ADVERTISEMENT

10 African countries with the highest balance of cash inflow and outflow

Current account balance
  • Business Insider Africa presents 10 African countries with the highest current account balance. 
  • This list is courtesy of the World Economic Output report by the International Monetary Fund. 
  • The world's current account balances were predicted to reduce in 2023.

In economics, the current account balance is an essential indicator that provides information on a nation's state of economy, position in international commerce, and general financial soundness.

ADVERTISEMENT

It is made up of several parts that represent a country's dealings with the outside world, including commerce, investment revenue, and transfer payments.

According to the World Economic Forum, a country's current account balance tracks the amount of money it has coming in and going out.

To elaborate, the current account balance is a part of a country's balance of payments, a comprehensive record of all economic transactions between that country and the rest of the world over a specific period, usually a year.

ADVERTISEMENT

According to the International Monetary Fund’s World Economic Output report, the total of absolute surpluses and deficits in the world's current account balances was predicted to reduce in 2023 after rising significantly in 2022.

The conflict in Ukraine led to a widening of the trade balances for oil and other commodities, which in turn generated a rise in current account balances in 2022.

With that said below are the 10 African countries with the highest balance of money going in and out of its economy in 2023.

Rank Country Current account balance (% of GDP)
1. Libya 21.3
2. Eswatini 6.3
3. Democratic Republic of Congo 4.0
4. Zambia 3.8
5. Angola 3.1
6. Algeria 2.9
7. South Sudan 2.3
8. Zimbabwe 0.9
9. Botswana 0.8
10. Nigeria 0.7
This is a Business Insider Article, for more articles like this, visit africa.businessinsider.com

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

If you get these 5 messages on Valentine's Day, you are the side piece

If you get these 5 messages on Valentine's Day, you are the side piece

Valentine's Day: 10 perfect Nigerian songs for the Booless

Valentine's Day: 10 perfect Nigerian songs for the Booless

Valentine's Day: 10 timeless Nigerian love songs you should add to your playlist

Valentine's Day: 10 timeless Nigerian love songs you should add to your playlist

Here are foods to avoid during Lent

Here are foods to avoid during Lent

Top 5 coldest countries in the world

Top 5 coldest countries in the world

6 ways to survive the heat season in Nigeria

6 ways to survive the heat season in Nigeria

5 tips for fasting during the days of Lent

5 tips for fasting during the days of Lent

How to celebrate Valentine's Day when you are in a long-distance relationship

How to celebrate Valentine's Day when you are in a long-distance relationship

5 places to avoid if you're single on Valentine's Day

5 places to avoid if you're single on Valentine's Day

ADVERTISEMENT
ADVERTISEMENT