African economy is slowly but surely developing and becoming better, and the improvement is visible compared to the previous years.
Mostly, the African countries economy are built on agriculture, human resources, industry, and trade. According to the official data from 2012, 54 African countries are home to more than 1 billion people.
Sometimes, this huge amount of people is difficult to handle that is why despite a large number of resources many African countries are still going through poverty.
However, some countries have fast-growing economies, and we will have a closer look at these and learn what the main source of their wealth is.
See which country has the best economy in Africa and which factors contribute to their success!
10. Namibia
Namibia is a country in the southern part of Africa, which mostly thrives on manufacturing, mining, tourism, and agriculture. This nation has a population of about 2 million people. The high unemployment rate is a major one, as it stands at about 27,4%. Namibia is described to be a country with the emerging economy. The GDP of Namibia is $11,528, which gives the nation the tenth place in our rating.
9. Tunisia
Situated in northern Africa, Tunisia is a promising nation which continues to grow and increase its yearly income. Today, it is quite a developed country compared to the rest of the continent, as the income per capita in Tunisia is $11,987. It proudly holds the ninth place in our richest country in Africa rating.
8. Egypt
Egypt is a country which is situated on two continents – Africa and Asia, but the bigger part of it is located in Africa. In our rating, Egypt is ranked eighth, with the GDP of $12,994. The main Egyptian economy source is tourism – a lot of people visit Egypt yearly to see its breathtaking worldwide famous places of interest. However, despite being close to the seaside and having a lot of natural resources, there are some factors that threaten the economy of Egypt, which are desertification, overpopulation of the country, and decreasing of the normal water levels of Nile River.
7. South Africa
South Africa is a country with mixed economy type, and it has a higher GDP than most of African countries. Nevertheless, South Africa still has a lot of problems to solve, which are the high rates of unemployment, wide gap between rich and poor (it holds a place in top ten rating of the income inequality worldwide). South Africa earns a lot of revenue from tourism and also trades with some richest countries in the world, such as Germany, Japan, China, and the United States. The current GDP per capita in South Africa is $13,403.
6. Algeria
By territory, this country is the largest in Africa. It is situated in the northern part of Africa, and it has made our list of the richest states, holding the sixth place. The country’s population is about 40 million people. In the past years, the state was the main source of Algerian economic development, but in the recent few years, the sources of the economy have become more diverse. Algeria’s GDP per capita is $15,000.
5. Botswana
The location of Botswana is in the southern part of Africa, and economically it has a good reputation of a country with the stable democracy. The population of Botswana is about 2,1 million people. The economic growth of Botswana happened really quickly, and now it is the average country of middle income. Currently, the strongly sophisticated system of banking and the low levels of debt to the foreign countries are the criteria that could define Botswana. Botswana’s GDP per capita is $18,146.
4. Gabon
The country of Gabon is situated on the coast of western Africa, bordering with Cameroon, the Republic of the Congo, and Equatorial Guinea. Entire Gabon’s economy is centered on the oil industry, even though recently the oil production has been decreasing. Gabon has a low population, and it gets a lot of revenue from oil export. This is why it is in the fourth place of our rating, with GDP of $19,266.
3. Mauritius
This island country is situated in the Indian Ocean, not far from the south-eastern coast of Africa. It has been a colony of many countries throughout history, including France, Great Britain, and the Netherlands. The country gained independence in 1968. Now, it attracts tourists from all over the world, which means that the greatest source of income in Mauritius is tourism. In the past, agriculture also played a significant role in the economy, but now the importance of it has decreased. The GDP of Mauritius per capita is $21,628.
2. Seychelles
Another island country has made its way to our rating, proudly holding the second place. Just like Mauritius, it is situated in the Indian Ocean. The country is made up out of multiple small islands, approximately 115. The general characterization of it reveals that Seychelles is a country with highly-developed economy, even though the income inequality exists here as well. Seychelles generates the majority of income from tourism. The GDP of Seychelles is $28,172.
1. Equatorial Guinea
Here is our leader, which holds the honorable first place in the rating of richest countries. Equatorial Guinea is a country in the central part of Africa and is quite small compared to many others. The population of it is a little more than 1 million people. This is mostly the reason why the GDP of Equatorial Guinea is still high – about $34,865. However, even though Equatorial Guinea holds the first place in richest countries rating, the human development index of the country is quite low – 136th place.
