Top 10 Largest Economies in Africa (GDP) 2020

Hello Displorers, welcome back to another interesting video and thanks for watching, In this video we shall be presenting the top 10 Africa Countries with the largest Economies. The African continent is rich in natural resources. Some of its 54 countries boast of resources like diamonds, sugar, gold, uranium, silver, oil and petroleum. Oil being an invaluable commodity, its production puts countries like Nigeria and Egypt at the top in terms of Gross Domestic Product (GDP).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. The figures presented here do not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency. Such fluctuations may change a country's ranking from one year to the next, even though they often make little or no difference to the standard of living of its population. Africa is also home to fertile ground capable of growing a wide array of agricultural produce, bringing about plenty of opportunities for trade. Despite social, political, and other issues some of its countries have had to deal with, Africa continues to make a name for itself as a land rich with opportunity.
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We shall be focusing on the Nominal GDP and with that said here are the Top 10 countries with the largest economies in Africa.
10. Tanzania, GDP - $61. billion
Officially known as the United Republic of Tanzania, Tanzania is a country located in the eastern part of Africa. It has a surface area of about. 947.303 km2 and a population of about 53.3 million people. According to the International Monetary Fund, Tanzania’s GDP currently stands at $61. billion Half of the country’s workforce find employment in the agricultural sector, while the rest are divided between mining, manufacturing, food processing, and telecommunications. The heavy reliance on agriculture makes Tanzania vulnerable to environmental shocks and commodity prices. Some of its main exports are minerals like gold and diamonds, coffee, cotton, tea, and Tobacco. Tanzania’s tourism is also on the up. Approximately 38 percent of land area is set aside in protected areas for conservation, but are used as game reserves and national parks. The country is also home to Mount Kilimanjaro, attracting the attention of international tourists who want to visit the sleeping giant. 17.5% of 2016’s GDP came from tourism and is anticipated to keep increasing.
9. Ghana, GDP - $68 billion
Ghana is an average natural resource enriched country possessing industrial minerals, hydrocarbons and precious metals. It is an emerging designated digital economy with mixed economy hybridisation and an emerging market with 8.7% GDP growth in 2012. Ghana's economy also has ties to the Chinese yuan renminbi along with Ghana's vast gold reserves. In 2013, the Bank of Ghana began circulating the renminbi throughout Ghanaian state-owned banks and to the Ghana public as hard currency along with the national Ghana cedi for second national trade currency. It has an economic plan target known as the "Ghana Vision 2020". This plan envisions Ghana as the first African country to become a developed country between 2020 and 2029 and a newly industrialised country between 2030 and 2039.

8. Ethiopia, GDP - $90.9 billion
With a GDP of $90.9 billion, Ethiopia has one of the fastest-growing economies in the world and has the second largest population in Africa. According to the IMF World Economic Outlook, growth for 2018 is predicted at around 8.5%. The country’s accelerated economic growth is driven largely by industrial activity, seeing investments in infrastructure like the Grand Renaissance Dam

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