Africa’s Economic Overview

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.

 
Africa's Economic
 

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


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