10 Biggest Economies In Africa 2024
The International Monetary Fund (IMF) recently published its 2024 estimates of global economies of the world including African economies. The estimates are in Gross Domestic Product alias GDP (Nominal), i.e., market value in US$, of all goods and services generated by each nation in 2024.
According to the IMF estimates, Africa's total GDP (Nominal) in 2024 is US$ 2795.311 billion or US$ 2.795 trillion, of which the bulk is contributed by the continent's 10 biggest economies. More specifically, the 10 biggest economies' share of the continental GDP is a staggering 69.5%, while that of over 40 remaining economies is only 30.5%.
The 10 biggest economies in Africa in 2024 in GDP (Nominal) including their share of Africa's total GDP in 2024, and ranked starting with the economy in top position, are presented in the video above as well as below.
1) SOUTH AFRICA
GDP (Nominal): US$ 403.045 Billion
Share of Africa Total GDP: 14.4%
2) EGYPT
GDP (Nominal): US$ 380.044 Billion
Share of Africa Total GDP: 13.6%
3) ALGERIA
GDP (Nominal): US$ 260.134 Billion
Share of Africa Total GDP: 9.3%
4) NIGERIA
GDP (Nominal): US$ 199.721 Billion
Share of Africa Total GDP: 7.1%
5) MOROCCO
GDP (Nominal): US$ 157.087 Billion
Share of Africa Total GDP: 5.6%
6) ETHIOPIA
GDP (Nominal): US$ 145.031 Billion
Share of Africa Total GDP: 5.2%
7) KENYA
GDP (Nominal): US$ 116.321 Billion
Share of Africa Total GDP: 4.2%
8) ANGOLA
GDP (Nominal): US$ 113.286 Billion
Share of Africa Total GDP: 4.1%
9) IVORY COAST
GDP (Nominal): US$ 86.993 Billion
Share of Africa Total GDP: 3.1%
10) TANZANIA
GDP (Nominal): US$ 79.867 Billion
Share of Africa Total GDP: 2.9%
As it can be seen from the ranking, while some countries like Ethiopia, South Africa, and Egypt show considerable economic milestones in 2024 hence up in the ranking, others like Nigeria and Angola show declining economies hence down in the ranking.
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