Five of Africa’s biggest economies—South Africa, Nigeria, Egypt, Algeria, and Ethiopia—contribute a substantial $1.4 trillion to the continent’s Gross Domestic Product (GDP).

This is according to data from the International Monetary Fund (IMF), last updated in April 2024.

This accounts for a significant share of Africa's total GDP, which stands at $2.8 trillion.

What is GDP?

According to Investopedia, Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period.

As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a country’s economic health.

Five countries control half of Africa's GDP

The IMF report stated that these five nations alone produce half of Africa's economic output. At the same time, the other 48 countries collectively make up the remaining half, revealing a stark economic disparity across the continent.

A summary of the GDP figures for Africa’s top economies is as follows:

1. South Africa - $373.23 billion

2. Egypt - $347.59 billion

3. Algeria - $266.78 billion

4. Nigeria - $252.74 billion

5. Ethiopia - $205.13 billion

The sharp disparity between these five countries and the rest of the continent underscores the persistent challenges many African nations face in achieving economic growth and stability.

While these leading economies demonstrate significant potential, other countries struggle with factors hindering their development.

It's also worth noting that data for Eritrea and Western Sahara were unavailable in this report, adding complexity to the assessment of Africa’s economic landscape.

As policymakers and economists examine these numbers, the need for targeted investments and initiatives to address the economic divide becomes clearer.

This report could spark important discussions on promoting inclusive growth across the continent.

Legit.ng had earlier reported that a World Bank analysis titled "Addressing Inequality to Revitalize Growth and Alleviate Poverty in Africa" projected that the ten largest economies drive about 80% of the continent's growth.

In another report, Legit.ng listed the top ten African cities ranging in size from expansive megacities with the highest GDP forecasts for 2035.