What Are The 5 Best Economies in Africa

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(Newswire.net — June 26, 2023) —

Have you ever wondered which countries in Africa are doing the best economically compared to others? Wonder no more. Here are the top five countries ranked by GDP per capita (the amount of money a citizen of the country earns per year on average). 

Another way to measure economies is by the total GDP, which is how much money the country makes total in a single year. However, it is not as good of a metric to use when comparing economies of countries with large populations to countries with small populations. By using GDP per capita, we get the best idea of how well off the average person in that country is based on how much money they are earning on average.

What are the 5 best African economies?

We’re covering the top five African countries by their economy, which are in order from first to fifth: Seychelles, Equatorial Guinea, Gabon, Mauritius, and Botswana. Interestingly, two out of the top five African countries with the best economies are island countries — Seychelles and Mauritius. Botswana is the only country in the top five to be landlocked. 

So, how did these five countries surpass their neighbors to achieve a higher GDP per capita than the rest of the continent?

Let’s take a close look at each country in the top five and do our best to explain why the country may be more successful than others in its same region. For instance, one reason Mauritius may be high on the list is because of the companies that have chosen to make their headquarters in the country, such as this firm profiled here

  1. Seychelles

The Seychelles are an archipelago of 115 islands located off of the coast of East Africa in the Indian Ocean. According to Wikipedia, they have the largest GDP per capita in Africa by almost double the second highest country, with an average yearly salary of $20,265 in USD per person. Funnily enough, when ranked by just GDP, Seychelles is the fourth smallest economy in Africa!

  1. Equatorial Guinea

With a GDP per capita of $11,264 in USD per citizen, Equatorial Guinea is the second best economy in Africa. They have profited off many natural resources located within the country, such as bauxite, iron ore, large amounts of gold, uranium, and diamonds. Additionally, they got an early lead on much of the African economy because the country was also successful in cocoa production — and still is today.

  1. Gabon

At a GDP per capita of $10,281 in USD per citizen, Gabon comes in at the third spot on our list for the best economies in Africa. They have a total GDP of $22 billion, which makes them the largest economy on this list so far.

  1. Mauritius

Mauritius is another island country, and has a GDP per capita of $9,111 in USD. The island country has gained its fortunes from financial services, agriculture, and tourism. 

  1. Botswana

Botswana just beats out South Africa with a GDP per capita of $7,347 in USD. The country is landlocked, which makes it impressive to us that they ranked so high on the list, considering where other landlocked countries place. (One example is Botswana’s neighbor to the east, Mozambique, with a GDP per capita of just $542.)

We hope you found this article interesting, and that you now know a little bit more about the various economies of Africa.