Breaking down AFRICA’s $3 TRILLION economy by country

Breaking down AFRICA’s $3 TRILLION economy by country

Home to 1.4 billion people, the nations of the African continent are widely diverse; not just in culture and language, but also in economic output.

We visualise the 2024 gross domestic product (GDP) projections for African countries from International Monetary Fund (IMF) estimates, last updated in October 2023. The data is in current USD, and does not include projections for Eritrea.

Furthermore, data for Lesotho 🇱🇸, GuineaBissau 🇬🇼, SãoToméandPríncipe 🇸🇹, and Burundi 🇧🇮 has been left off the map due to a lack of space but has been included in the article’s table (see link).

South Africa Leads with Nearly $400 Billion GDP

At first place, South Africa 🇿🇦 is Africa’s biggest economy in nominal terms, with an estimated GDP of nearly $400 billion.

The country’s mining industry is a major contributor to the economy, accounting for nearly 60% of total exports in the first half of 2023. South Africa is one of the world’s biggest producers of gold, diamonds, platinum, manganese, and other minerals.

However, concerns regarding the sustainability of South Africa’s mining industry have grown since the pandemic. According to a report by PwC, the country’s gold industry may have less than 30 years left without renewed investment.

Nigeria Close Behind Amid Economic Challenges

Close behind South Africa, Nigeria’s economic output in 2024 is estimated at $395 billion. Declining oil production—the country’s main export—along with foreign exchange woes, have made for a broader economic crisis, sparking protests. Inflation is also running rampant in the economy as well: expected to peak at 33% by mid-2024.

Egypt Grapples with High Inflation

Africa’s third-largest economy, Egypt 🇪🇬, is also suffering from extremely high inflation since the beginning of the Russia-Ukraine conflict. This is largely due to the country’s reliance on food imports from those nations. According to the IMF, core inflation in Egypt hit nearly 40% in 2023, while food inflation briefly surpassed 70%.

Algeria Relies on Oil for Economic Growth

Oil plays a huge role in fourth-ranked Algeria 🇩🇿 as well, contributing nearly 25% to the country’s $239 billion economic output.

By: Marcus Lu
Source: Visual Capitalist

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