Africa top 5 richest countries

Introduction

As of 2024, the top five African economies by Gross Domestic Product (GDP) are:

South Africa

With a GDP of approximately $403 billion, South Africa stands as the continent’s largest economy.

Egypt

Close behind, Egypt’s GDP is around $380 billion, making it the second-largest economy in Africa.

Algeria

Algeria holds the third position with a GDP of about $260 billion.

Nigeria

Once the largest economy, Nigeria’s GDP has declined to approximately $199 billion, placing it fourth.

Morocco

Morocco rounds out the top five with a GDP of around $157 billion.

Assumption

These rankings are based on nominal GDP figures, which do not account for differences in the cost of living between countries. It’s important to note that GDP can fluctuate due to various factors, including changes in commodity prices, political stability, and economic policies.

For a more comprehensive understanding of economic well-being, GDP per capita and Purchasing Power Parity (PPP) are also considered.

For instance, while Nigeria has a large GDP due to its population size, its GDP per capita is lower compared to smaller, more developed economies like Seychelles and Mauritius.

Conclusion

These metrics provide a broader perspective on the economic landscape of Africa, highlighting both the total economic output and the average income per person across different nations.