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.

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.

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.

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.

Egypt was the largest economy in North Africa in 2022. In that year, its GDP amounted to 435.6 billion U.S. dollars, the second-highest in Africa after Nigeria. Algeria and Morocco followed, with the GDP totaling around 194 billion and 133 billion U.S. dollars, respectively.

This dataset provides values for GDP PER CAPITA PPP0 reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

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.

The Gross Domestic Product (GDP) in South Africa was worth 380.70 billion US dollars in 2023, according to official data from the World Bank. The GDP value of South Africa represents 0.36 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.

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.

CEIC calculates Real GDP Growth from quarterly Real GDP. Statistics South Africa provides Real GDP in local currency, at 2015 prices. Real GDP Growth prior to Q1 1994 is calculated from Real GDP at 2010 prices.


Related information about South Africa Real GDP Growth

• 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.

The average for 2023 based on 46 countries was 2302.22 U.S. dollars. The highest value was in the Seychelles: 16715.27 U.S. dollars and the lowest value was in Burundi: 262.17 U.S. dollars. The indicator is available from 1960 to 2023. Below is a chart for all countries where data are available.

Sub-Saharan Africa GDP for 2023 was 2.045 trillion US dollars, a 1.48% decline from 2022.

<ul style='margin-top:20px;'>

<li>Sub-Saharan Africa GDP for 2022 was <strong>2.075 trillion US dollars</strong>, a <strong>7.25% increase</strong> from 2021.</li>
<li>Sub-Saharan Africa GDP for 2021 was <strong>1.935 trillion US dollars</strong>, a <strong>12.29% increase</strong> from 2020.</li>
<li>Sub-Saharan Africa GDP for 2020 was <strong>1.723 trillion US dollars</strong>, a <strong>6.15% decline</strong> from 2019.</li>
</ul>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.

The average for 2023 based on 47 countries was 34.07 percent. The highest value was in Djibouti: 169.11 percent and the lowest value was in Sudan: 1.11 percent. The indicator is available from 1960 to 2023. Below is a chart for all countries where data are available.

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 45 countries was 4.04 percent. The highest value was in Namibia: 18.58 percent and the lowest value was in Angola: -2.5 percent. The indicator is available from 1970 to 2023. Below is a chart for all countries where data are available.

In 2025, Ethiopia's GDP was forecast to reach almost 121 billion U.S. dollars, the highest in East Africa. Kenya followed, with an expected GDP of around 117 billion U.S. dollars. Comoros, on the other hand, had some of the lowest GDPs, at just over 1.5 billion U.S. dollars.

South Africa GDP for 2023 was 377.78 billion US dollars, a 6.78% decline from 2022.

<ul style='margin-top:20px;'>

<li>South Africa GDP for 2022 was <strong>405.27 billion US dollars</strong>, a <strong>3.53% decline</strong> from 2021.</li>
<li>South Africa GDP for 2021 was <strong>420.12 billion US dollars</strong>, a <strong>24.19% increase</strong> from 2020.</li>
<li>South Africa GDP for 2020 was <strong>338.29 billion US dollars</strong>, a <strong>13.11% decline</strong> from 2019.</li>
</ul>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.

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.

Historical chart and dataset showing Sub-Saharan Africa gdp growth rate by year from 1961 to 2023.

South Africa gdp growth rate for 2023 was 0.70%, a 1.21% decline from 2022.

<ul style='margin-top:20px;'>

<li>South Africa gdp growth rate for 2022 was <strong>1.91%</strong>, a <strong>3.04% decline</strong> from 2021.</li>
<li>South Africa gdp growth rate for 2021 was <strong>4.96%</strong>, a <strong>11.12% increase</strong> from 2020.</li>
<li>South Africa gdp growth rate for 2020 was <strong>-6.17%</strong>, a <strong>6.43% decline</strong> from 2019.</li>
</ul>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.