Facts & Figures
Population: 936.1 million people (World Bank 2013)
Area: 23,588,781 square kilometres
Countries: 47 countries
The actual dynamism of the Sub-Saharan market
The overall GDP of Sub-Saharan Africa was estimated by the World Bank to be $1.592 trillion in 2013. Economic growth has averaged 5.4% from 2005 to 2013 and is expected to increase to 5.7 over the period 2015 to 2018, a testament to the improved prospects in the region. Today Africa hosts 7 of the 10 fastest growing economies in the world.
Complementary to GDP growth is the region’s ever-growing population. It is estimated to grow by 2.7% per annum and is likely to double by 2050, thus representing 25% of the world’s population. Additionally, a large proportion of these inhabitants are some of the youngest in the world; 43% of the population is aged between 0 and 14 years, 53% between 15 and 64, and only 3% is aged 65 and above (World Bank Indicators for population). This translates into an expanding African labor force, with today more than 500 million people of working age, and an expected 1.1 billion by 2040, i.e. more than in China or India.
At present, the majority of the Sub-Saharan Africa population live sin rural areas. However, with the world’s highest urban growth rate, at +3.3% a year, it is clear that more and more people are migrating to cities in search of jobs and better living conditions. To this extent, the urban population in Africa is expected to double by 2050.