Hearing about Africa, many people think about the numerous peoples and tribes most of which live in extreme poverty. Nevertheless, there are many countries on the continent that enjoy prosperity and have thriving economy. This is not surprising because Africa provides many opportunities for high economic indicators. This is greatly facilitated by a favorable climate, abundant natural resources, and raw materials. From this article, you will find out which country is the richest in Africa.
This state is the smallest on the African continent. The majority of the adult population is employed in agriculture, which is considered the main source of income. People are actively engaged in cultivation of cotton, sugar cane, tobacco, rice, corn, pineapples, and other crops. Animal husbandry is also well developed.
Most of GDP (45%) falls on the industrial sector: mining of coal, iron ore, production of sugar, timber, and textile. Economically, Swaziland is heavily dependent on South Africa, which is its main trading partner – 80% of imports and more than 60% of exported goods.
Despite the numerous achievements, 2/3 of the population of the country live in extreme poverty, the unemployment rate remains high. According to the latest data, over 40% of the able-bodied population is unemployed.
Tunisia is the ninth richest country in Africa. It’s washed by the Mediterranean Sea. The basis of the local economy is agriculture. About 50 million olive trees grow here. Therefore, one of the main sources of income is the export of olives and olive oil. Tunisia confidently takes the 4th place in this sphere. In total, the country produces up to 10% of the world’s stock of olive oil. Another lucrative area is growing of date fruits which Tunisians love to eat themselves. The state is on the 9th place in the world on the supply of dates.
One more lucrative area is a well-developed tourism industry: a warm and comfortable climate, proximity to the Mediterranean, magnificent white sandy beaches, European service and world-famous thalassotherapy centers. All these factors combined with a rich history of the state attract hundreds of thousands of tourists to Tunisia.
The country is also rich in oil resources which are produced in more than 5 million tons per year. This fully meets the domestic needs of the state and also generates significant income from export – up to 40% per year. Tunisia is one of the most developed African states. Half of its inhabitants are in the middle class status.
The country is located on the territory of South Africa. Almost half of the able-bodied population is employed in agriculture. However, most of the revenues to the budget come from the mining, sale of diamonds and uranium. Namibia is the largest exporter of these resources in the world market. In the bowels of the earth, there are also large deposits of gold, silver, copper, tin, zinc, and lead. Recently, fishing and tourism have started to develop actively.
Although the state is among the rich African countries, there is rather high unemployment – over 30%. Salaries of workers are relatively low.
Egypt is surrounded by the Mediterranean Sea in the north and by the Red Sea in the east. The two seas are connected by the Suez Canal. The collection of fees from foreign ships passing the Suez Canal is the main source of state revenue. This measure brings more than one billion dollars to the treasury annually.
Other weighty sources of replenishment of the budget are oil and a developed system of tourism which is contributed by hot climate, the proximity of the two seas and the rich history.
Agriculture continues to play a significant role in the life of the country, but its share in exports fell to 15.4%.
Nevertheless, some problems are particularly acute for Egypt. The general impoverishment of the state continues. The threat of hunger is very actual. The unemployment rate is high – more than 19%.
6. South Africa
South Africa has quite strong world positions. It is on the list of twenty countries with the most developed economy (G20), has an impressive reserve of natural resources. Production of diamonds, platinum, gold exports is widespread, as well as engineering, manufacturing of equipment and chemical products.
Despite the arid climate, agriculture and fishing develop actively, wine-making flourishes. All these factors contribute to the growth of the state economy. According to estimates of specialists, GDP per person in South Africa is 10 thousand dollars. The standard of living is quite high. But the difference between the richest and the poorest parts of the population is still enormous.
Libya is a country in North Africa, the fourth largest African state. About 90% of its territory is occupied by deserts. Previously it was the Italian colony. In the middle of the last century, Libya gained independence. Thanks to oil production that began in the 1960s, the beggar country quickly turned into a prosperous state. Huge oil reserves are still the main local wealth.
Unfortunately, the war that lasted for several years made great negative changes to the life and economy of Libya. Oil production and exports fell several times. The lack of cash led to unprecedented inflation. In the conditions of political instability and shock, the import of goods into the country practically ceased. The prices for essential products jumped to incredible heights.
The budget deficit has reached enormous proportions. In case of maintaining low oil prices, Libya will not be able to cover it. According to the World Bank, even with favorable development of events, the state may approach previous volumes of oil exports no earlier than 2020.
Algeria is the largest state on the continent located in North Africa and close to the Mediterranean Sea. Until the 60s, the country was considered a French colony. After gaining independence from France in 1964, Algeria’s economy began to develop at a rapid pace.
Now the state is in the lead in the production of natural gas and holds the 4th place in the world for its exports. Algeria has an impressive oil reserve, ranks the 15th in the world and 11th in terms of oil exports. Sales of oil and gas jointly bring the country 30% of GDP and more than 60% of budget revenues.
Despite impressive achievements, many able-bodied citizens of Algeria do not have a specialized education. Unemployment is quite high. There is a sharp shortage of professional staff at many enterprises.
The climatic conditions in Botswana can’t be called favorable. This country has no access to the sea. More than 70% of its territory is occupied by the large Kalahari Desert which dictates its strict laws.
Despite the disadvantageous location, the state is rich in minerals. It produces gold, oil, copper, nickel, zinc, lead, coal, chrome, sulfur, platinum, and silver. The country firmly holds the leading position in the extraction of diamonds which are famous for their highest quality and are often used for making jewelry.
The second richest country in Africa is Gabon. Until 1960, it was considered a colony of France. The combination of a low population (1.8 million people), an impressive supply of high-quality wood, oil, uranium and manganese ore made Gabon one of the most prosperous states on the continent. The local standard of living is much higher than in most African countries.
However, speaking about the welfare of Gabon, we should note the huge difference between the major cities and small villages located in the deep African jungle where life hardly changed over the centuries. 80% of the citizens are urban residents.
1. Equatorial Guinea
Equatorial Guinea is the richest African country. This tiny state is situated in the central part of the continent, very close to the equator. The budget is replenished by a large oil reserve. The good geographic location of the state also maintains the best economy in Africa. There is a direct access to the Atlantic Ocean. Oil is delivered to Europe and America from there. Due to the export of oil, Equatorial Guinea has a high GDP rate by which it has bypassed many European countries.
Other sources of income are the cultivation of coffee and cocoa beans, the export of sawn timber. The fishing system is very developed.
Now you know what the best country in Africa is in terms of economy. We hope that it was interesting to read this article.
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