Countries With the Biggest Economy In Africa, 2024

In this report, we will discuss the largest economies in Africa as measured by nominal GDP. As of 2024, Egypt has the largest Gross Domestic Product (GDP) in Africa, valued at $398 billion. Nigeria follows with $390 billion, while South Africa ranks third-highest on the continent with an estimated GDP of $380 billion. None of the African economies have a GDP above $400 billion, with seven having an economy above $100 billion. The top 10 largest economies in AFRICA are Egypt, Nigeria, South Africa, Algeria, Ethiopia, Morocco, Kenya, Angola, Tanzania, and Ivory Coast (Côte d’Ivoire). => Full list of the Largest economies in the world, 2024.

Countries With the Biggest Economy In Africa, 2024

Gross Domestic Product (GDP) is an estimation of the total value of finished goods and services produced within a country’s borders in a specific period, typically a year. It is commonly used to gauge the size of a country’s economy and its impact on the global economy. GDP is usually measured by the expenditure method, which adds up spending on new consumer goods, new investment spending, government spending, and the value of net exports. Nominal GDP in current US dollars is the most widely used method to measure and compare GDP between countries. It involves converting local prices and currencies into US dollars using currency market exchange rates. This method was used to determine the rankings of countries.

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