It is computed by considering factors like production, expenses, and income. In addition, inflation can be modified to represent inflation and population increase, offering even more information.
Although GDP is usually calculated annually, quarterly reports are also available.
The 10 African countries with the highest GDPs are below.
Data used in this article was sourced from Statista, a reputable global data repository firm specialised in providing markets and consumer data insights.
- Nigeria (World rank: 27th)
With over 200 million people, this West African country makes up a considerable chunk of the African economy. Nigeria is Africa's richest country, with a GDP of a little over $514 billion.
2.Egypt (World rank: 36th)
For many years, this ancient area in Northern Africa held the title of Africa's richest country. The economy, however, was seriously harmed, and foreign exchange reserves plummeted as a result of the Arab uprising in 2011. As a result, Egypt is currently the second richest country on the list, with a GDP of $394.28 billion.
3.South Africa (World rank: 42nd)
As the continent's third richest country, this southernmost country is a prominent player. The country is considered one of the fastest-developing globally, with a highly developed economy, excellent infrastructure, and a GDP of over $400 billion.
South Africa is the only country on this list that does not rely on a single revenue source. It is the most industrialized and technologically advanced country in Africa.
4.Algeria (World rank: 58th)
This is the second Northern African country on the list. According to the IMF, Algeria has a GDP of $151.46 billion, the fourth largest in Africa.
5.Morocco (World rank: 60th)
Morocco ranks as the fifth wealthiest African country, with a GDP of approximately $124 billion. This North African country's economy is diverse and steady, with growth in various industries during the last decade. It’s also Africa's second-richest non-oil-producing nation.
6.Kenya (World rank: 65th)
This East African country has a GDP of $106.04 billion. It is the only country from Eastern Africa that has made the top 10 list.
7.Ethiopia (World rank: 66th)
Ethiopia, a landlocked country divided by the Great Rift Valley, is Africa's seventh richest country, with a GDP of $93.97 billion. With archaeological artifacts dating back millions of years, this historic land is famous for being the birthplace of the coffee bean. As a result, the country produces the most coffee and honey in Africa.
8.Ghana (World rank: 74th)
Ghana is the second country from West Africa on the list. It just makes this list of wealthiest countries on the continent, with a GDP of $74.26 billion. It is the first country in Sub-Saharan Africa to attain independence from colonial authority and the first to halve extreme poverty.
9.Angola (World rank: 75th)
Angola is home to one of the continent's largest raw materials reserves. However, the country's economy has plummeted due to resource mismanagement and internal corruption. It is ranked number 8 on this list, with a GDP of $66.49 billion.
10.Tanzania (world rank: 77th)
With a GDP of $65.92 billion, Tanzania rounds up the top ten richest African countries. The country has a lower-middle mixed-income economy and is home to several of Africa's most famous national parks, including Kilimanjaro.