Angola has fifth largest economy in Africa

Angola has become the fifth largest economy in Africa in terms of gross domestic product (GDP).

Crude oil, one of the most profitable Angolan exports, took a steep fall in the market in 2014. With other exports such as diamonds and coffee, the Angolan economy was able to make up for the deficit from oil and maintain its position in the top African economies. 

In 2017, the GDP for Angola was $124.209 billion.

Angola was not the only country to take a financial hit from the drop in the global oil market. Algeria also suffered greatly but held onto its place as the fourth largest African economy, using petroleum and natural gas exports to help make up for the losses from oil.

Three of the six largest economies in Africa rely greatly on crude oil production. Nigeria, which has the richest economy on the continent at $376.284 billion in GDP, depends on oil for more than 70 percent of its income, though rubber and cocoa are also notable exports.

The third largest African economy belongs to Egypt, though its economy used to be far greater. The GDP had fallen to $16 billion in 2012 after the political revolution in 2011, but due to economic reform, the GDP rose back up to $237.037 billion in 2017. Egypt relies mainly on petroleum, insulated wire, video displays and gold as exports, but also pulls in money from tourism and textile production.

South Africa lies just ahead of Egypt, in terms on economic size. The second largest African economy has a GDP of $349.299 billion, and relies on mining and agriculture for its income. Like Egypt, South Africa has been having political unrest, and its once tremendous economy has suffered as a result.

The sixth largest African economy belongs to Morocco. In 2017, the GDP hit $109.824 billion, and the nation owes that number mainly to tourism and the service industry. Tourism in Morocco has taken a dive, though, due to extremist groups. Mining, construction and manufacturing, as well telecom and textiles, are other important Moroccan industries.