Comprehensive economic and trade analysis for 2024
| Key Economic Trends | 2008-2013 | 2014-2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| GDP Growth Rate, Africa (%) | 4.617 | 3.217 | -2.300 | 4.100 | 4.500 | 3.400 | 3.400 |
| GDP Growth Rate | 2.750 | 2.500 | -5.000 | 3.800 | 3.600 | 4.100 | 3.700 |
| Inflation Rate, Average (%) | 5.196 | 4.319 | 2.415 | 7.226 | 9.267 | 9.320 | 4.046 |
| Policy Rate (%) | 4.000 | 3.833 | 3.146 | 3.000 | 3.000 | 3.000 | 3.000 |
| Exchange Rate (LCU per USD, avg.) | 73.537 | 106.208 | 126.755 | 135.004 | 142.109 | 135.961 | 134.140 |
| Months of Import Cover | 37.403 | 21.720 | 13.929 | 12.553 | 15.965 | 16.425 | 14.662 |
Sources: AfDB, World Bank, EIU, Governmental and intelligence.
| Population (Total Number of People) 11-1 | 46,814,308 |
| GDP, Current (USD) 2-11 | 269,140,000,000 |
| GDP per Capita, Current (USD) 2-27 | 5,772.289 |
| Fiscal Balance (% of GDP) 5-1 | -13.791 |
| External Debt (% of GDP) 8-28 | 2.792 |
| Total Reserves incl. Gold (million USD) 4-7 | 68,723 |
| Remittance Inflows (USD) 8-7 | N/A |
| Debt Service (% of Exports) 8-29 | 0.435 |
Sources: UNCTAD, World Bank, IMF, EIU, Governmental intelligence.
| Current Account Balance (% of GDP) 8-3 | -1.073 |
| Trade (% of GDP) 7-47 | N/A |
| Trade in Services (% of GDP) 7-48 | 5.230 |
| Service Exports (% of Exports) 7-49 | 8.912 |
| Terms of Trade (2015=100) 19-10 | 120.700 |
| Intra-African Exports (USD) 16-1 | 2,707,370,120 |
| Intra-African Imports (USD) 16-2 | 2,135,243,571 |
| Intra-African Exports (% of Total Exports) 7-20 | 5.263 |
| Intra-African Imports (% of Total Imports) 7-43 | 4.492 |
| Intra-African Trade Rank RANK | 16 |
Sources: UNCTAD, IMF, AfDB, Afreximbank research.