A country's import and export activities could have a big impact on its GDP.
A trade surplus contributes to the economic growth of a country, while a deficit could slow down a progressive economy.
Based on the International Monetary Fund's projected GDP growth rate, many of the African countries with the highest rate are majorly oil-producing countries except Zambia. However, these countries are also doing exceedingly well in the exportation of non-oil products majorly from other industries.
Asides from Libya which has a negative GDP of 1.2% despite being one of the top 3 countries with a trade surplus in 2022, other oil-producing countries such as Angola, Algeria, South Africa, Equatorial Guinea, Gabon, Congo, Chad and Nigeria recorded a trade surplus with an increase in GDP growth rate.
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