Top 5 African Countries With The Highest GDP Per C…
Several countries went into recession as a result of the pandemic last year, and Nigeria was not left out. However, the list of top economies per capita remains fairly unchanged from the previous year.
According to data obtained from the World Bank, the economy in Sub-Saharan Africa declined 2.45% in 2020 from $1.85 trillion in 2019 to $1.81 trillion. Also, the Middle East and North Africa registered a 3.66% contraction of the economy to a total of $3.37 trillion.
Here are the top 5 countries in Africa by GDP per capita:
Botswana, a country in central southern Africa with a population of 2.35 million people, recorded the fifth highest GDP per capita in Africa at $6,710.99. The country’s GDP was $17.18 billion in 2020, down 7.89% from $18.65 billion in the previous year. In a similar vein, GDP per capita registered a 15.8% decline from a total of $7,970 printed in 2019.
Meanwhile, reports show that Botswana’s annual real GDP growth continued to deteriorate due to the impact of the COVID-19 pandemic. Real GDP shrank by 8.6% year-on-year in the first quarter of 2021.
Gabon, a country on the west coast of Africa, has the fourth highest economy in Africa by GDP per person at $7,005.88 and an estimated population of 2.23 million people based on data obtained from the World Bank.
The latest figure represents a 9.8% decline from $7,767.02 the previous year, with a 1.32% contraction in GDP value to $19.67 billion.
The decline coincides with the downturn experienced by most of the world’s economies as a result of the Covid-19 pandemic.
3. Equatorial Guinea
Equatorial Guinea recorded a GDP per capita of $7,143.24 in 2021, representing the third highest in the African continent in the reporting period.
GDP per capita decreased by 15.2% compared to $8,419.93 in the previous year due to the 4.89% decline in total GDP. GDP was $11.88 billion in the reporting period.
Equatorial Guinea is a small country on the west coast of the African continent with an estimated population of 1.4 million people.
Mauritius is second on the list with an estimated GDP per capita of $8,622.68. This is 22.3% lower than the $11,097.59 recorded in 2019.
Mauritius is a subtropical island country in the Indian Ocean, just over 1,130 kilometers east of Madagascar, off the southeast coast of Africa.
Total GDP was $11.74 billion in 2021, a decrease of 14.87% compared to $13.79 billion recorded in 2019.
The Seychelles is a country located in the Indian Ocean, between 480 and 1,600 km from the east coast of Africa. It has an estimated population of 98,462, one of the lowest on the African continent. The GDP per capita in 2020 was $11,425.09, which is the highest recorded in Africa during that period.
GDP per capita recorded a significant 29.5% decline from $16,198.52 recorded in 2019 to $11,425.09 in 2020. This is due to the 10.72% decline in total GDP over the period . The country’s GDP was $1.24 billion in the reporting period.
However, Fitch has forecast that the country’s GDP will recover at 5% growth in 2021, driven by a robust resumption of tourism activity, favorable base effects and supported by expansionary fiscal and monetary policies.
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Nigeria, Africa’s largest economy, saw its GDP per capita reach $2,097.09 in 2020, making it 17th in the list of African countries, down 6% from $2,229.86 in the previous year.