GDP of African countries 2024, by country
South Africa's GDP amounted to just over 373 billion U.S. dollars in 2024, the highest in Africa. Egypt followed, with a GDP worth around 347.6 billion U.S. dollars and ranked as the second-highest on the continent. Algeria ranked third, with about 266.8 billion U.S. dollars. These African economies are among some of the fastest-growing economies worldwide.
Dependency on oil
For some African countries, the oil industry represents an enormous source of income. In Nigeria, oil generates over five percent of the country’s GDP in the second quarter of 2023. However, economies such as the Libyan, Algerian, or Angolan are even much more dependent on the oil sector. In Libya, for instance, oil rents account for over 40 percent of the GDP. Indeed, Libya is one of the economies most dependent on oil worldwide. Similarly, oil represents for some of Africa’s largest economies a substantial source of export value.
The giants do not make the ranking
Most of Africa’s largest economies do not appear in the leading ten African countries for GDP per capita. The GDP per capita is calculated by dividing a country’s GDP by its population. Therefore, a populated country with a low total GDP will have a low GDP per capita, while a small rich nation has a high GDP per capita. For instance, South Africa has Africa’s highest GDP, but also counts the sixth-largest population, so wealth has to be divided into its big population. The GDP per capita also indicates how a country’s wealth reaches each of its citizens. In Africa, Seychelles has the greatest GDP per capita.
