In this article we are going to list the 7 biggest economies in Africa. For a detailed coverage of this topic and a more comprehensive list please take a look at the 30 biggest economies in Africa.
7. Kenya
Total GDP of the country in 2021 (in billions): $110.3
Total GDP of the country in 2021 (in billions): $100.7
Kenya’s economic outlook is looking quite uncertain which has led to several CEOs in Kenya looking to cut spending in a bid to counter the growing economic issues.
6. Ethiopia
Total GDP of the country in 2021 (in billions): $111.3
Total GDP of the country in 2021 (in billions): $107.7
Ethiopia has been home to a major civil war which has resulted in tens of thousands of casualties and a massive impact on the country’s economy. The war came to an end on 2 November after a ceasefire was agreed, which should result in a boost to the country’s economy in 2023.
5. Morocco
Total GDP of the country in 2021 (in billions): $142.9
Total GDP of the country in 2021 (in billions): $121.3
Morocco was recently commended by the International Monetary Fund for its economic success, as neither drought, war nor inflation are expected to impact its growth rate of 3% as estimated by the IMF.
4. Algeria
Total GDP of the country in 2021 (in billions): $163.0
Total GDP of the country in 2021 (in billions): $145.0
According to the IMF, the post-pandemic recovery in Algeria is continuing to gain pace with the current account balance currently expected to post its first surplus in its current account balance since 2013. However, a loose monetary policy and a rise in inflation are two challenges that the country needs to deal with in the next year.
3. Egypt
Total GDP of the country in 2021 (in billions): $404.1
Total GDP of the country in 2021 (in billions): $365.3
One of the biggest economies in Africa, Prime Minister Moustafa Madbouli recently announced that surplus would reach 2.1% of the country’s GDP in fiscal year 2022 – 2023.
2. South Africa
Total GDP of the country in 2021 (in billions): $419.0
Total GDP of the country in 2021 (in billions): $337.6
South Africa registered a 24.9% increase in GDP in 2021 as compared to the previous year, with the 17 most valuable companies in South Africa being important contributors in this respect. Considered to be the most advanced country in Africa, one of the biggest challenges currently facing South Africa is the lack of stability in electricity supply, with rolling blackouts affecting both residents and industries.
1. Nigeria
Total GDP of the country in 2021 (in billions): $440.8
Total GDP of the country in 2021 (in billions): $432.2
Easily topping the list of the 30 biggest economies in Africa is Nigeria, though this may be in threat from South Africa’s immense growth in the last year. A large part of the GDP is as a result of the most valuable countries in Nigeria, Nigeria recovered well from a 1.8% contraction in 2020 to a growth of 3.6% in 2021, driven by expansion in the non-oil sector.
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