As of 2023, the GDP of Africa was estimated at roughly 3.1 trillion U.S. dollars. This was the highest value since 2010 when the continent's GDP amounted to approximately 2.1 trillion U.S. dollars. The GDP value in Africa generally followed an upward trend in recent years and was estimated to exceed 4.2 trillion U.S. dollars by 2027.

Leading the charge: the three leading African economies

Among the African countries, in 2021, Nigeria had the highest GDP with approximately 442 billion U.S. dollars. South Africa and Egypt followed. These three countries have the largest economies for various reasons. The most notable factors are their population size, natural resources, and level of economic development. Furthermore, Africa was projected to have a real GDP growth rate of 3.9 percent in 2023. Libya was the economy experiencing the highest growth rate in that year.

The Sub-Saharan African economy on the rise

A global comparison showed that Sub-Saharan Africa had the smallest GDP among all world regions in 2021, amounting to 1.87 trillion U.S. dollars. A closer look revealed that Sub-Saharan Africa had a GDP per capita of 1,626.3 U.S. dollars in 2021, again the lowest worldwide. However, the region's economy was forecast to experience continued growth in the following years, with the real GDP increasing by 3.7 percent in 2023.

This dataset provides values for GDP GROWTH RATE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

South Africa's GDP was estimated at just over 403 billion U.S. dollars in 2024, the highest in Africa. Egypt followed, with a GDP worth around 380 billion U.S. dollars, and ranked as the second-highest on the continent. Algeria ranked third, with about 260 billion U.S. dollars. These African economies are among some of the fastest-growing economies worldwide. Dependency on oil For some African countries, the oil industry represents an enormous source of income. In Nigeria, oil generates over five percent of the country’s GDP in the third quarter of 2023. However, economies such as the Libyan, Algerian, or Angolan are even much more dependent on the oil sector. In Libya, for instance, oil rents account for over 40 percent of the GDP. Indeed, Libya is one of the economies most dependent on oil worldwide. Similarly, oil represents for some of Africa’s largest economies a substantial source of export value. The giants do not make the ranking Most of Africa’s largest economies do not appear in the leading ten African countries for GDP per capita. The GDP per capita is calculated by dividing a country’s GDP by its population. Therefore, a populated country with a low total GDP will have a low GDP per capita, while a small rich nation has a high GDP per capita. For instance, South Africa has Africa’s highest GDP, but also counts the sixth-largest population, so wealth has to be divided into its big population. The GDP per capita also indicates how a country’s wealth reaches each of its citizens. In Africa, Seychelles has the greatest GDP per capita.

As of 2022, the real GDP growth rate in Africa was estimated at 3.7 percent, decreasing compared to the previous year when it stood at 4.8 percent. Africa's real GDP is projected to keep a stable and constant growth trend between 2023 and 2027.

Negative impact of COVID-19

Starting in 2020, the spread of the coronavirus (COVID-19) caused economic stagnation and recession in most world regions. Economies on the African continent were also negatively affected, as the health crisis determined disruptions across all economic sectors. In 2020, Africa’s real GDP dropped to minus 1.8 percent, an exceptional negative growth rate registered on the continent. Southern Africa was the most affected region, followed by Central and Western Africa, respectively.

Forecast economic growth in Africa

In 2021 and 2022, Africa’s economy showed signs of recovery after the COVID-19 crisis. Growth was expected to continue in the following years, with the total GDP increasing from around three trillion U.S. dollars in 2020 to four trillion U.S. dollars in 2027. The African economy was set to grow at a rapid pace, especially compared to other world regions. By 2027, Sub-Saharan Africa’s GDP is estimated to record a growth rate of over four percent, while the European Union’s economy would expand by less than two percent.

This dataset provides values for GDP PER CAPITA reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

In 2022, the Gross Domestic Product (GDP) of North Africa grew by 4.3 percent compared to the previous year. Due to the COVID-19 pandemic, the North African economy shrank by 1.4 percent in 2020. Economic recovery was observed in the following year, with the GDP rising by almost 12 percent. North Africa's economic growth is set to remain stable in the coming years.

GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

Key information about South Africa Real GDP Growth

• The Gross Domestic Product (GDP) in South Africa expanded 1.3 % YoY in Dec 2022, following a growth of 4.0 % in the previous quarter.
• Real GDP Growth YoY data in South Africa is updated quarterly, available from Mar 1961 to Dec 2022, with an average rate of 3.0 %.
• The data reached an all-time high of 19.4 % in Jun 2021 and a record low of -17.0 % in Jun 2020.

• In the latest reports, Nominal GDP of South Africa reached 98.8 USD bn in Sep 2022.
• Its GDP deflator (implicit price deflator) increased 4.7 % in Sep 2022.
• GDP Per Capita in South Africa reached 6,966.1 USD in Dec 2021.
• Its Gross Savings Rate was measured at 15.6 % in Sep 2022.
• For Nominal GDP contributions, Investment accounted for 14.8 % in Dec 2022.
• Public Consumption accounted for 19.9 % in Dec 2022.
• Private Consumption accounted for 66.6 % in Dec 2022.

Graph and download economic data for Real Gross Domestic Product for South Africa (NGDPRNSAXDCZAQ) from Q1 1993 to Q4 2024 about South Africa, real, and GDP.

In 2022, the Gross Domestic Product (GDP) per capita in Africa reached 2,150.6 U.S. dollars, the highest value since 2015. In 2014, the value per capita was higher, at 2,316 U.S. dollars. The GDP per capita on the continent was set to follow an upward trend in the coming years to reach nearly 2,700 U.S. dollars by 2026.

The Gross Domestic Product (GDP) in South Africa expanded 0.60 percent in the fourth quarter of 2024 over the previous quarter. This dataset provides - South Africa GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

GDP, billion currency units in South Africa, December, 2024 The most recent value is 1929.47 billion South African Rand as of Q4 2024, an increase compared to the previous value of 1859.25 billion South African Rand. Historically, the average for South Africa from Q1 1993 to Q4 2024 is 772.64 billion South African Rand. The minimum of 110.83 billion South African Rand was recorded in Q1 1993, while the maximum of 1929.47 billion South African Rand was reached in Q4 2024. | TheGlobalEconomy.com

The statistic shows gross domestic product (GDP) per capita in Sub-Saharan Africa from 2019 to 2023, with projections up until 2029. GDP is the total value of all goods and services produced in a country in a year. It is considered to be a very important indicator of the economic strength of a country and a positive change is an indicator of economic growth. In 2023, aggregated GDP per capita in Sub-Saharan Africa amounted to around 5,178.62 U.S. dollars.

South Africa ZA: GDP: Growth data was reported at 1.320 % in 2017. This records an increase from the previous number of 0.565 % for 2016. South Africa ZA: GDP: Growth data is updated yearly, averaging 3.116 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 7.940 % in 1964 and a record low of -2.137 % in 1992. South Africa ZA: GDP: Growth data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s South Africa – Table ZA.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

The average for 2023 based on 14 countries was 19.06 percent. The highest value was in Algeria: 41.23 percent and the lowest value was in the Seychelles: 3.16 percent. The indicator is available from 1960 to 2023. Below is a chart for all countries where data are available.

Graph and download economic data for Constant GDP per capita for Developing Countries in Sub-Saharan Africa (NYGDPPCAPKDSSA) from 1960 to 2023 about Sub-Saharan Africa, per capita, and GDP.

In 2024, Niger's real GDP is estimated to grow by 10.4 percent compared to the previous year. During 2023, the GDP is estimated to have increased by only 1.4 percent, nevertheless a positive trend. The country's real GDP is forecast to continue growing but at a slower pace. Between 2025 and 2029, it is expected to grow annually by roughly six percent. Furthermore, the GDPs of Senegal, Libya, and Rwanda might increase by around 8.3 percent, 7.8 percent, and 6.9 percent during 2024, respectively. Niger: A dependence on agriculture A large portion of Niger's economy comes from agriculture. In 2022, agriculture accounted for almost 40 percent of the GDP. Niger is not the only country in Africa where agriculture plays a crucial role. For example, agriculture made up nearly 60 percent of Sierra Leone’s GDP in 2022. Such dependence could mean that any disruptions in the agricultural products market could have significant effects on the country's GDP. Sub-Saharan Africa's economy will be among the fastest-growing regions worldwide Three African countries have significantly larger economies, namely, Nigeria, South Africa, and Egypt. As of 2022, these countries' GDP stood at nearly 477.4 billion, 475.2 billion, and 405.7 billion U.S. dollars. Furthermore, it is anticipated that Sub-Saharan Africa's GDP growth in 2026 will rank as the second-fastest growing economic region in the world after the ASEAN-5 countries, with a growth rate of approximately four percent. In contrast, economic areas such as the European Union are forecast to grow at only about 1.5 percent in the same year.

Key information about South Africa Nominal GDP Growth

• South Africa Nominal GDP Growth was reported at 4.279 % in Dec 2024.
• This records a decrease from the previous number of 4.471 % for Sep 2024.
• South Africa Nominal GDP Growth data is updated quarterly, averaging 11.455 % from Mar 1961 to Dec 2024, with 256 observations.
• The data reached an all-time high of 34.616 % in Sep 1980 and a record low of -13.481 % in Jun 2020.
• South Africa Nominal GDP Growth data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Y-o-Y Growth: Quarterly: Seasonally Adjusted.

South Africa ZA: GDP: % of GDP: Gross Value Added: Industry: Manufacturing data was reported at 11.858 % in 2017. This records a decrease from the previous number of 12.040 % for 2016. South Africa ZA: GDP: % of GDP: Gross Value Added: Industry: Manufacturing data is updated yearly, averaging 19.947 % from Dec 1960 (Median) to 2017, with 58 observations. The data reached an all-time high of 22.607 % in 1981 and a record low of 11.601 % in 2013. South Africa ZA: GDP: % of GDP: Gross Value Added: Industry: Manufacturing data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s South Africa – Table ZA.World Bank: Gross Domestic Product: Share of GDP. Manufacturing refers to industries belonging to ISIC divisions 15-37. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3. Note: For VAB countries, gross value added at factor cost is used as the denominator.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted Average; Note: Data for OECD countries are based on ISIC, revision 4.

The latest data from show economic growth of 0.9 percent, which is an increase from the rate of growth of 0.41 percent in the previous quarter and
a decrease compared to the growth rate of 1.44 percent in the same quarter last year. The economic growth time series for South Africa cover the period...