Most numbers are from the International Monetary Fund. IMF Africa Datasets
All values, unless otherwise stated, are in US dollars.
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The economy of Africa consists of the trade, industry, agriculture, and human resources of the continent. As of 2019[update], approximately 1.3 billion people[11] were living in 53 countries in Africa. Africa is a resource-rich continent.[12][13] Recent growth has been due to growth in sales, commodities, services, and manufacturing.[14] West Africa, East Africa, Central Africa and Southern Africa in particular, are expected to reach a combined GDP of $29 trillion by 2050.[15]
In March 2013, Africa was identified as the world's poorest inhabited continent; however, the World Bank expects that most African countries will reach "middle income" status (defined as at least US$1,025 per person a year) by 2025 if current growth rates continue.[16]
There are a number of reasons for Africa's poor economy: historically, even though Africa had a number of empires trading with many parts of the world, many people lived in rural societies; in addition, European colonization and the later Cold War created political, economic and social instability.[17]
However, as of 2013[update], Africa was the world's fastest-growing continent at 5.6% a year, and GDP is expected to rise by an average of over 6% a year between 2013 and 2023.[12][18] In 2017, the African Development Bank reported Africa to be the world's second-fastest growing economy, and estimates that average growth will rebound to 3.4% in 2017, while growth is expected to increase by 4.3% in 2018.[needs update][19] Growth has been present throughout the continent, with over one-third of African countries posting 6% or higher growth rates, and another 40% growing between 4% and 6% per year.[12] Several international business observers have also named Africa as the future economic growth engine of the world.[20]
^"World Population Prospects 2022". United Nations Department of Economic and Social Affairs, Population Division. Retrieved 17 July 2022.
^"World Population Prospects 2022: Demographic indicators by region, subregion and country, annually for 1950-2100" (XSLX) ("Total Population, as of 1 July (thousands)"). United Nations Department of Economic and Social Affairs, Population Division. Retrieved 17 July 2022.
^"GDP (Nominal), current prices". International Monetary Fund. Retrieved 5 November 2022.
^"GDP (PPP), current prices". International Monetary Fund. Retrieved 5 November 2022.
^International Monetary Fund (2022). "Real GDP growth". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
^International Monetary Fund (2022). "Nominal GDP per capita". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
^International Monetary Fund (2022). "GDP PPP per capita". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
^International Monetary Fund (2022). "Inflation rate, average consumer prices". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
^Shorrocks, Anthony; Davies, James; Lluberas, Rodrigo (2022). Global Wealth Databook 2022(PDF). Credit Suisse Research Institute.
^International Monetary Fund (2022). "General government gross debt". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
^"2017 World population" (PDF). 2017 World Population Data Sheet - Population Reference Bureau.
^ abc"Overview".
^Veselinovic, Milena. "Why is Africa so unequal?". CNN. Retrieved 12 September 2017.
^"Africa rising". The Economist. 3 December 2011.
^"Get ready for an Africa boom". Archived from the original on 12 September 2017. Retrieved 12 September 2017.
^"Despite Global Slowdown, African Economies Growing Strongly― New Oil, Gas, and Mineral Wealth an Opportunity for Inclusive Development". World Bank. Retrieved 12 September 2017.
^Anyangwe, Eliza (28 June 2017). "Why is Africa so poor? You asked Google – here's the answer". The Guardian. ISSN 0261-3077. Retrieved 9 March 2021.
^Oliver August (2 March 2013). "Africa rising A hopeful continent". The Economist. The Economist Newspaper Limited. Retrieved 15 December 2013.
^"African Economic Outlook 2017" (PDF). African Development Bank.
^"Rise of the African opportunity". Boston Analytics. 22 June 2016.
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