SSA’s combined GDP grew 3.8% between 2008 and 2018, and is expected to increase further to 8.4% in the next five years
The combined regional GDP of Sub-Sahara Africa (SSA) economies is expected to reach $2.5tn by 2023, up from $1.6tn in 2018, according to an analysis released by the Dubai Chamber of Commerce and Industry.
The analysis, based on data from the International Monetary Fund (IMF) and Haver Analytics, was released ahead of the fifth Global Business Forum Africa (GBF Africa) due to take place on 18-19 November in Dubai.
According to the Dubai Chamber’s findings, the SSA’s combined GDP grew 3.8% in the 10-year period between 2008 and 2018. This is expected to increase further to 8.4% during the following five years.
The report pointed to infrastructure investments, urban expansion, commodity prices, increased consumer spending power, growing population, and improved business confidence as key factors supporting the growth trend in SSA economies.
The two largest economies in SSA, Nigeria and South Africa, are the top contributors to economic growth, together accounting for 47% of regional GDP in 2018.
Ethiopia was ranked as the fastest-growing economy in SSA during the 2014-2018 period, followed by Ivory Coast, Rwanda, Senegal, Tanzania, Djibouti, Guinea, Mali, Kenya, and Niger respectively.