AS of 2023, Egypt holds the largest share of Africa’s Gross Domestic Product (GDP), accounting for 13.63 percent, according to a report by the IMF. South Africa and Nigeria follow closely with contributions of 13.01 percent and 12.50 percent, respectively. These three nations continue to dominate the economic landscape of Africa, reflecting their substantial influence on the continent’s total economic output.
GDP, a key indicator of economic health, measures the total value of goods and services produced within a country. It serves as a scorecard of a nation’s wealth and its effectiveness in utilising resources to foster growth. In Africa, the contributions to the continent’s GDP vary significantly across its 54 nations, with some standing out as economic powerhouses while others continue to face challenges such as political instability and inadequate infrastructure.
In 2023, Egypt emerged as the top contributor, with South Africa and Nigeria following. Algeria comes in fourth with an 8.26 percent share, while Ethiopia ranks fifth with 5.65 percent. Despite their challenges, these countries remain critical players in Africa’s economic growth.
The complete list of the top 10 African countries and their contribution to Africa’s GDP in 2023 is as follows:
- Egypt – 13.63%
- South Africa – 13.01%
- Nigeria – 12.50%
- Algeria – 8.26%
- Sudan – 7.75%
- Ethiopia – 5.65%
- Morocco – 4.85%
- Kenya – 3.68%
- Angola – 2.92%
- Tanzania – 2.72%
Despite the current economic standings, the outlook for Africa is positive. According to the latest African Economic Outlook by the African Development Bank Group, 41 African countries are projected to see stronger economic growth in 2024 compared to 2023. The IMF also supports this positive forecast, noting that six of the world’s top 10 fastest-growing economies in 2024 will be from Sub-Saharan Africa.
The figures illustrate the dynamic nature of Africa’s economy, with a mix of well-established contributors and emerging players. While countries like Egypt, South Africa, and Nigeria remain at the forefront of GDP contribution, others, including Ethiopia, Kenya, and Tanzania, are showing promise for significant growth in the coming years.
This diverse economic landscape highlights the different paths African countries are taking, with some investing heavily in industrialisation and technology, while others focus on agricultural output and natural resources. Despite challenges, the overall outlook remains hopeful, with an emphasis on diversification, improved infrastructure, and political stability to drive future growth.
