Real GDP Growth Rate in African Countries - 2024

Real GDP Growth Rate in African Countries in 2024

In 2024, Niger's real GDP is projected to grow by 10.4 percent compared to the previous year. In 2023, the GDP increased by an estimated 1.4 percent, indicating a positive trend. The country's real GDP is expected to continue growing, though at a slower pace, with an annual growth rate of roughly six percent between 2025 and 2029. Additionally, the GDPs of Senegal, Libya, and Rwanda are anticipated to increase by approximately 8.3 percent, 7.8 percent, and 6.9 percent respectively in 2024.

Niger: A Dependence on Agriculture

A significant portion of Niger's economy is driven by agriculture, which accounted for nearly 40 percent of the GDP in 2022. Niger is not alone in this reliance; for instance, agriculture made up nearly 60 percent of Sierra Leone’s GDP in 2022. Such dependence suggests that any disruptions in the agricultural products market could have substantial effects on the country's GDP.

Sub-Saharan Africa's Economy: Among the Fastest-Growing Regions Worldwide

Nigeria, South Africa, and Egypt have significantly larger economies within Africa, with GDPs of approximately 477.4 billion, 475.2 billion, and 405.7 billion U.S. dollars respectively as of 2022. It is projected that Sub-Saharan Africa's GDP growth will rank as the second-fastest growing economic region in the world in 2026, following the ASEAN-5 countries, with an estimated growth rate of about four percent. In contrast, regions such as the European Union are forecast to grow at only about 1.5 percent in the same year.