GDP - Page 4 - Intelpoint

Sudan’s debt-to-GDP ratio of 238.8% is the highest in Africa and over twice the size of its economy.
Three African countries—Sudan, Cabo Verde, and Zambia—have debt burdens exceeding 100% of their GDP.
Egypt, Mozambique, and the Congo Republic follow closely with ratios above 88% each, despite efforts at economic reform.
Ghana and Sierra Leone are also in the top 10, showing that West Africa isn’t exempt from debt pressure.
Nigeria, while not in the top 10, has a debt-to-GDP ratio of 41.3% and ranks 43rd in Africa.
A high debt-to-GDP ratio often limits a country’s ability to invest in growth-driving sectors, even if the economy is growing nominally.

DR Congo has the lowest debt-to-GDP ratio in Africa, at just 11.1%.
Africa’s average debt-to-GDP ratio stands at 63.2%, meaning most countries on the bottom 10 list are performing better than the continental average.
Nigeria, despite its size and challenges, still maintains a relatively moderate debt load of 41.3%.
Botswana’s debt ratio of 18.1% places it among Africa’s most fiscally conservative economies.
Ethiopia and Guinea, both undergoing major economic transitions, still keep debt levels below 32%.
The presence of both low-income and resource-rich countries on the list shows that low debt isn’t exclusive to one economic model.

Nigeria’s GDP per capita stayed above the Sub-Saharan African average from 2002 to 2023.
In 2014, Nigeria peaked at $3,088.7, far ahead of the region’s $1,886.5.
The post-2014 oil crash triggered a prolonged economic slide for Nigeria.
By 2023, Nigeria ($1,596.6) and Sub-Saharan Africa ($1,580.8) were nearly identical.
In 2024, Nigeria fell sharply to $806.9, $710 below the regional average of $1,516.4, its widest gap in over two decades.

Between 2000 and 2008, Ghana’s GDP per capita rose from $253.7 to $1,182.7, more than quadrupling in just nine years.
It peaked in 2013 at $2,294.8 but declined sharply after 2014.
After a dip in 2022, it rebounded to $2,405.8 in 2024, nearly 10 times higher than the figure in 2000.
The declines seen in 2009, 2015, and 2022 mirror global and local crises, including the 2008 financial crash, commodity shocks, and post-COVID disruptions.

Real GDP grew from ₦205.1 trillion in 2019 to ₦217.8 trillion in 2024, a modest 6% rise.
Nominal GDP jumped from ₦205.1 trillion to ₦372.8 trillion over the same period, an 82% increase.
The gap between nominal and real GDP widened sharply after 2021, reaching ₦155 trillion in 2024.
Nominal GDP has grown year-on-year, with the steepest jump between 2023 (₦314.0 trillion) and 2024 (₦372.8 trillion).
Inflationary pressures have driven nominal gains, masking subdued real economic expansion.

Administrative & support services showed the highest percentage increase at 21.07%.
Agriculture is the largest sector by GDP value, at ₦59.31 trillion.
Trade is the second largest sector by GDP value, at ₦37.81 trillion.
Real estate is the third largest sector by GDP value, at ₦28.96 trillion.
Other services experienced negative growth, decreasing by -1.17%.
Electricity, gas, steam and air conditioning supply recorded the lowest positive growth at 0.56%.

Sudan recorded the steepest GDP decline in Africa in 2024 at -13.49%.
Botswana’s economy contracted by -2.99%, the second-worst on the continent.
Libya was the only other country in the bottom 10 with negative growth at -0.61%.
South Africa, with 0.58% growth, continues to struggle with low economic momentum.
Sao Tome & Principe and Equatorial Guinea both recorded growth below 1%.
Despite being Africa’s largest economy, Nigeria’s 3.43% growth places it closer to underperforming countries than to the continent’s fastest risers.

Rwanda recorded the highest GDP growth in Africa in 2024 at 8.89%.
Six out of the top ten fastest-growing economies in Africa are from West Africa.
Niger and Benin posted impressive growth rates of 8.42% and 7.45% respectively.
Nigeria, one of Africa’s biggest economies, had a growth rate of 3.43%, below countries like Senegal and Cabo Verde.

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