Africa’s Economic Overview
Africa- The Golden Gate
Africa is a continent of immense economic potential, with diverse resources, a growing population, and emerging markets. This page provides an in-depth look at the economic data and country profiles of Africa’s 54 countries, highlighting key facts, figures, and future business opportunities.
Africa is also known as the continent rich in natural resources, diverse cultures, and rapidly growing economies presenting significant business opportunities and potential for economic growth.
Economic Data Overview
Key Economic Indicators (2023)
- GDP (Nominal): $2.6 trillion
- GDP Growth Rate: 3.7%
- Population: 1.4 billion
- Inflation Rate: 8.1%
- Unemployment Rate: 7.8%
- Foreign Direct Investment (FDI): $46 billion
Sectoral Contribution to GDP (2023)
| Sector | Percentage (%) |
|---|---|
| Agriculture | 17% |
| Industry | 26% |
| Services | 57% |
Trade and Investment
Major Exports
- Oil and gas
- Minerals and metals
- Agricultural products
- Textiles and apparel
Major Imports
- Machinery and equipment
- Chemicals
- Vehicles
- Foodstuffs
Future Business Potentials
Key Growth Areas
- Renewable Energy: Increasing investment in solar and wind energy projects.
- Technology: Rapid growth in mobile and internet penetration.
- Infrastructure: Significant projects in transportation and urban development.
- Agriculture: Modernization and expansion of agricultural practices.
- Healthcare: Investments in healthcare infrastructure and services.
Country Profiles
Below is a brief profile of all 54 African countries, including population, GDP, and key industries.
| Country | Population (Millions) | GDP (USD Billion) | Key Industries |
|---|---|---|---|
| Algeria | 43.9 | 172 | Oil and gas, mining, agriculture |
| Angola | 32.9 | 66 | Oil, diamonds, agriculture |
| Benin | 12.1 | 14 | Cotton, textiles, palm oil |
| Botswana | 2.4 | 18 | Diamonds, tourism, livestock |
| Burkina Faso | 20.9 | 17 | Cotton, gold, agriculture |
| Burundi | 11.5 | 3 | Coffee, tea, agriculture |
| Cabo Verde | 0.6 | 2 | Tourism, services, fisheries |
| Cameroon | 27.2 | 44 | Oil, agriculture, forestry |
| Central African Republic | 4.7 | 2 | Diamonds, timber, agriculture |
| Chad | 16.4 | 10 | Oil, agriculture, livestock |
| Comoros | 0.9 | 1 | Agriculture, fishing, tourism |
| Congo, Democratic Republic of the | 89.6 | 50 | Mining, agriculture, services |
| Congo, Republic of | 5.5 | 10 | Oil, timber, agriculture |
| Djibouti | 1.0 | 2 | Services, transport, logistics |
| Egypt | 102.3 | 363 | Oil and gas, tourism, textiles |
| Equatorial Guinea | 1.4 | 11 | Oil, gas, forestry |
| Eritrea | 3.2 | 2 | Mining, agriculture, services |
| Eswatini | 1.2 | 5 | Sugar, textiles, manufacturing |
| Ethiopia | 114.9 | 96 | Agriculture, textiles, manufacturing |
| Gabon | 2.2 | 18 | Oil, manganese, timber |
| Gambia | 2.4 | 2 | Agriculture, tourism, fisheries |
| Ghana | 31.1 | 68 | Gold, cocoa, oil |
| Guinea | 13.1 | 13 | Bauxite, gold, agriculture |
| Guinea-Bissau | 2.0 | 1 | Cashews, agriculture, fishing |
| Ivory Coast | 26.4 | 61 | Cocoa, coffee, oil |
| Kenya | 54.9 | 99 | Agriculture, tourism, services |
| Lesotho | 2.1 | 2 | Textiles, water, agriculture |
| Liberia | 5.1 | 3 | Rubber, timber, mining |
| Libya | 6.9 | 37 | Oil, gas, petrochemicals |
| Madagascar | 27.7 | 14 | Agriculture, textiles, mining |
| Malawi | 19.6 | 10 | Agriculture, tobacco, tea |
| Mali | 20.3 | 19 | Gold, agriculture, livestock |
| Mauritania | 4.5 | 8 | Iron ore, fisheries, livestock |
| Mauritius | 1.3 | 14 | Tourism, textiles, financial services |
| Morocco | 36.9 | 133 | Phosphates, textiles, tourism |
| Mozambique | 31.3 | 15 | Aluminum, agriculture, energy |
| Namibia | 2.5 | 11 | Mining, tourism, agriculture |
| Niger | 24.2 | 13 | Uranium, livestock, agriculture |
| Nigeria | 206.1 | 448 | Oil, agriculture, telecommunications |
| Rwanda | 12.6 | 10 | Agriculture, tourism, services |
| Sao Tome and Principe | 0.2 | 0.5 | Cocoa, tourism, fishing |
| Senegal | 16.7 | 24 | Agriculture, mining, services |
| Seychelles | 0.1 | 2 | Tourism, fishing, agriculture |
| Sierra Leone | 7.9 | 4 | Diamonds, agriculture, fishing |
| Somalia | 15.9 | 5 | Livestock, agriculture, telecommunications |
| South Africa | 59.3 | 282 | Mining, manufacturing, services |
| South Sudan | 11.2 | 4 | Oil, agriculture, forestry |
| Sudan | 43.8 | 30 | Agriculture, oil, gold |
| Tanzania | 59.7 | 67 | Agriculture, mining, tourism |
| Togo | 8.3 | 6 | Phosphates, cotton, agriculture |
| Tunisia | 11.8 | 43 | Agriculture, tourism, manufacturing |
| Uganda | 45.7 | 38 | Agriculture, manufacturing, services |
| Zambia | 18.4 | 23 | Copper, agriculture, tourism |
| Zimbabwe | 14.9 | 20 | Mining, agriculture, manufacturing |
Data Sources and References
- World Bank: worldbank.org
- International Monetary Fund (IMF): imf.org
- African Development Bank: afdb.org
- UNCTAD: unctad.org