Per capita income of African countries
Africa is regarded as the biggest continents in the world because of its large land area but not in case of economic wealth; most of the African regions are regarded as poorest ones in the world. However, not all African countries are poor, and there are also some rich nations on the continent but these numbers are far less than those of poor countries.
Here we are giving some information about the African countries that have the best GDP (Nominal) per capita in the Continent. What is GDP per capita? GDP per capita is a measure that results from GDP divided by the volume of the country's overall population. Whereas simple GDP stands for gross domestic product, the total economic output of a country, i.e., the sum of money a country makes. In simple words, GDP per capita means the sum of money that each single gets in that particular country. We can say that GDP per capita gives a lot better determination of living standards as compared to GDP.
In this article, the countries are ranked on the base of GDP (Nominal) per capita and the GDP (PPP) per capita. GDP Nominal is an original concept of GDP. It is an attempt at an absolute measure, a sort of immovable standard that remains the same from one country to another. The GDP (Nominal) is more concerned about the fact that how much of an internationally traded product a person can purchase in their country. Whereas GDP (PPP) stands for "Purchasing Power Parity" and it is more concerned about the fact that how much of a local good like real estate or labor a person can purchase in their country. Most of the developed countries are having higher GDP (Nominal) than the GDP (PPP) because the people of developed countries are more able to buy highly priced international goods than the people of developing countries. African radio stations are located in the most developed cities like Johannesburg of south Africa are considered great resource for awareness of youth. National income is logically proportional to its population so with an increase in the number of people; there is also an boost in GDP. In reality, it does not entirely mean that with high GDP, high standard of living also results because a country with high GDP but with an awesomely large population tends to have a low GDP per capita.
|Rank in Continent||Rank in World||Country||GDP (PPP) Per Capita (International Dollar)|
|1.||29||Equatorial Guinea||33, 768|
|7.||82||South Africa||12, 507|
|Rank in The Continent||GDP (Nominal) Per Capita (International Dollar)|