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.
Real Gross Domestic Product (GDP) growth rate in Africa from 2010 to 2027
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IMF. (November 2, 2022). Real Gross Domestic Product (GDP) growth rate in Africa from 2010 to 2027 [Graph]. In Statista. Retrieved December 08, 2024, from https://www.statista.com/statistics/1300818/real-gdp-growth-rate-in-africa/
IMF. "Real Gross Domestic Product (GDP) growth rate in Africa from 2010 to 2027." Chart. November 2, 2022. Statista. Accessed December 08, 2024. https://www.statista.com/statistics/1300818/real-gdp-growth-rate-in-africa/
IMF. (2022). Real Gross Domestic Product (GDP) growth rate in Africa from 2010 to 2027. Statista. Statista Inc.. Accessed: December 08, 2024. https://www.statista.com/statistics/1300818/real-gdp-growth-rate-in-africa/
IMF. "Real Gross Domestic Product (Gdp) Growth Rate in Africa from 2010 to 2027." Statista, Statista Inc., 2 Nov 2022, https://www.statista.com/statistics/1300818/real-gdp-growth-rate-in-africa/
IMF, Real Gross Domestic Product (GDP) growth rate in Africa from 2010 to 2027 Statista, https://www.statista.com/statistics/1300818/real-gdp-growth-rate-in-africa/ (last visited December 08, 2024)
Real Gross Domestic Product (GDP) growth rate in Africa from 2010 to 2027 [Graph], IMF, November 2, 2022. [Online]. Available: https://www.statista.com/statistics/1300818/real-gdp-growth-rate-in-africa/