IMF names Tanzania as 7th leading African economy

Dar es Salaam. Tanzania has been ranked the 7th leading African economy. The World Economic Forum revealed the richest economies in a list published in April 2018 through data provided by the  International Monetary Fund (IMF) .

The full annual list, analyses the "identifiable wealth" of all the countries in the world through the current prices of Gross Domestic Product, GDP.

Business Insider Sub Saharan Africa worked with the data provided to create a ranking that focuses on the 10 economies with the biggest fortunes through their GDP.

As it is known, the GDP is a monetary measure of the market value of all final goods and services produced in a period of time. It is also important to note that Egypt, which has a GDP of $336.3 billion was not considered. The Business Insider names the 10 biggest economies in Africa. Here, they are ranked in descending order by wealth.

Nigeria - $408.61 billion

With a difference of $37.72 billion, Nigeria’s economy ranked the highest with a total GDP of $408.61. Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology, and entertainment sectors. In recent time, the agriculture and oil sector have contributed to the country’s economy.

South Africa - $370.89 billion

Distinguishing itself on the table and holding on to the second position is South Africa. The country’s economy is valued with a GDP of $370.89 billion according to the IMF. The country has a mixed type of economy and tourism is one of the biggest revenue generating industries in South Africa.

Algeria - $197.63 billion

Number three on the list is Algeria with a GDP of $197.63 billion. Though the economy has diversified, the country's economy relies greatly on hydrocarbons (petroleum and natural gas).

Morocco - $121 billion

Angola is followed by Morocco which occupies the fourth position on the list with an interesting $121 billion as GDP.  In Morocco, sales of fish and seafood join the industrial and mining sectors to contribute about one-third of the annual GDP. Morocco is the world's third-largest producer of phosphates and the price fluctuations of phosphates on the international market greatly influence Morocco's economy.

Angola - $119.43 billion

Angola takes the difference in the country’s GDP to a new level with a total GDP of $119.43 billion. Angola occupies the fifth position on the list. For Angola, Subsistence agriculture provides the main livelihood for 85% of the population. Oil production and the supporting activities are vital to the economy, contributing about 45% to GDP and 90% of exports.

Kenya - $88.27 billion

Kenya holds on to the sixth position with a total GDP of $88.27 billion. The country is generally perceived as Eastern and central Africa's hub for Financial, Communication and Transportation services.

Ethiopia - $85.66 billion

Standing tall at the seventh position with $85.66 billion is Ethiopia. The country leads Tanzania with a total of $26 billion. Ethiopia’s economy is concentrated in the services and agriculture sectors.

Tanzania - $56.66 billion

Tanzania holds the eight position with a total of $56.66 billion as the country’s GDP. Tanzania is largely dependent on agriculture for employment, accounting for about half of the employed workforce.

Ghana - $51.62 billion

Ghana follows Cote d’Ivoire on the list with $51.62 billion according to the data from International Monetary Fund. Ghana is Africa's second-biggest gold producer and second-largest cocoa producer. It is also rich in diamonds and oil but in recent years, plunging oil prices have precipitated an economic crisis.

Cote d’Ivoire - $48.14 billion

Cote d’Ivoire comes 10th with a total of $48.14 billion as the country’s GDP as at April 2018. Ivory Coast is among the world's largest producers and exporters of coffee, cocoa beans, and palm oil. Consequently, the economy is highly sensitive to fluctuations in international prices for these products and to weather conditions.