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 | - |