Strongest Economy In Africa

According to the African Economy Research, the rebound in Africa’s average growth includes a rise to 3.7% in 2024 and 4.3% in 2025. This signifies that just a few of the strongest economies in Africa have good GDP growth. Also, Counties in Africa are sorted according to data from the International Monetary Fund.

Undoubtedly, Africa experienced increased GDP growth due to improved governance, rising commodity, burgeoning service sector, and foreign investment. Economic growth and development can be measured in various ways.

Nonetheless, Some African economies are among some of the fastest-growing economies worldwide. In this article, we provide a list of the strongest economies in Africa, including each country’s Nominal GDP and per capita.

What Is The Weakest Economy In Africa?

Before we get to the list of strongest economies in Africa, it is paramount to gain insight into the weakest ones. Some countries in Africa have weak economies. Although Africa is considered the poorest continent in the world.

Also, there is no real reason for a weak economy other than Low GDP growth, rising unemployment, Gross National Income, expenditures, poor infrastructure, and falling consumption. An economy may be strong if it has high amounts of job growth and economic activity.

Nonetheless The Top 10 poorest Countries In Africa:

1. Burundi
2. Central Africa Republic
3. DR Congo
4. Somalia
5. Mozambique
6. Niger
7. Liberia
8. Chad
9. Malawi
10. Madagascar

Is Africa A Good ContinentIs Africa A Good Continent?

Africa is a good continent that is very rich in resources, including ancient history, active adventures, good agricultural land, and vast mineral deposits. It is the second-largest continent in the world.

Africa is a beautiful continent that is rich in cultural heritage, wealth reserves hidden beneath the soil, delicious cuisines, diversity, and wildlife. It is famous for having the largest reserves of cobalt, platinum, diamond, and uranium in the world in Africa.

Africa has lots of beautiful places with many, many fast-growing economies. Also, Africa straddles the equator and the prime meridian. It is the only continent to stretch from the northern temperature to the southern temperate zones.

Top 11 Strongest Economy In Africa 

Here is a list of the top strongest economies in Africa:

1. South Africa

South Africa is a country with the strongest economy in Africa; this is based on its dependence on foreign trade. The economy of South Africa is a mixed economy, upper-middle-income economy, and emerging markets, which is very rare in Africa. South Africa has a well-developed infrastructure and an excellent financial system to support all kinds of business activities.

South Africa has the largest economy in Africa, and it is the 38th largest in the world by nominal GDP. Domestically, the economic environment remains competitive. The GDP of South Africa as of 2022 is $405.3 billion.

2. Algeria

Algeria is considered an upper-middle-income nation. As of 2023, Algeria’s economic growth was one of the strongest among the hydrocarbon-producing countries; the outcome remains good today. It is among the strongest economies in Africa.

Algeria’s economy is growing through its export of natural gas and petroleum, regardless of the fluctuations in the world’s price. The economic growth rate increased from 3.6% as of 2022 to 4.2% in 2023, driven by the construction, services, industry, and the hydrocarbon sector. The GDP of Algeria in 2024 is $266.78 billion.  

3. Egypt

The Egypt economy is the second largest in Africa by nominal GDP and 42nd in the worldwide ranking as of 2024. It is one of the strongest economies in Africa. The Gross Domestic Product of Egypt is 476.7 billion as of 2022.

Agricultural, petroleum import, tourism, natural gas, and media are the main reasons behind Egypt’s success. Many grains, fruits, vegetables, fish, and cattle. After the deduction of various taxes, the goods were being sold in markets.

Egypt is the 5th largest oil producer in Africa and the 3rd natural gas producer on the continent.

4. Nigeria

Nigeria’s economy is a mixed economy, middle-income, emerging market with expanding manufacturing, communications, service, financial, and entertainment sectors.

Nigeria was considered and ranked as the 53rd largest economy in the world in regards to its Nominal GDP, and also the fourth largest in Africa. It is also among the countries with the strongest economy in Africa.

The Nigeria GDP as of 2022 was $472.6 billion, this has been based primarily on the petroleum industry, crude oil, and natural gas.

5. Cote D’ivoire

Cote d’Ivoire has one of the strongest economies in Africa, which is heavily dependent on agriculture and related sectors. Also, Cote d’Ivoire is one of the top exporters of cocoa and raw cashew nuts, a net exporter of oil, and with a significant manufacturing base.

Cote d’Ivoire sustained economic growth and prosperity after independence; the Gross Domestic Product of Cote d’Ivoire as of 2022 was $70.02 billion.

6. Kenya

The Kenya economy is market-based with a few states of enterprise. The main success behind the Kenya economy includes manufacturing, agriculture, real estate, financial services, retail and energy, and tourism.

The Kenya economy is the largest in East Africa. Kenya’s GDP as of 2022 is 113.4 billion, making it one of the strongest economies in Africa.

7. Ghana

Ghana is a country in the west Africa. The situation of Ghana’s economy has been improving due to efforts to reduce inflation, strengthen financial stability, and restore fiscal and debt sustainability. The GDP of Ghana  as of 2022 was $73.77 billion.

The GDP is derived from agriculture contributions, industry profits, and the services sector. The economy of Ghana is a mixture of both private and public sectors. It is also one of the strongest economies in Africa.

8. Morocco

Morocco’s GDP growth rate is 3.4% as of 2024, making it one of the strongest economies in Africa. Morocco is a stable economy with continuous growth. The main resources of the Moroccan economy are Phosphate minerals, tourism, and agriculture.

The Moroccan Gross Domestic Product as of 2024 is $130.9 billion.

9. DR Congo 

DR Congo is a country in Central Africa. The country has one of the strongest economies in Africa. The economic recovery was stable in 2023 with a growth rate of 3.9%, up from 1.7% in 2024. The economic stability was derived from the strong performance in the oil sector. The GDP Of DR Congo as of 2024 was $64.72 billion.

10. Ethiopia

Ethiopia is also one of the most populous countries in Africa. It is one of the fastest-growing economies in the region, with a growth rate of 7.2% as of 2022/23. Ethiopia’s economic growth is strongly based on agriculture; this sector contributes to about 46% of the GDP and 85% of total employment.

The demand side of growth includes private consumption and investment. Coffee is the number one source of Ethiopia’s export revenue. Ethiopia’s GDP as of 2024 was $126.8 billion. The growth in Ethiopia is affected by investment, foreign aid, rainfall, and human capital.

11. Tanzania

Tanzania is an East African country known for its vast wilderness area. The GDP growth rate from 5.1% as of 2023 to 5.6% in 2024. The economy of Tanzania is a lower-middle-income economy that is fixated on tourism, manufacturing, agriculture, and financial services.

Tanzania is rich in industrial minerals and gemstones such as gold, silver, iron ore, coal, and nickel. The Tanzania GDP as of 2024 is USD 79.16 Billion.

Conclusion

Africa is a continent with several developed countries. Most of these countries have a strong economy with a strong currency that helps to improve their GDP. This article has listed the strongest economy in Africa, and we hope it is helpful to your search.

Reference

• affb.org
• worldpopulationreview.com
• statista.com

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