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Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. Countries in Africa are sorted according to data from the International Monetary Fund. The figures presented here do not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency.Such fluctuations may change a country's ranking from one year to the next, even though they often make little or no difference to the standard of living of its population.
Some countries may have citizens that are on average wealthy. These countries/regions could appear in this list as having a small GDP. This would be because the country/region listed has a small population, and therefore small total economy; the GDP is calculated as the population times market value of the goods and services produced per person in the country.
These figures should therefore be used with caution.
Comparisons of national wealth are also frequently made on the basis of purchasing power parity (PPP), to adjust for differences in the cost of living in different countries. PPP largely removes the exchange rate problem, but has its own drawbacks; it does not reflect the value of economic output in international trade, and it also requires more estimation than nominal GDP. On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures.
With investors showing increased interest in African equity and bond markets and through direct investment, data issues are getting more urgent. Insufficient resources at national statistics offices result in poor quality macroeconomic data.
Measuring GDP in Africa is just plain difficult.
African countries generally fail to accurately record the size of the informal economy which could account for up to 62.7 percent of GDP in countries across the continent. Many African economies are measured using outdated base years. Revising them could lead to a collective upward revision in African GDP of 30.8 percent, according to World Economics.
Most African countries also use outdated national income accounting standards, making comparisons between their economies and the developed world of little value. Accurate and transparent statistics are essential indicators of economic potential, World Economics reported.
10.Tanzania GDP – $49 billion Per Capita – $943
9. Kenya GDP $64.688billion, GDP (PPP) Per Capita $1,422
8. Ethiopia GDP – $67.435 billion Per Capita – $859
7. Angola GDP – $81.643 billion, GDP (PPP) Per Capita: $3,150
6. Sudan GDP $93.729 billion, GDP (PPP) Per Capita $2,366
5. Morocco GDP – $108 billion Per Capita – $5,765
4. Algeria GDP $165.974 billion, GDP (PPP) Per Capita $4,082
3. South Africa GDP – $312.798 billion, GDP (PPP) Per Capita: $4,768
2. Egypt GDP – $330.779 billion, GDP (PPP) Per Capita: $3,740
1. Nigeria GDP $594.257 billion, GDP (PPP) Per Capita $2,929
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