Africa’s economic landscape is shifting, but not in a single direction. While commodity exporters continue to benefit from global demand cycles, more diversified economies are gaining ground through services, manufacturing, and reform-driven growth.
The latest GDP estimates compiled by BusinessDay from International Monetary Fund (IMF) data, reflects both continuity and change; familiar heavyweights still dominate, yet several countries are expanding at a pace that hints at a gradual rebalancing of economic power across the continent.
Here are Africa’s ten biggest economies
1. South Africa — $479.96 billion
South Africa retains its position as Africa’s largest economy, expanding by about 11 percent from last year’s $427.1 billion. Its dominance rests on a highly developed financial sector, deep capital markets, and advanced industries ranging from mining to manufacturing. Despite persistent challenges, energy shortages, logistics constraints, and slow reform, its economic complexity continues to set it apart on the continent.
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2. Egypt — $429.65 billion
Egypt remains firmly in second place, recording a strong 17.84 percent increase from $314.6 billion. Growth has been driven by large-scale infrastructure projects, the expansion of the Suez Canal’s economic zone, and a diversified base that includes tourism, construction, and energy. Economic reforms backed by international lenders have also played a role, though inflation and currency pressures remain key risks.
3. Nigeria — $377.37 billion
Nigeria, Africa’s most populous nation, holds third position with a GDP rising by nearly 30 percent from $290.5 billion. The rebound reflects currency adjustments. However, structural issues, oil dependency, inflation, and foreign exchange volatility continue to weigh on sustained growth.
4. Algeria — $317.2 billion
Algeria’s economy grew by 11 percent from $285.7 billion, securing fourth place. Hydrocarbon exports remain the backbone of its economy, benefiting from global energy demand. Recent efforts to diversify into manufacturing and renewables are underway, but progress has been gradual.
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5. Morocco — $194.33 billion
Morocco ranks fifth, with GDP rising 6.4 percent from $182.6 billion. Its economic strength lies in a balanced mix of tourism, agriculture, and an expanding industrial base, particularly in automotive and aerospace manufacturing. Strategic investments in infrastructure and trade links with Europe have further boosted its resilience.
6. Angola — $152.4 billion
Angola, one of Africa’s major oil producers, recorded growth of 7.53 percent from $141.73 billion. Higher oil revenues have supported recovery, while reforms aimed at stabilising public finances and attracting foreign investment are beginning to show results. Diversification beyond oil remains a central challenge.
7. Kenya — $146.26 billion
Kenya maintains its position as East Africa’s largest economy, growing by 7.9 percent from $136.46 billion. Its strength comes from a dynamic services sector, including finance, technology, and logistics, as well as a robust agricultural base. Nairobi’s role as a regional business hub continues to underpin growth.
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8. Ghana — $118.29 billion
Ghana’s economy expanded modestly by 3.2 percent to $114.71 billion. Despite recent fiscal and debt challenges, the country remains a key player due to its gold, oil, and cocoa exports. Ongoing economic reforms and IMF-backed programmes are expected to stabilise growth over the medium term.
9. DR Congo — $123.41 billion
The Democratic Republic of Congo stands out with a sharp 32.9 per cent increase from $98.83 billion. Its vast mineral wealth, particularly cobalt and copper, critical for global energy transition technologies, has driven rapid expansion. However, political instability and conflict continue to pose serious risks to long-term development.
10. Ethiopia — $121.53 billion
Ethiopia rounds out the top ten, with GDP growing by 11.4 percent to $109.1 billion. Once one of Africa’s fastest-growing economies, it is gradually recovering from internal conflict. Government-led investment in infrastructure and manufacturing, alongside a large domestic market, continues to support its economic trajectory.
Meanwhile, Côte d’Ivoire was part of the top 10 economies in 2025 at $109.89 billion, but missed this year despite having 13.4 percent growth with GDP growth of $112.12 billion
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