poorly on health (125th) and comes only eight from the bottom for security (132nd). The most-read piece of 2019 on BRINK was this one on Nigeria and its growing economy. The World Bank released its annual Global Economic Prospects report for sub-Saharan Africa earlier this month, forecasting a GDP growth rate of 3.4 percent in sub-Saharan Africa for 2019. Nigeria has been named Africa's largest economy for the second year in a row by multinational professional services network PricewaterhouseCoopers (PwC). Conscious pragmatic efforts will have to be made especially in strengthening the non oil sectors if the continent wants to compete with top economies around the world. The name comes from the Maasai phrase Enkare Nairobi, which translates to "cool water", a reference to the Nairobi River which flows through the city. Breaking Down Global Growth in 2019. Search for more papers by this author . Source: FDI Intelligence and EY Africa Attractiveness Report, 2019. Further, it also compares the share of the global GDP … Ethiopia's GDP stands at Sh9.1 billion as of 2019. 10. Growth in Africa’s two largest economies may be sputtering along but that won’t stop the continent’s gross domestic product from expanding at the fastest pace since at least 2012. South Africa fell five places in the World Economic Forum’s Global Competitiveness Report 2018, to 67th out of 140 economies. $) Share in 2019 (%) Rank PPP/Nom; 2018 2019 Change Africa World Africa World; Somalia: 12.088: 12.660: 0.572: 0.177 “Tepid global and regional GDP … Nigeria's GDP amounted to 410 billion U.S. dollars in 2019, recording the highest gross domestic product in Africa. With respect to its massive economic growth, Nigeria happens to be the country with the largest economy in Africa by GDP. East Africa, the fastest growing region, is projected to achieve growth of 5.9 percent in 2019 and 6.1 percent in 2020. Kenya’s economy is the biggest in East and Central Africa. South African Tourism. The second fastest rising economy of the world, Africa has been boasting a booming economy for quite a while now. 1. Get Ready for the World Economy… Latest Ranking of Top 20 Largest Economies in Africa 2019 1. That population roughly doubled between 2007 and 2017. GDP (Nominal) of Africa 2019 Nigeria (18.13%) South Africa (15.13%) Egypt (12.21%) Algeria (7.49%) Morocco (4.94%) Kenya (4.04%) Angola (3.76%) Ethiopia (3.71%) Ghana (2.78%) Tanzania (2.78%) Other Countries (27.81%) Rank Country Nominal GDP ($ billions) Nominal GDP. Get Ready for the World Economy’s Biggest Week of 2019 By . By: Finbarr Toesland. GDP (2019) 14.8 billion USD: Website: nairobi.go.ke: Nairobi (/ n aɪ ˈ r oʊ b i /) is the capital and the largest city of Kenya. per capita (US$) 1 Nigeria: 442.976 2,148.91 2 Egypt: 361.875 3,561.14 3 South Africa: 282.588 4,735.75 - EAC: 220.640 1184.87 … 'Not just one-way traffic. Sandton Gautrain Station in Johannesburg, South Africa. The United States is the world's largest economy with a GDP of approximately $20.513 trillion, notably due to high average incomes, a large population, capital investment, low unemployment, high consumer spending, a relatively young population, and technological innovation. Egypt remained Africa’s largest recipient of foreign direct investment (FDI) in 2019, recording $9bn, an increase of 11%, according to the World Investment Report (WIR 2020). Political context. Nigeria has overtaken South Africa as Africa’s largest economy. PricewaterhouseCoopers has revealed the seven biggest economies in Africa right now. Top 20 Largest Economies In Africa. Search for more papers by this author. The economy is expected to grow 2.3% in 2019 after contracting by over 3.0% just a few years earlier. Esther Abdul Agbede. A key regional player in West Africa, Nigeria accounts for about half of West Africa’s population with approximately 202 million people and one of the largest populations of youth in the world. It will be a challenge to make way for easy and quick facilitation of people and goods in Africa because there is so much fragmentation, with economies at widely varying stages of development, experts speaking at the session noted. According to the All Progressives Congress (APC), the 2019 Gross Domestic Product (GDP) for Nigeria stood at $476 billion, with respect to the official naira rate of 306 per dollar. April 2019 - July 2019. Egypt maintains the largest economy in North Africa –an African region dominated by Arabs –but across the entire African continent, the country sits in the third position of largest economies. 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