Johannesburg in South Africa. (Image: Getty)
Africa is a rapidly developing continent, home to some of the fastest-growing economies in the world.
While many nations still face economic challenges, several have built decent wealth, with industries ranging from oil and gas to technology and agriculture.
Despite inflation and concerns around debt, Africa’s economic future looks strong, with major economies continuing to grow and expand.
According to Statista, Africa’s 10 richest countries had a combined Gross Domestic Product (GDP) of £1.9 trillion ($1.95 trillion) in 2024.
The largest economy on the continent is South Africa, with a GDP of £294bn ($373bn), followed closely by Egypt at £274bn ($347bn).
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Mosques of Sultan Hassan and Al-Rifai in Cairo. (Image: Getty)
Algeria, another North African nation, ranks third with a GDP of £210bn ($266bn).
Nigeria, often considered Africa’s biggest economic force due to its large population and oil reserves, ranks fourth with £198bn ($252bn).
Ethiopia, one of the fastest-growing economies in East Africa, follows with £161bn ($205bn).
The list continues with Morocco (£120bn), Kenya (£82bn), Angola (£73bn), Ivory Coast (£68bn), and Tanzania (£62bn) rounding out the top 10 economies.
Many of these countries rely on natural resources to drive their economies.
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The skyline of Lagos in Nigeria. (Image: Getty)
Oil is particularly important for nations such as Nigeria, Algeria, and Angola, where exports of crude oil contribute a large share of national income.
In Libya, oil makes up more than 40% of GDP, making it one of the most oil-dependent economies in the world.
While Africa’s economic outlook is positive, several challenges still remain.
Inflation continues to hit many countries hard, with the cost of food rising sharply in recent years.
Debt is also a major concern, with governments spending an average of 27 percent of their revenue on interest payments, limiting investment in education, healthcare, and infrastructure.
The city of Algiers in Algeria. (Image: Getty)
Despite these issues, Africa’s economic growth is expected to accelerate in the coming years.
A United Nations report projects that growth will improve from 3.4 percent in 2024 to 3.7 percent in 2025 and 4.0 percent in 2026.
Initiatives such as the African Continental Free Trade Area (AfCFTA) are also expected to create new business opportunities and boost trade across the region.
What’s more, critical minerals such as cobalt and lithium, which are in high demand for renewable energy and technology, could help drive further economic growth.
However, some concerns remain about governance, environmental sustainability, and wealth distribution, which could impact long-term progress.
African countries with the highest Gross Domestic Product (GDP) in 2024 as per Statista:
- South Africa – £294bn ($373bn)
- Egypt – £274bn ($347bn)
- Algeria – £210bn ($266bn)
- Nigeria – £198bn ($252bn)
- Ethiopia – £161bn ($205bn)
- Morocco – £120bn ($152bn)
- Kenya – (£82bn ($104bn)
- Angola – £73bn ($92bn)
- Ivory Coast – £68bn ($86bn)
- Tanzania – £62bn ($79bn)