Africa, home to 1.5 billion people, is a continent of immense cultural, linguistic, and economic diversity. From the bustling metropolises of North Africa to the resource-rich nations of Sub-Saharan Africa, the continent’s economies offer a dynamic and evolving picture of global potential. In this breakdown, we visualize the 2024 gross domestic product (GDP) projections for African countries using the International Monetary Fund’s (IMF) latest estimates, last updated in October 2023. The GDP figures are presented in current USD, excluding projections for Eritrea. Additionally, while data for smaller economies like Lesotho 🇱🇸, Guinea-Bissau 🇬🇼, São Tomé and Príncipe 🇸🇹, and Burundi have been omitted from the visual map due to space constraints, they are included in the full article’s table.
Here is a detailed breakdown of Africa’s largest economies and their economic drivers in 2024:
- South Africa 🇿🇦 – Africa’s Largest Economy
South Africa tops the continent’s economies in nominal terms, with a projected GDP of nearly $400 billion in 2024. The country’s economy benefits from a well-developed industrial base, a robust services sector, and, most notably, its mining industry. In the first half of 2023, mining accounted for 60% of South Africa’s total exports, showcasing the sector’s critical role in economic output.
As one of the world’s leading producers of gold, diamonds, platinum, manganese, and other valuable minerals, South Africa’s mineral wealth underpins its export-driven economy. However, challenges such as energy shortages, high unemployment, and infrastructure bottlenecks continue to affect its growth potential.
- Nigeria 🇳🇬 – Close Second at $395 Billion
Nigeria, Africa’s most populous nation and economic powerhouse in West Africa, comes in as the second-largest economy with an estimated GDP of $395 billion. Historically reliant on oil production for revenue, Nigeria faces significant economic hurdles in 2024.
Oil production has declined in recent years due to aging infrastructure, theft, and security challenges in the Niger Delta. Coupled with foreign exchange shortages, these factors have contributed to a broader economic crisis, sparking protests across the country. Additionally, inflation is a major concern, with the IMF projecting it to peak at 33% by mid-2024.
Despite these challenges, Nigeria remains a key player on the continent due to its large consumer market, entrepreneurial culture, and emerging technology sector.
- Egypt 🇪🇬 – $387 Billion and Inflation Woes
Egypt, Africa’s third-largest economy, is projected to reach a GDP of $387 billion in 2024. The country’s economy has faced substantial challenges since the Russia-Ukraine conflict, given its heavy reliance on food imports from both nations.
In 2023, Egypt grappled with core inflation rates nearing 40%, while food inflation temporarily exceeded a staggering 70%. The weakening Egyptian pound has further eroded purchasing power, placing immense pressure on households and businesses. Despite these setbacks, Egypt’s strategic location and large population continue to support sectors such as tourism, construction, and transportation.
- Algeria 🇩🇿 – $239 Billion, Powered by Oil
Algeria ranks as the fourth-largest economy in Africa, with a projected GDP of $239 billion in 2024. The North African nation’s economy is heavily dependent on oil and gas, which account for about 25% of its economic output and nearly all of its export earnings.
The country has sought to diversify its economy in recent years, investing in agriculture and infrastructure projects. However, the dominance of hydrocarbons leaves Algeria vulnerable to fluctuations in global oil prices. Despite this, its strong energy sector remains a cornerstone of its economic stability.
- Morocco 🇲🇦 – $152 Billion
Morocco’s economy is projected to reach $152 billion in 2024, driven by a combination of agriculture, tourism, and manufacturing. The country’s economic reforms and investment in renewable energy, such as solar and wind projects, have positioned it as a leader in sustainable development within Africa.
The tourism sector, recovering post-pandemic, continues to attract millions of visitors annually, while industries like automotive manufacturing and phosphate exports remain strong economic contributors.
- Ethiopia 🇪🇹 – $126 Billion
Ethiopia, one of Africa’s fastest-growing economies, is projected to achieve a GDP of $126 billion in 2024. Despite facing civil conflict and inflationary pressures, Ethiopia’s economy is supported by significant investments in infrastructure and agriculture. The government’s focus on industrial parks and export-oriented manufacturing has attracted foreign direct investment (FDI), particularly from China.
- Kenya 🇰🇪 – $114 Billion
Kenya, East Africa’s economic hub, is estimated to have a GDP of $114 billion in 2024. The country’s economy benefits from a diverse base, including agriculture, financial services, tourism, and a burgeoning technology sector. Often referred to as the “Silicon Savannah,” Kenya has a thriving innovation ecosystem, particularly in mobile payments and fintech.
However, challenges such as high public debt and the rising cost of living remain pressing concerns for policymakers.
Other Notable Economies
Angola 🇦🇴: GDP projected at $108 billion, driven largely by oil exports.
Ghana 🇬🇭: With a projected GDP of $83 billion, Ghana’s economy relies on gold, cocoa, and oil exports.
Tanzania 🇹🇲: Expected GDP of $85 billion, supported by agriculture, tourism, and natural gas.
Ivory Coast 🇨🇮: Projected GDP of $78 billion, bolstered by cocoa and agriculture.
Africa’s $3 trillion economy reflects the continent’s rich diversity and vast potential. While challenges such as inflation, infrastructure deficits, and commodity dependence persist, many African nations are actively pursuing economic diversification, innovation, and foreign investment to drive growth.
The continent’s largest economies, led by South Africa, Nigeria, and Egypt, remain vital players on the global stage, while emerging markets like Ethiopia, Kenya, and Morocco offer promising opportunities for future growth. As Africa continues to navigate its economic challenges, its resilience, resources, and demographic advantages position it as a key contributor to the global economy in the years to come.
