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Ethiopia 9th Biggest Economy in Africa - World Bank
Ethiopia is the ninth biggest economy in Africa when measured in Purchasing Power Parity (PPP), according to the latest report from the World Bank. Ethiopia is also one of the cheapest economies in the world measured by Price Level Index (PLI) according to World Bank. Ethiopia's GDP in PPP is $42.5 Billion, which accounts for 0.08% of World economy. Ethiopia's GDP per capita measured in PPP is $591.
The African economy is dominated by South Africa, Egypt, Nigeria, Morocco, and Sudan, which collectively account for nearly two-thirds of the region’s GDP.
The 10 Biggest Economies in Africa
1. South Africa $397.5
2. Egypt, Arab Rep. $353.5
3. Nigeria $247.3
4. Morocco $107.1
5. Sudan $79.6
6. Tunisia $64.8
7. Angola $55.0
8. Kenya $47.9
9. Ethiopia $42.5
10. Tanzania $35.9
GDP in PPP$ Billion
African Countries with highest GDP per capita
African Countries with the lowest GDP per capita
Source: World Bank
The Price Level Index (PLI) shows which economies are the most and least expensive. It corresponds to travelers’ experience of making purchases after converting their currency at market exchange rates. The Price Level Index is the ratio of a country’s PPP divided by its exchange rate to the US dollar. An index over 100 means prices are higher on average than in the US, and one less than 100 means prices are relatively lower.
The most expensive economies are Iceland, Denmark, Switzerland, Norway, and Ireland with indices ranging from 154 to 127. The United States ranked 20th in the world, lower than most other high-income economies, including France, Germany, Japan, and the United Kingdom.
The range is greater at the other end of the spectrum with more than 40 economies showing a PLI of 40 or below. The cheapest economies are Tajikistan, Ethiopia, Gambia, Kyrgyz Republic, and Bolivia.
The report also added
Twelve economies account for more than two-thirds of the world’s output. Seven of them are high-income economies (United States, Japan, Germany, the United Kingdom, France, Italy and, Spain), and five are developing or transitional economies (China, India, Russia, Brazil, and Mexico). The five largest developing economies account for more than 20 percent of global output and over 27 percent of the world expenditures for investment purposes
Measured by GDP per capita, the five richest economies are Luxembourg, Qatar, Norway, Brunei Darussalam, and Kuwait. Collectively, they account for less than 1 percent of the world’s output. Seventeen economies have a GDP per capita of less than $1,000. The world average is approximately $8,900 per capita.
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