Africa is a blessed continent and deals with a vast number of natural resources. Natural resources abundant on the African continent include petroleum, gold, diamond, tin, phosphorus, zinc, lead, natural gas, and many more.
However, despite abundant natural resources, the continent has been exploited for decades, and several African countries remain extremely poor. Moreover, many African countries are currently at war with terrorists, and insecurities with one another further strain the economies.
However, despite the social and political challenges of the continent that have deterred the tangible growth of the continent, in general, there is a bright promise that the continent will maximize its abundant natural resources to grow in the coming years.
10 largest economies in Africa in 2023.
10. Sudan
One hundred eighty-nine billion dollars, with a population of about 45 million and a GDP of 189 billion. Sudan currently placed its tent on the list of the largest economies in Africa.
Agriculture, industry, and services significantly contribute to the country’s GDP. Major industries in this country include mining, manufacturing, construction, electricity, natural gas, and water supply.
Sudan’s main exports include gold oil and petroleum products, cotton, season livestock, peanut, Gum, Arabic, and sugar.
9. Ghana
One hundred eighty-four billion dollars, with Ghana being one of the wealthiest countries with abundant natural resources and a well-diversified economy with a total GDP of 103.6 billion dollars.
It is the ninth richest country in Africa. Ghana is a developing lower-middle-income economy, and in 2019, it became the fastest-growing economy in Africa. Ghana’s domestic economy revolves around Services, which account for over 50 of the GDP and employ 28 of the workforce.
Ghana’s major exports are gold and petroleum, Africa’s second-largest producer of Gold after South Africa.
Ghana is also the continent’s second-largest cocoa producer after the Ivory Coast. Major sectors contributing to the Ghanaian GDP include agriculture at 18.3 percent, industry at 24, and services at 57.2 percent.
The nation has attracted foreign investors due to its overall favorable business environment and has experienced economic growth of just over six percent in the last two years.
8. Angola
218 billion dollars. Considering its extensive oil and gas, diamonds, hydroelectric potential, and rich agricultural land, Angola is supposed to rank much higher on this list.
However, Angola remains poor, and in charge of the population relies on subsistence farming. The ongoing economy remains primarily influenced by the effects of four decades of conflict in the last part of the 20th century.
After the civil war, the government prioritized repairing and improving infrastructure and strengthening politics and social institutions.
During the first decade of the 21st century, Angola was one of the fastest-growing economies in the world, with reported annual average GDP of 11.1 percent from 2001 to 2010. Thanks to high International oil prices and rising oil production, the country’s economy remains heavily dependent on oil, and in
In 2017 oil accounted for over 90 percent of exports by value and 64 percent of government revenue. Major sectors contributing to the Angolan GDP are agriculture at 10.2 percent, industry at 61.4 percent, and services at 28.4 percent. Other exports of Angola include diamonds, cotton, timber, and fish products.
7. Kenya
269 billion dollars. Next on our list of the largest economies in Africa is Kenya, with a total GDP of 269.29 billion dollars.
Kenya is the wealthiest country in Southeast and central Africa, and its economy emerged as one of the fastest-growing economies in sub-Saharan Africa, growing by 5.7 percent in 2019.
As of 2020, Kenya had the third largest economy in sub-Saharan Africa, coming behind Nigeria and South Africa. Major industries driving the Kenyan economy include agriculture, fishing, mining, manufacturing, and tourism.
The agricultural exports of Kenya are coffee, tea, and Maize; tourism, financial services, and Technology also contribute to the country’s foreign exchange.
6. Ethiopia
298 billion dollars. The Ethiopian economy is one of the fastest growing in the world and has experienced steady growth between 2008 and 2019.
This economy is mixed and transitioned with a large public sector and an underdeveloped private sector. The government is in the process of privatizing many of the state-owned businesses.
However, specific sectors such as telecommunications, financial and insurance services, and land transportation services are considered strategic and expected to remain under government control for the foreseeable future.
Ethiopia is the highest producer of coffee and honey in the continent, and these products make up a large chunk of the country’s foreign exchange. Significant drivers of the country’s economy are agriculture, construction, manufacturing, tourism, resources, and energy.
5. Morocco
Three hundred two billion dollars with a total GDP of 300 and 2.7 billion dollars.
Morocco has the fifth largest economy in Africa. It is a developing lower-middle-income economy with a population of over 36 million.
The country’s economy is stable and has experienced bringing in a number of industries over the last decade.
Morocco is the second most prosperous non-oil-producing country in Africa. The country’s economy is driven by mining and manufacturing, and the world economic Forum plays Morocco as the topmost competitive economy in North Africa. Significant contributors to the Moroccan GDP are agriculture at 14.8 percent, industry at 29.1 percent, and services at 56 percent.
Morocco is the third-largest producer of phosphorus worldwide and has significantly benefited from its diversified exports, including electrical equipment, automobile parts, aircraft parts, inorganic chemicals, citrus fruits, and fish.
4. Algeria
420 billion dollars. Algeria is the largest country in Africa by landmass, and its economy is mainly driven by its oil and gas sector.
Algeria is an open middle-income economy with over 42 million people. Based on the total GDP, Algeria is the fourth largest economy in Africa. Major sectors contributing to the Algerian economy include agriculture at 33.3 percent, industry at 39.3 percent, and services at 47.4 percent.
Algeria’s goods include petroleum, natural gas, petroleum products, hydrocarbons like oil and gas, and milk, of almost 70 percent of the country’s revenue.
However, political uncertainty on social arrests resulted in declining economic activities before the covid-19 outbreak in 2020.
Algeria is facing a combined shock from having oil prices, a Public Health crisis, and the consequences of global economic disruption following the covid-19 outbreak. This will have a detrimental impact on its economy.
3. South Africa
861 billion dollars. South Africa has a population of over 58 million people, and its economy is the third largest in Africa. It’s an upper middle-income economy and is the most industrialized, technologically advanced, and diversified economy on the African continent, with a GDP of 861.9 billion dollars.
South Africa is currently one of the first developing countries in the world, and its economy is so diverse that South Africa does not rely on a single source of revenue. Mining, manufacturing, financial services, and tourism are the key contributors to the country’s GDP.
South Africa also has abundant natural resources like gold, diamond, platinum, and iron. It’s one of the world’s largest exporters, especially gold and platinum.
2. Nigeria
1.14 trillion dollars. Nigeria is the most populous country in Africa, inhabiting 225 million residents. It’s a lower-middle economics economy focused on petroleum and, to a lesser extent, agriculture.
It’s also an emerging market with growing financial Service, communications, and technology sectors with a total GDP of 1.14 trillion dollars.
Nigeria is ranked as the second-largest economy in Africa. Significant contributors to the economy; agriculture at 21.96 percent, industry at 23.6 and services at 54.3 percent.
1. Egypt
1.38 trillion dollars. Egypt will have the largest economy in Africa in 2023, with 104 million people. Egypt is Africa’s third most populous country.
Egypt is also a mixed economy strong in tourism, agriculture, and fossil fuels, with emerging information on the Communications technology sector.
Notably, contributors to the country’s GDP include agriculture at 11.7 percent, industry at 34.3 percent, and services at 54 percent, with a population of 104 million people and a GDP of 1.38 trillion dollars. Egypt tested on one spot as the largest economy in Africa.
So there you have it, explorers, the top 10 largest economies in Africa. Which of these countries economic growth impresses you the most? Don’t hesitate to share your thoughts with us in the comment section.