African Countries by GDP

The International Monetary Fund (GDP, current prices data) offers a comprehensive snapshot of the economic landscape across the world. The total Africa GDP amounted to a $2.8 trillion, averaging at approximately $53 billion per nation. South Africa was the best country in Africa in terms of Gross Domestic Product, current prices.

Rich countries

Prominent economies such as South Africa, Egypt, Algeria, and Nigeria, emerge as regional powerhouses, having the highest GDP figures on the continent. Factors including abundant natural resources, robust industrialization, and sizable populations propel these figures. Only seven countries surpassed the $100 billion GDP mark, with none hailing from the central Africa region.

GDP disparities

The data accentuates the pivotal role of key sectors such as oil and gas, mining, agriculture, and manufacturing in driving economic output across the continent. Nations endowed with rich natural resources, such as Nigeria, Angola, and Libya, exhibit higher GDP figures. At the same time, those reliant on less diversified economies face challenges in achieving comparable levels of economic prosperity. South Africa GDP was the highest at $373 billion while São Tomé and Príncipe had the lowest GDP in Africa at $0.8 billion.

Moreover, the data underscores the influence of population size on total GDP figures. Countries with larger populations, such as Nigeria, Ethiopia, and Egypt, tend to exhibit higher total GDP figures, indicative of the potential for enhanced economic output driven by a larger labor force and consumer base.

GDP per capita disparities

Significant disparities in GDP per capita figures are apparent across the continent, with 16 countries recording GDP per capita figures below $1,000. This suggests substantial economic hurdles and disparities in income distribution. For instance, despite the Democratic Republic of Congo (DRC) having a GDP exceeding $74 billion, its GDP per capita remains below $1,000.

In summary, the GDP data for African countries underscores the continent’s economic diversity, with certain nations emerging as economic powerhouses while others grapple with significant developmental challenges. Effectively addressing issues such as poverty, inequality, and economic diversification will foster inclusive growth and unlock Africa’s full potential within the global economy. Below is a list of African countries with the reported GDP performance, as of May 2024.