From 1820 to 1913, the global GDP almost quadrupled, from just under 700 billion FY1990 U.S. dollars to more than 2.7 trillion FY1990 USD. As Europe industrialized throughout this period, its share of the global GDP increased from roughly one-third in 1820 to 46 percent in 1913, with Western European* countries disproportionately driving this growth. However, the combined growth of North America, Australia, and New Zealand saw the most significant development over this period, rising from 14 billion FY1990 USD in 1820 to 583 billion FY1990 USD in 1913. While the Asia-Pacific region had the largest share of global GDP in 1820, the slower rate of industrialization meant that its share dropped significantly by 1913. This region saw the lowest growth rate during this period.

This dataset provides values for GDP 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) 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.

This horizontal bar chart displays GDP (current US$) by continent using the aggregation sum and is filtered where the continent is Europe. The data is about countries.

This horizontal bar chart displays GDP (current US$) by continent using the aggregation sum and is filtered where the country is Mexico. The data is about countries per year.

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

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.

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

This horizontal bar chart displays GDP (current US$) by continent and is filtered where the region is Eastern Asia. The data is about countries.

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.

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 is about continents and is filtered where the continent includes Europe, featuring 5 columns: continent, GDP, land area, number of countries, and number of regions. The preview is ordered by population (descending).

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

With a Gross Domestic Product of over 4.18 trillion Euros, the German economy was by far the largest in Europe in 2023. The similar-sized economies of the United Kingdom and France were the second and third largest economies in Europe during this year, followed by Italy and Spain. The smallest economy in this statistic is that of the small Balkan nation of Montenegro, which had a GDP of 5.7 billion Euros. In this year, the combined GDP of the 27 member states that compose the European Union amounted to approximately 17.1 trillion Euros. The big five Germany’s economy has consistently had the largest economy in Europe since 1980, even before the reunification of West and East Germany. The United Kingdom, by contrast, has had mixed fortunes during the same time period and had a smaller economy than Italy in the late 1980s. The UK also suffered more than the other major economies during the recession of the late 2000s, meaning the French economy was the second largest on the continent for some time afterward. The Spanish economy was continually the fifth-largest in Europe in this 38-year period, and from 2004 onwards, has been worth more than one trillion Euros. The smallest GDP, the highest economic growth in Europe Despite having the smallerst GDP of Europe, Montenegro emerged as the fastest growing economy in the continent, achieving an impressive annual growth rate of 4.5 percent, surpassing Turkey's growth rate of 4 percent. Overall,this Balkan nation has shown a remarkable economic recovery since the 2010 financial crisis, with its GDP projected to grow by 28.71 percent between 2024 and 2029. Contributing to this positive trend are successful tourism seasons in recent years, along with increased private consumption and rising imports. Europe's economic stagnation Malta, Albania, Iceland, and Croatia were among the countries reporting some of the highest growth rates this year. However, Europe's overall performance reflected a general slowdown in growth compared to the trend seen in 2021, during the post-pandemic recovery. Estonia experienced the sharpest negative growth in 2023, with its economy shrinking by 2.3% compared to 2022, primarily due to the negative impact of sanctions placed on its large neighbor, Russia. Other nations, including Sweden, Germany, and Finland, also recorded slight negative growth.

19 of the 20 countries with the lowest estimated GDP per capita in the world in 2023 are located in Sub-Saharan Africa. Burundi is believed to have a GDP per capita of just 326.84 U.S. dollars - for reference, Luxembourg has the highest GDP per capita in the world, at almost 130,000 U.S. dollars, which is around 400 times larger than that of Burundi (U.S. GDP per capita is over 250 times higher than Burundi's). Poverty in Sub-Saharan Africa Many parts of Sub-Saharan Africa have been among the most impoverished in the world for over a century, due to lacking nutritional and sanitation infrastructures, persistent conflict, and political instability. These issues are also being exacerbated by climate change, where African nations are some of the most vulnerable in the world, as well as the population boom that will place over the 21st century. Of course, the entire population of Sub-Saharan Africa does not live in poverty, and countries in the southern part of the continent, as well as oil-producing states around the Gulf of Guinea, do have some pockets of significant wealth (especially in urban areas). However, while GDP per capita may be higher in these countries, wealth distribution is often very skewed, and GDP per capita figures are not representative of average living standards across the population. Outside of Africa Yemen is the only country outside of Africa to feature on the list, due to decades of civil war and instability. Yemen lags very far behind some of its neighboring Arab states, some of whom rank among the richest in the world due to their much larger energy sectors. Additionally, the IMF does not make estimates for Afghanistan, which would also likely feature on this list.

This horizontal bar chart displays GDP (current US$) by continent and is filtered where the country is The Bahamas. The data is about countries per year.

In 2024, projections show that three out of the five African regions will have an increased growth margin as a share of Gross Domestic Product (GDP) compared to 2023, showing hope for economic recovery post-COVID-19 restrictions. In 2023, the region of East Africa is projected to have the highest share of GDP growth in Africa. It will have an estimated five percent growth rate. Furthermore, compared to the 2022 projections, 2023 showed decreased growth rate, with the exception of West Africa. However, the growth rate may now be decreasing in 2023 compared to 2022 projections due to a number of factors, including a decrease in government stimulus, ongoing uncertainty related to the pandemic, and the potential for economic headwinds such as rising inflation and interest rates. In 2021, Africa's economy was projected to recover following the impact of the pandemic, with the regional real GDPs growing significantly. In 2020, Southern Africa registered the sharpest decline in GDP growth rate in the continent, at -5.6 percent. Southern and Central Africa were the regions that suffered the most in that year, due to the coronavirus (COVID-19) pandemic's impacts on economic growth in Africa.

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

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