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Top 10 largest economies in Africa 2023

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.

Abu Bakarr Jalloh

Abu Bakarr Jalloh is a Sierra Leonean content writer, author, Neo Pan-African and founder of The African Dream, an online platform for inspiring, positive and compelling African stories. Contact: WhatsApp: +23276211583

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