10 African Countries and Their Contribution to Africa’s GDP

According to an IMF report, Egypt had the highest percentage of Africa’s GDP in 2023, accounting for 13.63%, followed by South Africa at 13.01% and Nigeria at 12.50%.

When discussing the strength of a country’s economy, one of the first metrics that comes to mind is Gross Domestic Product (GDP).

This word is widely used in economic talks, news stories, and policy briefings. But what exactly does GDP mean? More specifically, how do the percentages of GDP contributions by different African countries reflect their impact on the continent’s overall economy?

GDP is the total monetary value of all goods and services produced inside a country’s borders over a set time period, usually a year. It is a scorecard of a country’s economic health that demonstrates how well a country uses its resources to generate wealth.

GDP is commonly calculated in three ways: production, which is the entire value of goods and services generated; income, which is the sum of wages, profits, and taxes minus subsidies; and expenditure, which represents overall spending on a country’s products and services.

Africa’s 54 countries provide varied contributions to the continent’s total GDP. Some countries stand out as economic powerhouses, while others are emerging or failing due to a variety of factors such as political instability, insufficient infrastructure, or a lack of diversity.

According to data from Statisense, collected from the IMF, Egypt owned the biggest share of Africa’s GDP in 2023, with 13.63%, followed by South Africa at 13.01% and Nigeria at 12.50%.

The African Development Bank Group’s annual African Economic Outlook predicts greater growth rates for 41 African countries in 2024 compared to 2023.

The International Monetary Fund (IMF) agrees, forecasting that Sub-Saharan Africa will have six of the top ten performing economies in the world by 2024.