Top 20 Largest Economies In Africa (2024)

From South Africa, the continent’s largest economy, to Nigeria, the continent’s most populous country, and countries like Egypt, Algeria, and Morocco, each boasting their own unique strengths and resources, these top 20 economies form the foundation of Africa’s economic prowess.

Top 10 Largest Economies In Africa (2024)

Leading the continent is South Africa, with a GDP of $373.23 billion, showcasing its robust and diverse economy. Following closely is Egypt, with a GDP of $347.59 billion, driven by sectors such as tourism, agriculture, and industry. Algeria ranks third with a GDP of $266.78 billion, benefiting from its significant investments in public enterprises and private demand. Nigeria, the largest economy in Africa by population, boasts a GDP of $252.74 billion, primarily fueled by its prolific oil sector. These nations, along with others, contribute significantly to Africa’s overall GDP, driven by various sectors including oil, agriculture, tourism, manufacturing, and services, reflecting the continent’s rich natural resources and dynamic markets.

1. South Africa (GDP $373.23 Billion)

With a GDP of $373.23 billion, South Africa has the largest economy in Africa, according to the IMF.

Being one of the most visited countries in Africa, South Africa’s tourism industry holds a pivotal position as a major component of the country’s economy. The influx of tourists contributes significantly to the nation’s economic prosperity and growth.

2. Egypt (GDP $347.59 Billion)

Egypt commands the second largest economy in Africa. Significant contributions to its GDP growth are attributed to sectors like tourism, agriculture, services, and industry.

Furthermore, Egypt holds the distinction of boasting the largest economy in North Africa, underscoring its pivotal role within the region’s economic landscape.

More: Top 20 Richest Countries In Africa

3. Algeria (GDP $266.78 Billion)

Officially the People’s Democratic Republic of Algeria, Algeria is the tenth largest country in the world and the largest country in Africa and the Mediterranean. Its economy is the third largest in Africa and its GDP growth is driven mainly by investment by public enterprises and private demand.

4. Nigeria (GDP $252.74 Billion)

Nigeria, which as of 2023 held the position of the largest economy in Africa, experienced a significant shift, dropping to the fourth position with a GDP of $252.74 billion due to some economic crippling policies implemented almost immediately after their election.

Nigeria’s economy is primarily driven by its oil sector, which contributes to almost one-third of the country’s GDP.

5. Ethiopia (GDP $205.13 Billion)

According to the IMF, Ethiopia is one of the fastest growing economies in the world, and one of the fastest-growing non-oil-dependent African economy in recent years.

The country has the largest economy in East Africa and is concentrated in the services and agriculture sectors.

Now worth at $205.13 billion, the GDP value of Ethiopia represents 0.12 percent of the world economy.

6. Morocco (GDP $152.38 Billion)

Morocco’s economy is considered a relatively liberal economy governed by the law of supply and demand. Since 1993, the country has followed a policy of privatisation of certain economic sectors which used to be in the hands of the government. Thanks to these changes, Morocco has become a major player in African economic affairs, and is the 6th biggest economy in Africa by GDP.

7. Kenya (GDP $104 Billion)

Kenya’s economy is the second largest in eastern and the 7th largest in Africa with Nairobi serving as a major regional commercial hub. Kenya’s growth is driven by tourism, financial intermediation, agriculture and construction.

In recent years, the economy has seen much expansion, seen by strong performance in tourism, higher education and telecommunications.

8. Angola (GDP $92.12 Billion)

Officially the Republic of Angola, this country is Africa’s second largest oil producer. Its Economic Growth is driven by agriculture, non-oil energy, fisheries, construction and manufacturing sectors.

Angola’s economy is the 8th largest in Africa valued at $92.12 billion.

Subsistence agriculture provides the main livelihood for 85% of the population. Oil production and the supporting activities are vital to the economy, contributing about 45% to GDP and 90% of exports.

9. Cote d’Ivoire – (GDP $86.91 billion)

Cote d’Ivoire is among the world’s largest producers and exporters of coffee, cocoa beans, and palm oil. Consequently, the economy is highly sensitive to fluctuations in international prices for these products and to weather conditions.

With a total GDP of $86.91 billion, Cote d’Ivoire possesses the 9th largest economy in Africa and boasts one of the fastest-growing economies on the continent.

10. Tanzania (GDP $79.61 Billion)

Tanzania has a Gross Domestic Product (GDP) of 79.61 billion US dollars making it the 10th largest economy in Africa and the third largest economy in East Africa.

Tanzania is largely dependent on agriculture for employment, accounting for about half of the employed workforce.

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11. Ghana – (GDP $75.24 billion)

Ghana is an average natural resource enriched country possessing industrial minerals, hydrocarbons and precious metals. It is an emerging designated digital economy with a mixed economy.

With a GDP of $75.24 billion, Ghana has the second largest economy in West Africa and the 11th largest economy in Africa.

Ghana is Africa’s second-biggest gold producer and second-largest cocoa producer. It is also rich in diamonds and oil.

More: Top 10 African Countries That Pay The Highest Salaries

12. DR Congo (GDP $73.76 Billion)

The Democratic Republic of the Congo is a country in Central Africa. The capital and largest city is Kinshasa, is world’s most populous Francophone city.

The country has a GDP of $73.76 billion making it the 12th largest economy in Africa.

The Democratic Republic of Congo is widely considered one of the world’s richest countries in natural resources; its untapped deposits of raw minerals are estimated to be worth in excess of US$24 trillion. The Congo has 70% of the world’s coltan, a third of its cobalt, more than 30% of its diamond reserves, and a tenth of its copper.

13. Uganda (GDP $56.31 Billion)

Uganda is a landlocked country in East Africa and its economy is the 13th largest in Africa. Uganda’s GDP growth is driven mainly by agriculture, and it occupies some four-fifths of the working population.

14. Tunisia (GDP $54.71 Billion)

Considered the only democratic state in the Arab World, according to the Economist Intelligence Unit’s Democracy Index. Tunisia is one of the few countries in Africa ranking high in the Human Development Index, with one of the highest per capita incomes in the continent.

Tunisia currently has the 14th largest economy in Africa and the fourth largest economy in North Africa.

15. Cameroon (GDP $53.21 Billion)

Cameroon boasts the 15th largest economy in Africa, with a total GDP of $53.21 billion. Over the past decade, the country has shown robust economic growth, with the GDP expanding at an average annual rate of 4%.

The nation’s major export markets comprise the Netherlands, France, China, Belgium, Italy, Algeria, and Malaysia. These trade partnerships play a vital role in supporting Cameroon’s economic development and growth.

16. Libya (GDP $48.22 Billion)

The economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP.

The (GDP) of Libya as of 2024 is $18.83 billion, making it the 16th largest economy in Africa.

17. Senegal (GDP $35.45 Billion)

The economy of Senegal is driven by mining, construction, tourism, fishing and agriculture, which are the main sources of employment in rural areas, despite abundant natural resources in iron, zircon, gas, gold, phosphates, and numerous oil discoveries recently.

18. Zimbabwe (GDP $34.41 Billion)

Zimbabwe is a landlocked country in southern Africa known for its dramatic landscape and diverse wildlife, much of it within parks, reserves and safari areas.

Zimbabwe possesses the eighteenth largest economy in Africa, with a GDP amounting to $34.41 billion.

The country’s primary foreign exports consist of minerals, gold, and agricultural products. Additionally, tourism serves as a significant driving force in Zimbabwe’s economy.

19. Zambia (GDP $29.87 Billion)

Zambia is a developing country and it achieved middle-income status in 2011. Through the first decade of the 21st century, the economy of Zambia was one of the fastest growing economies in Africa and its capital, Lusaka the fastest growing city in the Southern African Development Community (SADC). Zambia’s economic performance has stalled in recent years due to declining copper prices, significant fiscal deficits, and energy shortages.

20. Sudan (GDP $26.86 Billion)

Sudan’s GDP growth is driven mainly by mining and agriculture; and the inflows from oil transit fees and the transitional financial arrangement (TFA) with South Sudan. The counry is ranked 20 on this list of Largest Economies in Africa.