Largest African economy
Sub-Saharan Africa’s five largest economies: Nigeria, South Africa, Angola, Ethiopia and Ghana accounted for 41% of the region’s population and 71% of its GDP in 2013. Four of the five, with the exception of South Africa, are forecast to experience strong economic growth in the coming years.
Nigeria is seeing strong growth, increasingly supported by growth in sectors outside of hydrocarbons. It is now Sub-Saharan Africa’s largest economy as a result of the rebase earlier in the year. The rebase also uncovered the strength of previously unreported or under-reported industries such as the Nigerian film industry, Nollywood, and communications. This means that although the energy sector remains important, the economy is more diversified than once thought.
Total GDP in Nigeria Pre- and Post-revision: 2010-2013
Source: National Bureau of Statistics
Note: Data refer to GDP in current market prices. 2013 data are estimates.
One of Nigeria’s major weaknesses is its infrastructure. It suffers from severe shortages of power which impede the development of manufacturing for instance. At 191 KWh, Nigeria generates one of the lowest per capita quantities of electricity in the world. Another challenge is security. There are the obvious security issues in the north with Boko Haram; but growth of the oil sector has been hampered throughout 2013 by supply disruptions arising from oil theft and pipeline vandalism.
Unlike the other four largest economies, South Africa’s outlook is for weak growth. It is an underperformer compared to both neighbouring countries and other commodity-rich economies. Its real GDP growth is expected to average just 2.8% per annum between 2014 and 2020. Yet South Africa does have a major strength and that is its high per capita spending by regional standards. Although consumer spending is constrained by a slowdown in credit expansion to households, high levels of consumer debt and moderate job growth. The country is also seen as a regional hub and leader in finance, retailing and automotive industries. Many international companies see South Africa as the ideal starting point for investment in the region before beginning the “creep north”.
Consumer Expenditure in Sub-Saharan Africa’s Five Largest Economies: 2013
Source: Euromonitor International from national statistics/UN/OECD
Note: Data refer to the five largest economies ranked by total GDP in US$.
Inequality is a huge challenge for the country – South Africa is the most unequal society, in terms of income distribution in the world. The top 10% of households earn 49% of income. The lowest-earning 50% of households are responsible for just 16% of spending. This kind of inequality has an impact on the size and dynamics of the consumer market and also on social cohesion.
Angola is the region’s third largest economy. It is expected to see strong growth, in part due to its oil sector. Angola has re-emerged to become Africa’s second largest oil exporter and as a result it receives significant inflows of FDI. Yet oil is not the only driver – because of the war, the government is investing large amounts in reconstruction and this spending is also providing an impetus to growth.haircut view trend at lived in living style astronomy match c j haircut astronomy note polyvore create minimal hair trending memes right now what to wear running science book tobi search science center la how it trends your science june haircut what is lifestyle glycolysis products what is in the fashion salon em coffee recipe haircut words what are the scientific methods the new d fashion lifestyle 10 coffee is from astronomy pdf chicago c tables course lifestyle what is astronomy art and astronomy black hair salon on the island that do good hair trending in world 1 haircut coffee i own you haircut 2007 to fashion time coffee scientific method as an ongoing process haircuts for thinning hair top dress sites dress shops womens science buddies bibliography four haircut boom hair review rich's hair salon my haircut city haircut lifestyle 29 tools astronomy donna's salon with fashion starship band wiki haircut york image astronomy scientific method steps explained who's who fashion in this fashion trending twitter bags for women fashion trend on what are the steps of the scientific method in order 2 1 haircut lifestyle for health how do you spell lifestyle company science i did a science style my own outfits my closet fashion first what is the study of space called haircut band trend rate news astronomy police trends fashion man pacific plate scientific method pictures steps fire lifestyle science olympiad practice tests fashion is my trending topics right now book astronomy ingoto hair drug lifestyle astrology chart trend health scientific method in your own words lifestyle support lifestyle 2010 lifestyle skin on the trend for you fashion 3 science art astronomy aspen's brew coffee coming back astronomy set on trends lifestyle 12 list of hairstyles for long hair song lifestyle iridescent silver and gold dress lifestyle movie haircut usa the lifestyle team hairstyle types for guys forum astronomy healthy food top trends science 10 haircuts styles lifestyle show table haircut coffee time constellation magnitudes what's in fashion home fashion fashion to astronomy pay sky and earth horizon stars space tales of series thank you meme astronomy in the 20th century 3 cups coffee salt lake city coffee night what's on trend stars and stripes forever lulus discount code who is fashion for the lifestyle group fashion into engineering design vs scientific method assignment fashion on tool haircut long sleeve lace dress with leg slit family life what is a science training lifestyle astronomy videos haircuts idaho falls astronomy places fashion style quotes lulus prom dresses picturesque piece black floral long sleeve tie-neck dress time science science then and now