South Africa

Sub-Saharan Africa Economic Forecast

Sub-Saharan Africa Economic Outlook

Regional GDP growth will accelerate slightly from 2023 this year largely thanks to private consumption strengthening in most countries in the region. That said, fiscal consolidation efforts—as part of deals with multilateral lenders—will cap growth. Politics, extreme weather, currencies’ performances, central banks’ movements and economic reforms are factors to watch.

Sub-Saharan Africa Inflation

Regional inflation inched up in May from April on accelerating inflation in Angola and Nigeria. Inflation then slowed in most countries with June data bar Angola, Uganda, Zambia and Zimbabwe. Overall in 2024, regional average inflation will only inch down from 2023 as extreme weather and currency weakness continue to stoke price pressures.

This chart displays Economic Growth (Real GDP, ann. var. %) for Sub-Saharan Africa from 2010 to 2021.

2019 2020 2021 2022 2023
Industrial Production (ann. var. %) 6.4 -2.5 -0.5 0.6 -1.2
Unemployment (% of active population, aop) 14.9 15.0 18.2 16.4 16.7
Fiscal Balance (% of GDP) -4.6 -6.9 -5.1 -4.6 -
Public Debt (% of GDP) 48.2 55.8 54.9 55.0 -
Inflation (CPI, ann. var. %, aop) 11.9 8.6 11.0 15.0 15.3
Policy Interest Rate (%, eop) 10.09 8.50 8.29 11.64 -
Current Account Balance (% of GDP) -2.9 -2.3 -0.6 -1.8 -
Merchandise Exports (USD bn) 278 229 315 367 -
Merchandise Imports (USD bn) 260 217 268 323 -
International Reserves (USD bn) 150 138 - - -
External Debt (% of GDP) 39.7 44.7 41.0 39.0 -
1.7 -2.4 11.6 1.2 -
4.8 -9.2 4.8 4.4 -
GDP per Capita (USD) 1,963 1,770 1,962 2,060 -
Economic Growth (Real GDP, ann. var. %) 2.7 -1.8 4.9 - -

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