• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, July 18, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

11 African countries’ with GDP 6% or more— report

GDP

The Matters Press by The Matters Press
January 20, 2023
Reading Time: 2 mins read
0
Nigeria to rebase CPI, GDP

The 2023 Africa’s Macroeconomic Performance and Outlook has projected that 11 African countries will have a Gross Domestic Product (GDP) of more than six per cent in 2023 and 2024.

RELATED POSTS

Befitting honour for former President Buhari commendable – TMSG

17-member committee for burial of Buhari

Lagos falls flat to APC

The outlook was released by the African Development Bank (AfDB) in Abidjan, Côte d’Ivoire on Thursday.

The countries are Libya with 12.9 per cent, Niger with 9.6 per cent, Senegal with 9.4 per cent, and Rwanda with 7.9 per cent.

Others are Côte d’Ivoire with 7.1 per cent, Democratic Republic of Congo with 6.8 per cent, Mozambique with 6.5 per cent, and The Gambia with 6.4 per cent.

Benin also has 6.4 per cent, Togo with 6.3 per cent, and Ethiopia with six per cent.

It said 17 other African countries had fair performances with their GDPs ranging from 4.2 per cent to 5.9 per cent.

Cameroon and Zambia were with 4.2 per cent each, Liberia, Congo and Burundi had 4.4 per cent each, Guinea-Bissau was with 4.6 per cent; while Mauritius recorded 4.8 per cent.

Others were Djibouti with 5.1 per cent; Cape Verde and Mauritania with 5.2 per cent each; and Madagascar and Seychelles, each with 5.3 per cent.

Also listed are Guinea, Kenya and Mali with 5.4 per cent each, Tanzania with 5.6 per cent, and Uganda with 5.9 per cent.

Nigeria, however, showed a GDP growth of 3.2 per cent which indicated a weak performance and was among 25 other African countries with poor performances.

Also included among the growth indicators was the rate of inflation in each African country.

Zambia recorded the highest rate of inflation with 120 per cent while Benin recorded the lowest rate with two per cent.

Nigeria, however, recorded an inflation rate of 14.6 per cent.

The report, which said the growth performance and outlook across regions and countries, noted that GDP growth in North Africa was estimated to have declined to 4.3 per cent in 2022 from 5.4 per cent in 2021.

The decline mainly reflected the sharp contraction in Libya and the effects of the drought in Morocco.

Growth in the region, however, was projected to stabilise at 4.3 per cent in 2023 which was supported by the expected strong recovery in Libya and Morocco.

Also, growth in Central Africa was estimated to have risen to 4.7 per cent in 2022 from 3.6 per cent in 2021.

The growth was realizable from high commodity prices for a region with net exporters of crude oil, minerals, and other commodities.

Growth for the region was, however, projected to decline slightly to 4.3 per cent in 2023 and to stabilise at 4.2 per cent in 2024.

Moreover, growth in East Africa was estimated to have moderated to 4.2 per cent in 2022 from 5.1 per cent in 2021.

It was, however, projected to rise to five per cent in 2023 and 5.4 per cent in 2024.

Countries in the region were largely net importers of commodities while the production structure is relatively diversified.

In West Africa, growth was estimated to have slowed to 3.6 per cent in 2022 from 4.4 per cent in 2021.

It was, however, projected to pick up in the medium term to 4.1 per cent in 2023 and 4.3 per cent in 2024.

Meanwhile, growth in Southern Africa was estimated to have remained tepid in 2022, declining to 2.5 per cent from 4.3 per cent in 2021.

The decline reflected persistent weaknesses in South Africa, the region’s largest economy and main trading partner.

However, growth was accordingly projected to accelerate to five per cent in 2023 and eight per cent in 2024.

According to the report, in the medium term, however, persistent weakness in South Africa will continue to weigh on the region, with real output projected to decelerate to 2.3 per cent in 2023 before rising to 2.8 per cent in 2024.

Tags: GDP
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Befitting honour for former President Buhari commendable – TMSG
Economy/Technology

Befitting honour for former President Buhari commendable – TMSG

July 17, 2025
Buhari attends inauguration of Barrow of Gambia
Entertainment/sports

17-member committee for burial of Buhari

July 14, 2025
Lagos falls flat to APC
Economy/Technology

Lagos falls flat to APC

July 13, 2025
African intellectuals release letter to world, caution continent on selfness
Economy/Technology

Nigeria celebrates Soyinka at 91

July 13, 2025
China introduces new visa
Economy/Technology

Nigeria maintains issuance of 5-year visa to Americans

July 13, 2025
ADC, AN ASSEMBLAGE OF STRANGE BED FELLOWS, TIRED POLITICIANS– GROUP
Energy

ADC, AN ASSEMBLAGE OF STRANGE BED FELLOWS, TIRED POLITICIANS– GROUP

July 10, 2025
Next Post
Experts validate Nigeria’s implementation strategies for success under AfCFTA

CBN threatens banks on new banknotes

SON sure to certify 75% products in Enugu, Ebonyi states by 2023

Community tasks SON on digitalised processes, operational efficiency

Recommended Stories

DMO releases bonds issuance calendar

DMO returns oversubscribed sovereign Sukuk to investors

February 3, 2022
UNECA urges media to pressure govts on policies

UNECA urges media to pressure govts on policies

September 15, 2022
Airtel pledges support for Africa’s digitalisation agenda

Airtel Africa buys back 1.3m shares from Citigroup

March 7, 2024

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Befitting honour for former President Buhari commendable – TMSG
  • 17-member committee for burial of Buhari
  • Lagos falls flat to APC

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us