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  • Business - Economy
  • Updated: 4 months ago

Top 5 African Countries With The Highest GDP Per Capita

Several countries fell into recession last year due to the pandemic, and Nigeria was not left out. However, the list of top economies per capita, remains fairly unchanged compared to the previous year.

According to data obtained from the World Bank, the Sub-Saharan African economy declined by 2.45% in 2020 from $1.85 trillion recorded in 2019 to $1.81 trillion. Also, the middle East and North Africa region recorded a 3.66% contraction in its economy to an aggregate of $3.37 trillion.

Here are the top 5 countries in Africa by GDP per capita:

5. Botswana

Botswana, a country in the centre of 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 in 2020 stood at $17.18 billion, representing a 7.89% decline compared to $18.65 billion recorded in the previous year. In the same vein, its GDP per capita recorded a 15.8% decline from an aggregate of $7,970 printed in 2019.

Meanwhile, reports indicate that on an annual basis, Botswana’s real GDP growth continued to worsen as a result of the impact of the COVID-19 pandemic. Real GDP contracted by 8.6% year-on-year in Q1 2021.

4. Gabon

Gabon, a country on the west coast of Africa boasts of being the fourth highest economy in Africa based on GDP per individual with $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 when compared to $7,767.02 recorded in the previous year, having recorded a 1.32% contraction in GDP value to stand at $19.67 billion.

The decline is in tandem with the downturn recorded by most economies of the world, 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 on the African continent in the review period.

The country’s GDP per capita declined by 15.2% compared to $8,419.93 recorded in the preceding year as a result of the 4.89% decline in the aggregate GDP. Its GDP stood at $11.88 billion in the period under review.

Equatorial Guinea is a small country on the west coast of the African continent with an estimated population size of 1.4 million people.

2. Mauritius

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 kilometres east of Madagascar, off the south-eastern coast of Africa.

Its aggregate GDP in 2021 stood at $11.74 billion, representing a 14.87% decline compared to the $13.79 billion recorded in 2019.

1. Seychelles

Seychelles is a country located in the Indian Ocean which is 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. Its GDP per capita in 2020 stood at $11,425.09, representing the highest recorded in Africa in the period.

Its GDP per capita recorded a significant decline of 29.5% from $16,198.52 recorded in 2019 to $11,425.09 in 2020. This is as a result of the 10.72% decline in the aggregate GDP in the period. The country’s GDP stood at $1.24 billion in the review period.

However, Fitch has forecasted that the country’s GDP will rebound by a 5% growth in 2021, driven by a robust resumption of tourist activities, favourable base effects, and supported by expansionary fiscal and monetary policies.

Bubbling Under

  • South Africa – $5,090.72

  • Namibia – $4,211.05

  • Libya – $3,699.23

  • Egypt – $3,547.87

  • Eswatini – $3,415.46

Nigeria, Africa's largest economy, saw its GDP per capita stand at $2,097.09 in 2020 to rank 17th on the list of African countries, representing a 6% decline compared to $2,229.86 recorded in the previous year.

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Oluwatosin Ogunjuyigbe
Oluwatosin Ogunjuyigbe

A seasoned business content writer, financial markets analyst, and tech enthusiast.

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