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.

The real gross domestic product (GDP) of Niger is estimated to have grown by 11.9 percent in 2022, which is the highest estimated growth rate across all African countries. In comparison, Libya's economy is estimated to have contracted by 9.6 percent.

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 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.

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.

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.

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.

Kenya's Gross Domestic Product (GDP) was estimated to grow by 5.6 percent in 2021. The country has the largest economy in East Africa. Tanzania, which is the secondmain economy in the region, might expand by four percent in the same year. In its turn, the economic growth in Ethiopia was estimated at two percent.

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.

Central African Republic CF: GDP: Growth: Adjusted Net National Income per Capita data was reported at -2.709 % in 2021. This records an increase from the previous number of -4.131 % for 2020. Central African Republic CF: GDP: Growth: Adjusted Net National Income per Capita data is updated yearly, averaging -2.297 % from Dec 2010 (Median) to 2021, with 12 observations. The data reached an all-time high of 21.252 % in 2018 and a record low of -42.799 % in 2013. Central African Republic CF: GDP: Growth: Adjusted Net National Income per Capita 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: Gross Domestic Product: Annual Growth Rate. Adjusted net national income is GNI minus consumption of fixed capital and natural resources depletion.;World Bank staff estimates based on sources and methods in World Bank's 'The Changing Wealth of Nations: Measuring Sustainable Development in the New Millennium' (2011).;Weighted average;

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.

Ethiopia export data: Discover the rising African powerhouse, leading in coffee, textile, and oilseed trade. Be part of its growth story!

South Africa ZA: Imports: fob: Emerging and Developing Economies: Middle East, North Africa, and Pakistan: Egypt data was reported at 133.515 USD mn in 2017. This records an increase from the previous number of 59.229 USD mn for 2016. South Africa ZA: Imports: fob: Emerging and Developing Economies: Middle East, North Africa, and Pakistan: Egypt data is updated yearly, averaging 49.649 USD mn from Dec 1998 (Median) to 2017, with 20 observations. The data reached an all-time high of 137.426 USD mn in 2008 and a record low of 7.511 USD mn in 2000. South Africa ZA: Imports: fob: Emerging and Developing Economies: Middle East, North Africa, and Pakistan: Egypt data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s South Africa – Table ZA.IMF.DOT: Imports: fob: by Country: Annual.

This statistic shows the 20 countries with the highest growth of the gross domestic product (GDP) in 2023. In 2023, Guyana ranked 2nd with an estimated GDP growth of approximately 32.96 percent compared to the previous year. GDP around the world Gross domestic product (GDP) is an indicator of the monetary value of all goods and services produced by a nation in a specific time period. GDP is a strong index of a country’s economic strength - the higher the GDP of a nation, the stronger that country’s economy. The countries in the world with the highest GDP or GDP per capita are mainly developed and emerging countries, with global gross domestic product amounting to nearly 75 trillion U.S. dollars. As of 2016, the United States is the nation in the world with the highest GDP with more than 18.56 trillion U.S. dollars, which makes up more than 15.7 percent of the global GDP. The countries with the lowest gross domestic product per capita in 2014 were mainly African nations. The country in the world with the lowest GDP per capita in 2016 was South Sudan, followed by Malawi, and Burundi. However, several economically struggling African and Asian countries such as Myanmar, Côte d'Ivoire, Bhutan, and India reported the highest growth of the gross domestic product in 2016. Also in the top 20 nations with the highest growth of the GDP is China. In 2016, the GDP in China was the second highest GDP in the world. It is estimated that by 2019 the GDP in China will grow by 6 percent. Based on this estimate, GDP in China will be at around 14.6 trillion U.S. dollars by 2019.

In 2022, Egypt's economy grew by around 6.6 percent compared to the previous year, marking the highest annual GDP increase among North African countries. Algeria and Tunisia followed, with growth rates of roughly 4.7 percent and 2.2 percent, respectively. In contrast, Libya registered the sharpest decline in the GDP growth rate in the region, at minus 18.5 percent.

South Africa ZA: Imports: fob: Emerging and Developing Economies: Middle East, North Africa, and Pakistan data was reported at 6.583 USD bn in 2017. This records an increase from the previous number of 5.281 USD bn for 2016. South Africa ZA: Imports: fob: Emerging and Developing Economies: Middle East, North Africa, and Pakistan data is updated yearly, averaging 6.114 USD bn from Dec 1998 (Median) to 2017, with 20 observations. The data reached an all-time high of 12.427 USD bn in 2008 and a record low of 2.083 USD bn in 1999. South Africa ZA: Imports: fob: Emerging and Developing Economies: Middle East, North Africa, and Pakistan data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s South Africa – Table ZA.IMF.DOT: Imports: fob: by Country: Annual.

South Africa ZA: Imports: fob: Emerging and Developing Economies: Emerging and Developing Asia: French Polynesia data was reported at 0.000 USD mn in Jun 2018. This records a decrease from the previous number of 0.002 USD mn for Mar 2018. South Africa ZA: Imports: fob: Emerging and Developing Economies: Emerging and Developing Asia: French Polynesia data is updated quarterly, averaging 0.001 USD mn from Mar 2010 (Median) to Jun 2018, with 26 observations. The data reached an all-time high of 0.104 USD mn in Sep 2012 and a record low of 0.000 USD mn in Jun 2018. South Africa ZA: Imports: fob: Emerging and Developing Economies: Emerging and Developing Asia: French Polynesia data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s South Africa – Table ZA.IMF.DOT: Imports: fob: by Country: Quarterly.

This study examines the determinants influencing the likelihood of Sub-Saharan African (SSA) countries seeking assistance from the International Monetary Fund (IMF). The IMF, as a global institution, aims to promote sustainable growth and prosperity among its member countries by supporting economic strategies that foster financial stability and collaboration in monetary affairs. Utilising panel-probit regression, this study analyses data from thirty-nine SSA countries spanning from 2000 to 2022, focusing on twelve factors: Current Account Balance (CAB), inflation, corruption, General Government Net Lending and Borrowing (GGNLB), General Government Gross Debt (GGGD), Gross Domestic Product Growth (GDPG), United Nations Security Council (UNSC) involvement, regime types (Closed Autocracy, Electoral Democracy, Electoral Autocracy, Liberal Democracy) and China Loan. The results indicate that corruption and GDP growth rate have the most significant influence on the likelihood of SSA countries seeking IMF assistance. Conversely, factors such as CAB, UNSC involvement, LD and inflation show inconsequential effects. Notable, countries like Sudan, Burundi, and Guinea consistently rank high in seeking IMF assistance over various time frames within the observed period. Sudan emerges with a probability of more than 44% in seeking IMF assistance, holding the highest ranking. Study emphasises the importance of understanding SSA region rankings and the variability of variables for policymakers, investors, and international organisations to effectively address economic challenges and provide financial assistance.

Chad TD: Exports: fob: Emerging and Developing Economies: Sub-Saharan Africa: Madagascar data was reported at 0.010 USD mn in 2023. This records an increase from the previous number of 0.009 USD mn for 2019. Chad TD: Exports: fob: Emerging and Developing Economies: Sub-Saharan Africa: Madagascar data is updated yearly, averaging 0.002 USD mn from Dec 1991 (Median) to 2023, with 22 observations. The data reached an all-time high of 0.067 USD mn in 2018 and a record low of 0.000 USD mn in 1994. Chad TD: Exports: fob: Emerging and Developing Economies: Sub-Saharan Africa: Madagascar data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Chad – Table TD.IMF.DOT: Exports: fob: by Country: Annual.

Central African Republic CF: Exports: fob: Emerging and Developing Economies: Middle East, North Africa, and Pakistan: Libya data was reported at 0.005 USD mn in 2013. This records a decrease from the previous number of 0.036 USD mn for 2008. Central African Republic CF: Exports: fob: Emerging and Developing Economies: Middle East, North Africa, and Pakistan: Libya data is updated yearly, averaging 0.035 USD mn from Dec 2001 (Median) to 2013, with 4 observations. The data reached an all-time high of 0.050 USD mn in 2001 and a record low of 0.005 USD mn in 2013. Central African Republic CF: Exports: fob: Emerging and Developing Economies: Middle East, North Africa, and Pakistan: Libya data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Central African Republic – Table CF.IMF.DOT: Exports: fob: by Country: Annual.