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.

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 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.

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.

Historical chart and dataset showing Sub-Saharan Africa GDP by year from 1960 to 2023.

Seychelles had the largest Gross Domestic Product (GDP) per capita in Africa as of 2024. The value amounted to 21,630 U.S. dollars. Mauritius followed with around 12,330 U.S. dollars, whereas Gabon registered 8,840 U.S. dollars. GDP per capita is calculated by dividing a country’s GDP by its population, meaning that some of the largest economies are not ranked within the leading ten. Impact of COVID-19 on North Africa’s GDP When looking at the GDP growth rate in Africa in 2024, Libya had the largest estimated growth in Northern Africa, a value of 7.8 percent compared to the previous year. Niger and Senegal were at the top of the list with rates of 10.4 percent and 8.3 percent, respectively. During the COVID-19 pandemic, the impact on the economy was severe. The growth of the North African real GDP was estimated at minus 1.1 percent in 2020. However, estimations for 2022 looked much brighter, as it was set that the region would see a GDP growth of six percent, compared to four percent in 2021.
Contribution of Tourism Various countries in Africa are dependent on tourism, contributing to the economy. In 2023, travel and tourism were estimated to contribute 182.6 billion U.S. dollars, a clear increase from 96.5 in 2020 following COVID-19. As of 2024, South Africa, Mauritius, and Egypt led tourism in the continent according to the Travel & Tourism Development Index.

Full Year GDP Growth in South Africa decreased to 0.60 percent in 2024 from 0.70 percent in 2023. This dataset includes a chart with historical data for South Africa Full Year Gdp Growth.

This horizontal bar chart displays GDP (current US$) by countries using the aggregation sum in Africa. The data is about countries.

The Gross Domestic Product (GDP) in South Africa was worth 400.26 billion US dollars in 2024, according to official data from the World Bank. The GDP value of South Africa represents 0.38 percent of the world economy. This dataset provides the latest reported value for - South Africa GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Graph and download economic data for National Accounts: GDP by Expenditure: Current Prices: Gross Domestic Product: Total for South Africa (ZAFGDPNQDSMEI) from Q1 1960 to Q3 2023 about South Africa and GDP.

The statistic shows gross domestic product (GDP) in Sub-Saharan Africa from 2020 to 2024, with projections up until 2030. Gross domestic product (GDP) denotes the aggregate value of all services and goods produced within a country in any given year. GDP is an important indicator of a country's economic power. In 2024, Sub-Saharan Africa's aggregated gross domestic product amounted to around 1,841.17 billion U.S. dollars.

Key information about South Africa Total Trade of Goods and Services: % of Nominal GDP

• South Africa Total Trade of Goods & Services: % of Nominal GDP recorded 62.120 % in Sep 2024, compared with 61.420 % in the previous quarter.
• South Africa Total Trade of Goods & Services: % of Nominal GDP data is updated quarterly, available from Mar 1960 to Sep 2024, with an averaged value of 50.863 %.
• The data reached an all-time high of 69.883 % in Sep 2008 and a record low of 34.590 % in Dec 1992.

CEIC calculates quarterly Total Trade of Goods and Services as % of Nominal GDP from quarterly Total Trade of Goods and Services and quarterly Nominal GDP. Statistics South Africa provides Total Trade of Goods and Services in local currency and Nominal GDP in local currency.

This horizontal bar chart displays GDP (current US$) by countries using the aggregation sum in Middle Africa. The data is about countries.

Graph and download economic data for National Accounts: GDP by Expenditure: Constant Prices: Gross Domestic Product: Total for South Africa (ZAFGDPRQPSMEI) from Q1 1961 to Q1 2025 about South Africa, real, GDP, and rate.

Central African Republic CF: Total Natural Resources Rents: % of GDP data was reported at 10.260 % in 2021. This records an increase from the previous number of 9.885 % for 2020. Central African Republic CF: Total Natural Resources Rents: % of GDP data is updated yearly, averaging 9.917 % from Dec 1970 (Median) to 2021, with 52 observations. The data reached an all-time high of 13.536 % in 1998 and a record low of 5.429 % in 1987. Central African Republic CF: Total Natural Resources Rents: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Central African Republic – Table CF.World Bank.WDI: Environmental: Land Use, Protected Areas and National Wealth. Total natural resources rents are the sum of oil rents, natural gas rents, coal rents (hard and soft), mineral rents, and forest rents.;World Bank staff estimates based on sources and methods described in the World Bank's The Changing Wealth of Nations.;Weighted average;

South Africa ZA: Government Expenditure on Education: Total: % of GDP data was reported at 5.943 % in 2016. This records a decrease from the previous number of 6.047 % for 2014. South Africa ZA: Government Expenditure on Education: Total: % of GDP data is updated yearly, averaging 5.291 % from Dec 1987 (Median) to 2016, with 25 observations. The data reached an all-time high of 6.372 % in 2012 and a record low of 4.853 % in 1989. South Africa ZA: Government Expenditure on Education: Total: % of GDP 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: Education Statistics. General government expenditure on education (current, capital, and transfers) is expressed as a percentage of GDP. It includes expenditure funded by transfers from international sources to government. General government usually refers to local, regional and central governments.; ; United Nations Educational, Scientific, and Cultural Organization (UNESCO) Institute for Statistics.; Median;

This horizontal bar chart displays GDP (current US$) by country full name using the aggregation sum in Eastern Africa. The data is about countries.

Graph and download economic data for Outstanding Total International Debt Securities to GDP for South Africa (DDDM07ZAA156NWDB) from 1980 to 2020 about issues, South Africa, debt, and GDP.