10 Largest economies in Africa (2024)

Africa is the richest continent on the planet in terms of natural resources and a young active population. Nonetheless, the continent remains the poorest with the smallest economy compared to other continents of the world. Africa is also the only continent in the world without a country with a trillion Dollar GDP economy.

The continent’s major source of production and trade are raw materials ranging from agricultural products, mining, and others. Despite the continent’s poverty state, there exist some very powerful economies in terms of the general comparison to the continent and the world at large. 

This article offers insight into Africa’s biggest economies as of 2022 based on Gross Domestic Product (GDP) published by World Bank.

Recommended: 10 Most developed countries in Africa

Africa’s biggest economies

Rank	Country	GDP
1.	Nigeria	$440,776,970,000
2.	South Africa	$419,946,430,000
3.	Egypt	$404,142,770,000
4.	Morocco	$132,725,260,000
5.	Ethiopia	$111,271,110,000
6.	Kenya	$110,347,080,000
7.	Ghana	$77,594,280,000
8.	Angola	$72, 546,990,000
9.	Cote d’Ivoire	$69,764,830,000
10.	Tanzania	$67,775,100,000

1. Nigeria

GDP: $440,776,970,000

Nigeria is Africa’s largest economy with an overall GDP of over 400 billion Dollars as of 2021. The country has a significant trade volume with major exports of petroleum and agricultural products. Nigeria doubles as Africa’s most populated nation and hosts the second-biggest stock exchange on the continent. 

Nigeria has a powerful financial sector and a strong service-based market, with an emphasis on informal services. The country’s biggest trading partner is the United States, Europe and China; Nigeria is currently one of the world’s largest exporter of yams, ginger, palm oil, cocoa and petroleum.

2. South Africa

GDP: $419,946,430,000

The rainbow nation comes 2nd on the list beating Egypt to cliche the position as of 2021. South Africa is arguably Africa’s most advanced economy hosting a majority of the continent’s biggest corporations, banks, industries and the largest stock exchange. The South African economy is dependent on a variety of industries, the majority of which are mining, tourism, financial services and manufacturing. 

Following the end of the apartheid in 1994, South Africa grew to a stronger economy of over hundreds of billions of Dollars doubling in size. The country is currently one of eight African countries having a middle-income economy.

Also read: Top 10 richest African countries

3. Egypt

GDP: $404,142,770,000

Following South Africa closely in Egypt. As of 2020, Egypt held the position of Africa’s second-largest economy, the country has recently fallen in its economic rise following the effect of the pandemic on its tourism and manufacturing industry.

Egypt is one of the most visited countries in the world, having over a million tourists annually, with attractions from the great pyramids of Giza, Egyptian relics and sculptures, the Egyptian Museum and other ancient Egyptian artefacts that draw tourists to the North African nation.

Egypt has the most diversified economy in all of Africa, with strong gains from mining, tourism, finance, services (both formal and informal), agriculture and others. 

4. Morocco

GDP: $132,725,260,000

The kingdom of Morocco is the most visited country on the African continent with over 8 million visitors as of 2021. Morocco’s economy is a service-based economy with over 50% of its economy derived from the services sector. Industry accounts for the second largest sector in the Moroccan market accounting for over 29% of the country’s economy. 

The country is home to some of Africa’s biggest fish markets trading sardines, and all types of fish across the world. Its agricultural industry accounts for 14.8% of its overall economy.

5. Ethiopia

GDP: $111,271,110,000

Ethiopia takes the position of Africa’s 5th largest economy. The country’s capital is host to the African Union headquarters hosting a series of meetings of African heads of state annually. 

The economy of Ethiopia is a developing mixed economy with a strong contribution from agriculture and industry, both accounting for over 50% of the country’s GDP. Currently, the Ethiopian economy is dominated by the government’s presence, with future contemplation on diversifying and privatizing all government-owned enterprises by the end of 2030. 

6. Kenya

GDP: $110,347,080,000

Kenya has a powerful financial services sector and currently is one of Africa’s few nations having small contributions from mining and petroleum into its GDP. The Kenyan economy is largely influenced by agriculture and its services industry.

Tourism accounts for a good share of the East African economy with thousands of visitors coming to see the vast beauty of Kenya’s reserved national parks hosting some of the most endangered animal species on the planet.

The Kenyan capital, Nairobi, serves as a powerful on the continent, with powerful corporations having their presence in the city.

Recommended: 17 Poorest countries in Africa

7. Ghana

GDP: $77,594,280,000

The Ghanaian economy is a mixed developing economy centred on a variety of sectors, the most notable of which being services, agriculture and industry. Ghana is currently one of the major exporters of cocoa in the world. 

The country also has a significant presence in the mining sector with gold and petroleum being pivotal mining export gainers to the Ghanaian economy. Generally, Ghana the Ghanaian economy has improved over time to leverage its steady growth and skilled labour force to become Africa’s 7th largest economy. Nonetheless, unemployment remains on the rise in the country with efforts by the government made to battle the growing menace.

8. Angola

GDP: $72, 546,990,000

Angola has improved drastically since the early 2000s. For over 5 years, starting from the year 2002, Angola was ranked as the world’s fastest developing economy with strong improvements to its infrastructure. One of Africa’s few Portuguese-speaking countries is largely influenced by an impact over 4 decades of war. 

The major economy of Angola includes petroleum, agriculture and services. The country’s capital, Luanda, stands as a strong financial centre in Africa. Angola is also one of the continent’s largest producers of petroleum, which adds bulk to its overall economy.

9. Cote d’Ivoire

GDP: $69,764,830,000

Cote d’Ivoire is the third West African country on the list. The country’s economy is a mixed developing economy with a strong presence in agriculture, services, and industry all making over 90% of the country’s GDP. The economy of Cote d’Ivoire is greatly dependent on Agriculture, with the country being the world’s largest exporter of cocoa. 

10. Tanzania

GDP: $67,775,100,000

The East African nation is Africa’s 10th largest economy. The country’s economy is largely influenced by agriculture. Agriculture claims over 70% of Tanzanian’s labour force and contributes significantly to the Tanzanian economy. 

The country’s capital Dar es Salaam is also one of Africa’s major financial centres.

Also read: Top 5 sectors to invest in Africa

Conclusion

Africa is an evolving continent that is set to become a strong player in global activities in the coming years.

The continent has seen great improvement in its growth with a majority of this coming from Agriculture. 

Frequently Asked Questions (FAQs)