Sub-Saharan Africa Economic Outlook
Regional GDP growth should hit a three-year high in 2025, spurred by faster private consumption and fixed investment growth amid lower inflation and interest rates. Ongoing economic reforms, debt deals, population growth and healthier investment sentiment will add tailwinds. Heightened trade uncertainty is a downside risk.
Sub-Saharan Africa Inflation
In over half of countries where inflation data is available for June, price pressures eased or stabilized, with inflation picking up significantly only in Rwanda. Inflation will slow across most of the region in 2025 on weak global commodity prices. Upside risks linger and include extreme weather hurting food and energy output plus weaker-than-expected currencies.
This chart displays Economic Growth (Real GDP, ann. var. %) for Sub-Saharan Africa from 2024 to 2023.
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Merchandise Imports (USD bn) | 231 | 284 | 342 | 320 | 317 |
| Public Debt (% of GDP) | 55.7 | 55.1 | 54.6 | 58.3 | 61.9 |
| Inflation (CPI, ann. var. %, aop) | 8.6 | 11.0 | 15.0 | 15.6 | 12.9 |
| GDP per Capita (USD) | 1,765 | 1,956 | 2,059 | 1,977 | 1,710 |
| Industrial Production (ann. var. %) | -2.5 | -0.5 | 0.6 | -1.2 | - |
| Unemployment (% of active population, aop) | 24.7 | 29.2 | 28.9 | 27.3 | 27.4 |
| Fiscal Balance (% of GDP) | -7.0 | -5.2 | -4.7 | -4.1 | -4.2 |
| Policy Interest Rate (%, eop) | 8.62 | 8.40 | 12.12 | 14.38 | 14.92 |
| Current Account Balance (% of GDP) | -2.3 | -0.6 | -1.7 | -1.8 | -0.4 |
| Merchandise Exports (USD bn) | 229 | 315 | 367 | 334 | 349 |
| International Reserves (USD bn) | 137 | 163 | 152 | 147 | 167 |
| External Debt (% of GDP) | 55.8 | 48.5 | 46.0 | 48.9 | 49.7 |
| Private Consumption (annual variation in %) | -2.4 | 11.6 | 1.2 | -0.8 | 0.9 |
| Economic Growth (Real GDP, ann. var. %) | -1.8 | 4.9 | 4.1 | 3.6 | 3.7 |
| Investment (annual variation in %) | -8.7 | 4.7 | 4.8 | 2.6 | 1.9 |