Five of Africaâs biggest economiesâSouth Africa, Nigeria, Egypt, Algeria, and Ethiopiaâcontribute a substantial $1.4 trillion to the continentâs 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.
According to Investopedia, Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a countryâs borders in a specific time period.
As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a countryâs economic health.
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 Africaâs top economies is as follows:
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 Africaâs 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.
TimesNow.com.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, TimesNow.com.ng listed the top ten African cities ranging in size from expansive megacities with the highest GDP forecasts for 2035.
In related news, TimesNow.com.ng reported that mining & quarrying, agriculture, manufacturing and seven others lead the top economic sectors in Nigeria in the first quarter of 2024.
This is according to the Nigerian Gross Domestic Product (GDP) Report Q1 2024 published by the National Bureau of Statistics (NBS).
Nigeria’s Gross Domestic Product (GDP) grew by 2.98% (year-on-year) in real terms in the first quarter of the year.
This growth rate is higher than the 2.31% recorded in the first quarter of 2023 and lower than the fourth quarter of 2023 growth of 3.46%.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
