Africa is a place of many different economies, all competing to be the best1. The International Monetary Fund (IMF) says Africa’s total GDP will hit $2.819 trillion by 20241. What’s amazing is that just five countries – South Africa, Egypt, Algeria, Nigeria, and Ethiopia – make up 51.5% of this huge total1.
The Biggest Economy in Africa 2024
| Country | Flag | GDP (USD) |
|---|---|---|
| South Africa | 🇿🇦 | 375,171,366,758 |
| Egypt | 🇪🇬 | 367,800,057,117 |
| Nigeria | 🇳🇬 | 306,054,671,071 |
| Algeria | 🇩🇿 | 257,167,131,538 |
| Ethiopia | 🇪🇹 | 185,330,549,676 |
| Morocco | 🇲🇦 | 148,706,185,048 |
| Kenya | 🇰🇪 | 106,148,345,514 |
| Angola | 🇦🇴 | 93,108,109,175 |
| Côte d’Ivoire | 🇨🇮 | 83,886,307,666 |
| Tanzania | 🇹🇿 | 79,536,070,631 |
| Ghana | 🇬🇭 | 75,694,672,115 |
| Dem. R. Congo | 🇨🇩 | 70,928,269,308 |
| Uganda | 🇺🇬 | 54,350,691,732 |
| Tunisia | 🇹🇳 | 53,213,758,307 |
| Cameroon | 🇨🇲 | 51,352,141,138 |
| Libya | 🇱🇾 | 46,820,557,684 |
| Senegal | 🇸🇳 | 33,686,142,521 |
| Zimbabwe | 🇿🇼 | 33,449,995,745 |
| Zambia | 🇿🇲 | 29,232,421,046 |
| Sudan | 🇸🇩 | 26,363,720,280 |
Africa is the second-biggest continent, with a mix of nations, each with its own strengths and challenges1. To really see how big Africa’s economy is, we need to look closer at the data. This will show us which countries are leading the way1.
Key Takeaways
- Africa’s total nominal GDP is projected to reach $2.819 trillion in 2024.
- The top 5 largest economies in Africa are South Africa, Egypt, Algeria, Nigeria, and Ethiopia.
- These 5 countries account for 51.5% of Africa’s total GDP.
- South Africa, with a GDP of $400 billion, is the continent’s largest economy.
- Egypt is the second-largest economy, with a GDP of $347.594 billion.
Africa’s Economic Landscape
Africa GDP Ranking 2023
Source: Image data (2023)
The largest economies in Africa are ranked by their Gross Domestic Product (GDP). This shows how much money a country makes from all its goods and services in a year. But, having a big economy doesn’t always mean people’s lives get better2. Many African countries struggle with debt, bad infrastructure, high inflation, and slow growth. These problems get worse with global issues like the COVID-19 pandemic and the Russia-Ukraine conflict3.
Measuring Economic Might
The International Monetary Fund (IMF) says the top 5 largest economies in Africa for 2024 are:
- Nigeria
- South Africa
- Egypt
- Algeria
- Morocco
Top Contenders
These countries have the biggest economies in Africa. But, their success depends on many things like politics, natural resources, and economic policies3. Countries like Ghana, Kenya, and Ethiopia are also getting stronger and might soon be top contenders2.
| Country | GDP (2024 Projection, Billion USD) | GDP Growth Rate (2023-2024) |
|---|---|---|
| Nigeria | 532.5 | 3.2% |
| South Africa | 474.3 | 1.1% |
| Egypt | 435.6 | 5.5% |
| Algeria | 172.4 | 2.8% |
| Morocco | 159.2 | 3.9% |
This data shows the economic landscape in Africa. It highlights the largest economies in Africa and their growth rates2. But, having a big economy doesn’t always mean it’s the best economy in Africa for its people. It’s important to look at things like poverty and quality of life too3.
“The largest economy in Africa may not always be the best economy in Africa for its people, as economic development must also address issues of inequality, poverty, and sustainable growth.”
African countries face many challenges and chances in their economies. The goal of having the biggest economy in Africa and the strongest economy in Africa is complex and hard234.
The Biggest Economy in Africa
South Africa is the largest economy in Africa, according to the International Monetary Fund (IMF)5. It’s expected to have a GDP of $373 billion in 2024, making it the most industrialized economy on the continent5.
Despite its economic strength, South Africa faces big challenges5. High unemployment and rising living costs affect many people, even with its strong economy5.
South Africa’s economy is diverse, with sectors like manufacturing, mining, and tourism driving growth5. Its strategic location, good infrastructure, and skilled workers help it stand out as the strongest economy in Africa5.
The economic scene in Africa is always changing, which means rankings can shift6. For example, Nigeria has the biggest economy, with a GDP of $477.38 billion and a population over 225 million6. Egypt follows, with a GDP of $475.23 billion and a population of about 113 million6.
Yet, South Africa is still the biggest economy in Africa according to the IMF, staying a key player in the continent’s economy5. Its success and challenges are watched closely by investors and policymakers5.
The future of Africa’s economic leadership is exciting7. South Africa is expected to keep its top spot in 2023, with a GDP of $422 billion7. But Nigeria, Egypt, and Ethiopia are also growing fast7.
Nigeria’s GDP is set to hit $574 billion in 2023, and Ethiopia’s economy will grow by 13.5%, reaching $126.2 billion7. These trends show Africa’s economy is changing, with new countries challenging South Africa’s lead7.
The title of biggest economy in Africa is very important, affecting both the economy and politics. As Africa gets more attention, the competition to be the strongest economy in Africa will grow567.
Conclusion
The growth of the largest economies in Africa, like South Africa, Egypt, Algeria, Nigeria, and Ethiopia, is great news for Africa and the world8. Kenya’s economy was the biggest in Africa in 2011, with a GDP of $34 billion, more than Tanzania’s $24 billion8. These countries are growing, offering new chances for businesses and consumers everywhere.
Despite challenges like poverty and corruption, these countries have young people, lots of natural resources, and are connecting more with the world9. Governments are focusing on education, healthcare, and infrastructure to boost the economy and help people9. Africa is changing, and its biggest economy will be key in shaping its future and making a mark globally.
In Africa, the private sector is huge, making most of the products, investments, and jobs10. But, most businesses are small, and big companies are mostly owned by foreigners, showing a “missing middle”10. Fixing this and helping medium-sized businesses grow is vital for the country with the best economy in Africa to succeed.
FAQ
What are the largest economies in Africa?
The International Monetary Fund (IMF) says the top 5 economies in Africa are South Africa, Egypt, Algeria, Nigeria, and Ethiopia. They make up about 40% of Africa’s total GDP.
Which country has the biggest economy in Africa?
South Africa leads with a GDP of 3 billion in 2024, as per the IMF.
What is the biggest economy in Africa?
South Africa is the biggest, with a GDP of 3 billion in 2024, as the IMF projects.
Which country has the strongest economy in Africa?
South Africa stands out with a strong economy. It has a mix of manufacturing, mining, agriculture, and a growing tourism sector.
Which country is the biggest economy in Africa?
South Africa is the top economy in Africa, with a GDP of 3 billion in 2024, as the IMF forecasts.
Source Links
- https://en.wikipedia.org/wiki/List_of_African_countries_by_GDP_(nominal)
- https://www.worldbank.org/en/region/afr/overview
- https://www.imf.org/en/Publications/REO/SSA/Issues/2024/04/19/regional-economic-outlook-for-sub-saharan-africa-april-2024
- https://www.worldbank.org/en/country/southafrica/overview
- https://www.bbc.com/pidgin/articles/cnkkz9jepdyo
- https://businessday.ng/news/article/africas-powerhouses-10-largest-economies-on-the-continent-in-2023/
- https://www.africanews.com/2023/02/02/top-5-economies-in-sub-saharan-africa-to-watch-out-for-in-2023-according-to-imf/
- https://www.brookings.edu/articles/africas-powerhouse/
- https://www.nature.com/articles/s41599-024-03336-3
- https://www.sciencedirect.com/topics/economics-econometrics-and-finance/african-economy