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According to the International Monetary Fund (IMF), Africa’s combined GDP of $2.8 trillion in 2024 is powered by the economic strength of its top five nations: South Africa, Egypt, Algeria, Nigeria, and Ethiopia. These countries collectively contribute $1.4 trillion, accounting for half of the continent’s GDP.
- South Africa leads Africa’s economic landscape with a GDP of $373.23 billion. Its dominance stems from a robust financial sector, a strong manufacturing base, and a thriving mining industry.
- Egypt, with a GDP of $348 billion, ranks second due to its strategic location and control of the Suez Canal, a major source of revenue.
- Algeria takes third place with a GDP of $267 billion, driven by its rich oil and gas reserves.
- Nigeria, the continent’s petroleum giant, contributes $253 billion, ranking fourth.
- Ethiopia, at fifth with a GDP of $205.13 billion, has demonstrated impressive economic growth, largely due to investments in infrastructure and agriculture.
The report emphasizes the need for African countries to invest in key sectors and enact policies that lower the cost of living to sustain economic growth.
GDP Rankings of Top African Economies (2024):
- South Africa: $373.23 billion
- Egypt: $348 billion
- Algeria: $267 billion
- Nigeria: $253 billion
- Ethiopia: $205.13 billion
These top five economies play a critical role in shaping Africa’s position as a global economic player.