With an area of about 30.2 million square kilometers, Africa is world’s second largest continent. It is also world’s second most populous continent. 1.111 billion people (2013) live in Africa.
Algeria is the largest country (by area) in Africa; and Nigeria is the largest country by population. Earlier this year Nigeria surpassed South Africa as Africa’s largest economy. Here is a brief overview of the largest economies in Africa as of 2015:
Oil and gas contribute significantly to Equatorial Guinea’s economy. The economy of Equatorial Guinea was affected by recession in 2013. It was due to fall in revenue from oil and lower oil and gas output. It experienced negative GDP growth of -1.4 percent after positive 5.3 percent growth in 2012. Experts estimate negative growth in 2014 (-1.8 percent) and 2015 (-8.5 percent).
Vigorous public investment, revenue from forestry, rising oil prices, revenue from mining, membership of the franc zone and private investment have contributed to Gabon’s macroeconomic stability. The country’s GDP grew by 5.5 percent in 2013.
Zambia’s growth in real terms decreased to 6.5 percent in 2013. This was mainly due to a reduction in agricultural output. Copper contributes about 70 percent to the nation’s export earnings.
Absolute poverty continued to drop, from 24.5 percent in 2009/10 to 22.2 percent in 2012/13. The nation is on track to achieve its Millennium Development Goal for poverty reduction by 2015. The nation’s GDP grew by 5.2 percent in 2013.
Cameroon has to use growth to reduce poverty. However it has remained stable in a region that is affected by political and security crises. Growth in 2013 was driven by the tertiary sector, which accounted for 47.8 percent of GDP.