Top 5 largest economies in Africa in 2024

These rankings are based on Gross Domestic Product (GDP) at current prices, reflecting the economic strength and growth potential of each country.

Below is a list of the 5 largest economies in Africa:

South Africa

South Africa leads the list with a GDP of $373.3 billion. As Africa's most industrialized nation, it continues to dominate the continent's economic landscape. The country's diverse economy, which includes mining, manufacturing, and services, plays a significant role in maintaining its top position.

Egypt

Egypt follows closely with a GDP of $347.5 billion. Despite recent economic challenges, including currency devaluations, Egypt remains a key player in Africa's economy. Its strategic location and robust sectors such as tourism, agriculture, and manufacturing contribute to its economic resilience.

Algeria

Algeria ranks third with a GDP of $266.7 billion. The country's economy relies heavily on hydrocarbons, with oil and gas exports being the primary revenue sources. Efforts to diversify the economy are ongoing to reduce dependence on the energy sector.

Nigeria

Nigeria, with a GDP of $252.7 billion, is Africa's fourth-largest economy. Known for its vast oil reserves, Nigeria's economy has faced challenges due to fluctuating oil prices and currency devaluation. However, sectors like agriculture, telecommunications, and services are contributing to its economic diversification.

Ethiopia

Ethiopia rounds out the top five with a GDP of $205 billion. The country's rapid economic growth is driven by sectors such as agriculture, construction, and services. Ethiopia's ambitious infrastructure projects and industrialisation efforts are key factors in its economic expansion.