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Economic growth in the early 2020s According to 2024 estimates by the African Development Bank Group, African countries are projected to account for more than half of the world fastest growing economies; in particular, Niger, Senegal, Libya and Rwanda are expected to grow at the fastest rate of over 7% per year. Estimates of Real Gross Domestic Product (GDP) growth rate in 2023 show that most ...
Countries in Africa are sorted according to data from the International Monetary Fund. [1] The figures presented here do not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency . [ 2 ]
On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures. The following lists summarise the GDP (nominal) of each continent by adding GDP (nominal) of each nation as per the seven-continent model, sorted by USD. The first list includes 2024 data estimates n1 for members of the International Monetary Fund.
[20] [26] In 2017, the African Development Bank reported Africa to be the world's second-fastest growing economy, and estimates that average growth will rebound to 3.4% in 2017, while growth increased to 4.2% in 2018. [27]
The combined states of the African Union (AU) constitute the world's 11th largest economy with a nominal gross domestic product (GDP) of US$1,155” Trillion. [citation needed] By measuring GDP by purchasing power parity (PPP), the African Union's economy totals US$3,553”Trillion, ranking it 11th after European Union. At the same time, they ...
The table below presents the latest Human Development Index (HDI) for countries in Africa as included in the United Nations Development Programme's Human Development Report, released on 13 March 2024 and based on data collected in 2024. [1] As of 2024, all African UN member states are included in the report.
The region has also seen rapid growth in tourism with Tanzania and Kenya pioneering tourism due to safari parks. Nairobi and Addis Ababa are the main financial hubs in East Africa. [5] Ethiopia and Kenya account for 55% of East Africa's GDP. East Africa accounts for 18% of Africa's GDP.
Change in per capita GDP of Nigeria, 1950–2018. Figures are inflation-adjusted to 2011 International Geary-Khamis dollars. The economy of Nigeria is a middle-income, mixed economy and emerging market [27] [28] with expanding manufacturing, financial, service, communications, technology, and entertainment sectors.