South Africa

Sub-Saharan Africa Economic Forecast

Sub-Saharan Africa Economic Outlook

Regional growth is seen hitting a four-year high in 2025. Most countries should record improvements, thanks to population growth, progress in debt deals, implementation of reforms and greater investment attractiveness. Conversely, extreme weather, dwindling inflows of aid and U.S. protectionism policies are downside risks. Fiscal consolidation is a factor to watch.

Sub-Saharan Africa Inflation

Regional inflation rose in December and did so again in January in around half of the countries with available data; in Nigeria it sunk due to a rebasing of the consumer price index. Average inflation will slow from 2024 this year in most countries across the region. Extreme weather, U.S. protectionism and a stronger-than-projected U.S. dollar are upside risks.

This chart displays Economic Growth (Real GDP, ann. var. %) for Sub-Saharan Africa from 2010 to 2023.

2020 2021 2022 2023 2024
Industrial Production (ann. var. %) -2.5 -0.5 0.6 -1.2 -
Unemployment (% of active population, aop) 24.8 29.5 29.1 27.5 -
Fiscal Balance (% of GDP) -6.9 -5.1 -4.6 - -
Public Debt (% of GDP) 55.0 54.5 54.3 - -
Inflation (CPI, ann. var. %, aop) 9.0 11.1 14.8 15.2 -
Policy Interest Rate (%, eop) 8.62 8.40 12.12 13.98 14.33
Current Account Balance (% of GDP) -2.3 -0.6 -1.7 - -
Merchandise Exports (USD bn) 229 315 367 333 -
Merchandise Imports (USD bn) 217 268 323 303 -
International Reserves (USD bn) 137 163 152 147 -
External Debt (% of GDP) 55.8 48.5 46.0 - -
Private Consumption (annual variation in %) -2.4 11.6 1.1 -0.4 -
Economic Growth (Real GDP, ann. var. %) -1.8 4.9 4.0 3.6 -
GDP per Capita (USD) 1,768 1,959 2,060 - -
Investment (annual variation in %) -8.7 4.7 4.6 3.7 -

Free Sample Report

Interested in Sub-Saharan Africa economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest X Download Fullscreen