Despite the global Covid-19 pandemic and the recent global economic fallout, we have seen a positive economic growth among African countries. The ‘African giants’ which comprises of Nigeria, Egypt, and South Africa are still battling it toe-to-toe to become the continent’s largest economy.
To see how these countries are performing so far, we take a dive into the top largest economies in Africa 2023.
According to Trading Economics, here are the top 10 largest economies in Africa in 2023.
1. Nigeria – $477 Billion: With a $477 billion GDP, Nigeria has the biggest economy in Africa. The country’s economy is fueled by the banking sector’s quick expansion and its dominance in oil exports.
2. Egypt – $477 Billion: Egypt and Nigeria are tied for first place with a combined GDP of $477 billion. Its economy is diversified, with sectors ranging from textiles and petroleum to tourism and agriculture.
3. South Africa – $406 Billion: South Africa is in third place. The GDP of South Africa stands at $406 billion. The country’s economic growth is fueled by its abundant mineral resources, booming tourism, and well-established businesses.
4. Algeria – $192 Billion: In fourth is Algeria. With abundant oil and natural gas reserves, Algeria’s GDP stands at $192 billion This positions Algeria as a major economic force in North Africa.
5. Morocco – $134 Billion: In fifth is Morocco. The North African country has a GDP of $134 billion GDP, thanks to its flourishing tourism sectors, renewable energy investment, and industriliation.
6. Ethiopia – $127 Billion: Ethiopia’s $127 billion GDP puts them in sixth position. Thanks to its flourishing agricultural and manufacturing sector. Ethiopia is one of the fastest-growing economies in the world.
7. Kenya – $113 Billion: East Africa’s most advanced country, Kenya sits in seventh position with a GDP of $113 billion. As one of Africa’s leading tech nations, Kenya’s innovative tech sector and business-friendly environment contribute to its economic success. Nairobi, a vibrant tech and business hub, hosts the African offices of global giants, amplifying Kenya’s regional influence.
8. Angola – $107 Billion: Angola’s focus on oil production and diamond mining supports its $107 billion GDP, establishing it as a significant player in Southern Africa. Efforts to diversify its economy are fostering growth and development.
9. Tanzania – $75.71 Billion: Tanzania’s $75.71 billion GDP is propelled by thriving tourism, agriculture, and mining industries. Strategic ports and potential in natural gas contribute to Tanzania’s expanding influence in East Africa.
10. Ghana – $72.84 Billion: With a $72.84 billion GDP, Ghana’s stable political climate and flourishing industries, including cocoa production, mining, and oil exploration, garner global attention and contribute to the nation’s economic strength.