3. Egypt – GDP: $275.748 Billion
Officially the Arab Republic of Egypt, this transcontinental country entered political uncertainty after the ouster of president Mohamed Morsi in July 2013. Economic growth has been just above the 2 percent mark in the fiscal years 2011/12 and 2012/13. Egypt’s economy is one of the largest and most diversified in the Middle East. Tourism, agriculture, services and industry contribute to GDP growth significantly.
2. South Africa – GDP: $341.216 Billion
The slow pace of global economic growth continued to impact South Africa’s development negatively. With around 25 percent of the population without work, unemployment is the nation’s biggest social challenge. The growth reached 1.9 percent in 2013 compared to 2.5 percent in 2012.
1. Nigeria – GDP: $594.257 Billion
Nigeria is classified as a mixed economy emerging market. Its stock exchange is the second largest in Africa. This federal constitutional republic rebased its GDP from 1990 to 2010. This resulted in an 89 percent increase in the estimated size of the economy. Due to this Nigeria is the largest economy in Africa.
Oil and gas revenue have contributed significantly to the economy of many nations in Africa. However, there is immense scope for improvement in the living conditions of many people in this wonderful continent.