Africa's Largest Economies: The Top Ten In 2023

Highlights

• Africa's economy is growing at a steady pace, with the top economies in the continent experiencing development and technological advancements.
• Countries like Ghana, Tanzania, Angola, Kenya, Ethiopia, Morocco, Algeria, South Africa, Egypt, and Nigeria have diverse economic sectors contributing to their GDP and attracting foreign investors.
• These countries have strengths in various industries such as agriculture, mining, tourism, technology, and services, which have helped drive their economic growth and potential for continued expansion.

Enveloped in a mosaic of culture, languages, and landscape, Africa, the second largest and second most populous continent in the world, is much more than meets the eye.

This lush continent is teeming with untapped economic potential (which has drawn considerable attention on the global stage), and is home to the fastest-growing economies in the world, according to the International Monetary Fund (IMF). Africa's economy has noticeably been growing by four percent since 2018, and has kept that pace steadily.

One reliable method used to gauge a country's wealth and economic advancement is its Gross Domestic Product (GDP), which is the total value of goods and services manufactured yearly. The top economies in Africa have consistently seen development – not just in the economic sector, but in their technological pursuits.

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10 Ghana GDP - $72.84 Billion

The beacon of political stability and a shining example of West Africa's economic expansion, Ghana has consistently gone from strength to strength economically. Its economy is diversified, with capital coming from agriculture, mining and services sectors contributing significantly to the country's living standard.

In addition to natural resources such as gold and oil, Ghana also boasts a growing tourism sector, attracting visitors from all over the world to tourist centers such as Mole National Park and Labadi Beach. With a GDP of over $72 billion, the nation has experienced achievements in various sectors, but challenges remain for Ghana to reach its full potential.

9 Tanzania GDP - $76 Billion

Tanzania is located in East Africa, and boasts a GDP of $76 million – and its tune is promising. The country's wealth primarily depends on its agricultural endeavors and mining of precious stones; Tanzania is known for its vast fertile agrarian landscape that produces commercial crops such as coffee, tea, tobacco and cashews.

Dubbed "The Jewel Of East Africa," Tanzania generates considerable income from diamond and gemstone exports, and is home to the famous Mount Kilimanjaro – a tourist magnet that draws mountaineers from all over the world. Although the country continues to face challenges, such as widespread poverty among the majority of its population, the government saw fit to attract foreign investors to combat unemployment.

8 Angola GDP - $107 Billion

With a GDP of $107 billion, Angola predominantly relies on oil production, but efforts to diversify into other sectors like infrastructure and precious stone exportation are underway. The southern African nation has established itself as a major player in the global oil market.

It has attracted many foreign investors in recent times, striking financial partnerships with the likes of China and India – which has seen the country's GDP surge significantly. Angola experienced substantial growth in GDP from 2022 onward, which was spurred by sustained high oil prices due to Russia's invasion of Ukraine.

7 Kenya GDP - $113 Billion

Home to the famous Silicon Savannah, a technological ecosystem, Kenya is a hub for innovation in Africa. Kenya has focused its workforce on technology, trade and finance, an economic move that has greatly impacted the nation's GDP, setting it in on an ascending course.

Kenya is also a leading tourist destination on the continent, with diverse wildlife reserves (like Maasai Mara National and Amboseli National Park) that welcome an average of 300,000 visitors every year. Kenya's strategic location on the eastern coast of Africa places it as an attractive destination for foreign investors mostly from the Asian continent and Europe.

With developments in infrastructure that have further elevated the country's GDP.

6 Ethiopia GDP - $127 Billion

A country rich in ancient history and cultural significance, Ethiopia's GDP has been on a constant upward trajectory, driven by developments in the agricultural and infrastructural sectors. With over 120 million people, Ethiopia is the second most populous nation on the continent (after Nigeria) and has over 70 percent of its population focused on agriculture, which subsequently saw the country's GDP grow through the exportation of crops such as coffee and pulses.

Ethiopia is the top producer of coffee in Africa and the fifth highest in the world; the East African nation sees over 9000 tonnes of coffee leave its ports annually since 2015.

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5 Morocco GDP - $134 Billion

Morocco has one of the continent's most stable economies, which has experienced continuous growth over the last decade. The country's location between Europe and Africa offers strategic advantages and serves as a hub for trade.

Its economy is driven by various sectors, such as agriculture and services, and agriculture employs over 40 percent of the country's workforce. Morocco has broadly invested in cultivating and exporting key crops like wheat, barley, and potatoes, and these efforts yielded remarkable economic rewards.

In addition to agriculture, Morocco has also made investments in renewable energy projects; in Ouarzazate, a city in Morocco, lies the Noor solar thermal power plant, which is the world's largest concentrated solar power facility. The complex was not just designed to supply power, it also is projected to significantly curb CO2 emissions.

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4 Algeria GDP - $192 Billion

Algeria is Africa's largest nation by landscape, boasting a robust economy with a GDP of $192 billion. A key driver of the North African country's economy is its oil and gas sector, as the nation is blessed with natural resources.

Algeria is Africa's third-highest exporter of petroleum products and generates sizable revenue that plays a pivotal role in elevating its GDP. Algeria is rich in minerals and has several mines across the country; in 2019, data showed that Algeria is a top producer of minerals like gypsum and phosphate.

Despite recent reports of distribution inequality and over-reliance on natural resources, it is evident that Algeria's strong GDP showcases its potential for continued economic expansion.

3 South Africa GDP - $406 Billion

Often dubbed the "Rainbow Nation," South Africa is known for its rich cultural diversity and astonishing landscapes. It prides itself on a well-developed financial sector that reportedly contributed to $41 billion to South Africa's GDP in 2019.

The country also spread its tentacles and diversified its economy, focusing on manufacturing and mining. South Africa is one of the world's leading mining and mineral processing countries, being the world's largest producer of platinum, chromium and manganese, and second-largest producer of titanium.

These minerals represent over 60 percent of its exports, and the mining sector accounts for up to nine percent of the country's GDP.

2 Egypt GDP - $477 Billion

Egypt's historical wonders coexist with a modern economy as lofty as its pyramids; the economy is market-oriented, which has driven up investment from the state and private organizations. Egypt has implemented various reforms that attracted investors, subsequently stimulating an unprecedented surge in the country's GDP.

These reforms have included measures to improve infrastructural development, streamline bureaucracy for local businesses, and enhance trade relationships with other countries. Additionally, Egypt benefits from a range of natural resources, such as crude oil, which is found primarily in the Gulf of Suez and the Western Desert; petroleum product exports result in a transaction value of $1 to 2 billion annually.

Egypt has also seen immeasurable value from the agricultural sector; exports of commercial crops have accounted for 17 percent of the country's GDP, while putting 34 percent of the population to work.

1 Nigeria GDP - $477 Billion

Aptly named "The Giant of Africa," a well-deserved title – as Nigeria holds the most Black people within its borders. Nigeria encountered a massive economic upswing that commenced in 2000 and has persisted to the present day, which saw its GDP almost triple between 1998 and 2002.

As Africa's largest oil-producing nation, it has accounted for over 32 percent of oil exports out of the continent. The country heavily depended on agriculture and oil but swiftly moved its economic binoculars to focus on other fast-growing contributors to its economy, such as banking, telecommunication and finance.

Nigeria has faced its fair share of challenges, such as corruption and infrastructural deficiencies, but the nation remains resilient and continues to make strides towards economic prosperity.

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