Egypt overtakes Nigeria as Africa’s largest economy

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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

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