Top 10 African countries by GDP in 2024

By Robert Mutasi 

The International Monetary Fund has released the latest ranking of African countries by Gross Domestic Product for the year 2024, with South Africa emerging as the largest economy on the continent. 

Data from the latest report shows that South Africa's GDP is at $403.05 billion, having passed other major economies in Africa to retain its top position.

Besides mining, finance, and technology, the economic growth of South Africa was characterized by strong recoveries of its key sectors in 2024. 

With this diversified economy, it is able to be resilient in the face of global challenges today, now with its GDP at US$403.05 billion to cement its position as the largest on the continent.

This growth is irrespective of the contraction in world economies that was witnessed over the past few years, with South Africa benefiting from its increased exports, especially in minerals and energy.

This is followed closely by Egypt at a GDP of $380.04 billion.

Its economy has been fired up by such sectors as tourism, construction, and telecommunications, helping it retain a spot as one of the best performers.

At position three is Algeria, with a GDP of $260.13 billion. The Algerian economy is heavily dependent on oil and gas but continues to register growth despite challenges related to global energy prices.

Nigeria was the biggest African economy until recently; it slides to fourth place with a GDP of $199.72 billion.

Despite being the most populous country in Africa, Nigeria has grappled with a lack of diversification in its economy, political instability, and inflation.

However, it is still ranked among the leading powers on the continent due to its major natural resources, especially in petroleum and gas.

Kenya has recorded a remarkable leap up the ladder to the 7th position with a GDP of $116.32 billion.

Its economic gains have been underlined by its dynamism in the area of technology, agriculture, and infrastructural development.

Another East African giant, Ethiopia, stands at 6th position with a GDP of $145.03 billion. 

Although progress toward strengthening its industrial base is on course, the ongoing political tensions have somewhat affected the current pace of growth for the country.

Morocco stands in the 5th position with a GDP of $157.09 billion, connected with leading sectors like agriculture, phosphates, and tourism.

On its part, Angola claims the 8th position with an estimated GDP of $113.29 billion, propelled by its oil production-the backbone of the economy.

At the tail-end of the top 10 are Côte d'Ivoire and Tanzania, with estimated GDPs of $86.99 billion and $79.87 billion, respectively.

The two countries, over the years, have recorded steady growth. 

Côte d'Ivoire did well on account of cocoa production, while Tanzania keeps improving on agriculture and infrastructure.