Victoria Island, Lagos, Nigeria. Credit: Nupo Deyon Daniel
2020 was a year of uncertainty and unpredictability due to the COVID-19 pandemic, which had a significant impact on the global economy. The African continent was no exception and many African countries faced a significant slowdown in their economies. However, by 2022, most African countries had recovered from the initial shock of the pandemic and were showing signs of growth.
In this article, we take a look at the GDP sizes of some African countries and the rate of change between 2020 to 2022 and the projected size for 2023. Among the best performing economies are Angola, Equatorial Guinea, and Ethiopia with growth rates of 29%, 18.7%, and 4.8% respectively from 2020 to 2022.
Among the worst performing economies are Libya with a growth rate of -4.5% and Malawi with a growth rate of -0.8% from 2020 to 2022.
Nigeria is the largest economy in Africa with a GDP of USD 504.2 billion in 2022 and a projected GDP of USD 574.3 billion in 2023. South Africa is the second-largest economy in Africa with a GDP of USD 371.5 billion in 2022 and a projected GDP of USD 391.1 billion in 2023.
Algeria’s GDP in 2020 was 144.922 billion USD, which increased to 162.711 billion USD in 2021. The estimated GDP for 2022 is 187.155 billion USD, and the projected size for 2023 is 190.254 billion USD. The growth rate between 2020 and 2022 is 8.9%.
Angola’s GDP in 2020 was 58.125 billion USD, which increased to 75.179 billion USD in 2021. The estimated GDP for 2022 is 124.794 billion USD, and the projected size for 2023 is 135.558 billion USD. The growth rate between 2020 and 2022 is 29.0%.
Benin’s GDP in 2020 was 15.674 billion USD, which increased to 17.699 billion USD in 2021. The estimated GDP for 2022 is 17.547 billion USD, and the projected size for 2023 is 18.247 billion USD. The growth rate between 2020 and 2022 is 3.8%.
Botswana’s GDP in 2020 was 14.93 billion USD, which increased to 17.614 billion USD in 2021. The estimated GDP for 2022 is 18.005 billion USD, and the projected size for 2023 is 18.668 billion USD. The growth rate between 2020 and 2022 is 6.4%.
Most African countries have shown resilience in the face of the COVID-19 pandemic and are on the path to recovery. The estimated and projected GDP sizes for many African countries are on an upward trend, and the growth rates between 2020 and 2022 are generally positive. It is expected that the African continent will continue to grow and develop in the coming years.
