Egypt overtakes Nigeria as Africa’s largest economy

Egypt has overtaken Nigeria as Africa’s largest economy; the latest statistics for global economies as presented by the IMF and the World Bank simultaneously show.
Global Rank African Rank Country GDP PPP
21 1 Egypt $1,197,967
23 2 Nigeria $1,124,627
30 3 South Africa $761,926
36 4 Algeria $634,746
64 5 Ethiopia $194,980
65 6 Angola $193,935
67 7 Sudan $186,715
74 8 Kenya $163,340
75 9 Tanzania $163,322
78 10 Tunisia $136,797
79 11 Ghana $131,498
85 12 Cote D’Ivoire $95,887
86 13 Uganda $91,212

The list is a ranking of countries’ GDP (PPP) as presented by the IMF in February this year (2017).

The GDP PPP is the worth goods and services produced in a country “would have were they produced and sold in the US”. The figure is international measure in US Dollars as a reference currency. It is a measurement used to rank economies by the volume of activities taking place within them regardless of the market value at which they are sold in their respective countries. Goods and services may be too easily affected by currency fluctuations in a particular country. The GDP (PPP) is a measurement that essential eliminates this problem.

By this measure, Egypt is becoming the largest economy in Africa by “volume of goods and services produced”. It is the first time Nigeria is being displaced from this position. Nigeria still ranks first in nominal terms i.e. by the market worth of her goods and services based on exchange rates. The country’s nominal GDP is currently valued at $400bn, the largest in Africa. It is however an immense shortcoming of the $551bn figure few years back. Egypt ranks second by nominal GDP ($332bn) while South Africa has fallen to third ($317bn).

The Nigerian government has recently been seeking for solutions to revive growth.

 

 

Nigerian Economist

Shares 0
Previous articleThe Unprecedented Level of Patience Shown to Buhari
Next articleNigeria: Lai Mohammed’s Jollof Rice Claim Sparks Africa Competition

Nigeria and Africa in extension have been under reported! Most time what we see are negative reports of wars, famine, diseases, and pestilence in Africa. We are poised to disseminate balanced news.

We help you make sense of an increasingly complex information world with a wide range of perspectives and stories that will allow you take an informed decision.

We are proud of our African heritage and keep our eyes on the world. As online media, we see digitalization as the foremost opportunity to reach new readers, customers, and African emerging markets. We are independent in our approach.

Our philosophy is grounded in the principles of a free society, which Africa is coming to terms with yet not losing the essence of what makes us African, which is our culture.

….showcasing the best part of us!

—- www.etimes.com.ng —-
etimes.nigeria@gmail.com —-
Phone: +234 811 947 2519

SHARE

19 COMMENTS

  1. I must admit that this is not the first tiome I’ve read this post on your site, but I do ffeel that I sould finally
    leave a comment and thank you for writing it as obviously I keep coming back here to relearn what you have to say.
    I even shared it on Twitter this time around.
    Thanks again!

  2. Thanks on your marvelous posting! I seriously enjoyed reading it,
    you will be a great author.I will be sure to bookmark your blog and definitely will
    come back later on. I want to encourage that you continue your great
    posts, have a nice afternoon!

  3. It’s really a great and useful piece of information. I am happy that you simply
    shared this helpful information with us. Please stay us informed like this.
    Thanks for sharing.

  4. We stumbled over here different web address and thought I
    should check things out. I like what I see so now i am following
    you. Look forward to going over your web page again.

  5. Thank you, I’ve just been searching for information about this topic for
    ages and yours is the best I have came upon so far. But, what in regards to the conclusion? Are you positive in regards to the supply?

  6. Everything is very open with a really clear explanation of the challenges.

    It was really informative. Your site is extremely helpful.
    Thanks for sharing!

  7. Hiya very nice site!! Guy .. Excellent .. Superb .. I will bookmark your
    website and take the feeds also? I am happy to search out a lot
    of useful info right here in the publish, we’d like work out
    extra strategies on this regard, thank you for sharing. .
    . . . .

  8. Greetings from Ohio! I’m bored at work so I decided to check out your site
    on my iphone during lunch break. I love the info you provide here
    and can’t wait to take a look when I get home.
    I’m surprised at how quick your blog loaded on my cell
    phone .. I’m not even using WIFI, just 3G .. Anyhow,
    great blog!

  9. This is the perfect website for anybody who wishes to understand this topic.
    You realize so much its almost tough to argue with you (not
    that I personally would want to…HaHa). You definitely put a fresh spin on a topic which has been discussed for
    ages. Excellent stuff, just great!

  10. Howdy! I know this is kinda off topic hoԝever ,
    I’d figured I’d ask. Would you be interested
    in exchanging links or maybe guest writing a blog post or vice-versa?
    My website goes over a lot of the same topics as youгs and I
    bеlieve we could greatly benefіt from eacҺ other.
    If you are intеrested feeⅼ free to shoot me an email.
    I look forward to hᥱaring from you! Fantastic blog by the wаy!

LEAVE A REPLY

Please enter your comment!
Please enter your name here