Growth in GDP per capita often corresponds to an increase in individual income and consumption. This implies that, on average, people in the country are better off than they were the previous year. Another layer to GDP per capita is the GDP per capita in terms of purchasing power parity which denotes the average economic output per person, adjusted for cost of living differences across countries.
- Business Insider Africa presents the top 10 African countries with the highest GDP per capita growth in the last 10 years.
- This list is courtesy of World Economics.
- Libya ranks number 1 on the list.
Gross Domestic Product (GDP) per capita percentage increase yearly is one of the most important indices of a country’s economic health and average quality of life for its citizens.
While GDP quantifies the entire value of goods and services generated inside a country, GDP per capita divides that amount by the population, providing a more accurate picture of individual economic well-being.
When this indicator increases continuously year after year, it indicates significant gains in production, income, and development.
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Basically, absolute GDP growth can be deceiving, particularly with big populations. For example, a country may have significant GDP growth, but if its population rises at the same or faster pace, individual residents may not profit.
By focusing on per capita data, analysts may perform more precise cross-country comparisons and assess how growth affects individual prosperity.
Foreign investors actively follow GDP per capita growth because it indicates both market potential and consumer purchasing power.
A country with consistent year-on-year per capita growth is perceived as a safer and more appealing investment destination, which can spur further development and job creation.
Sustained per capita growth is frequently associated with poverty alleviation, particularly when growth is inclusive.
As the economy grows and people earn more, the need for government services might fall as the tax base grows.
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This allows for higher spending in social services, lowering inequality, and creating a more egalitarian society.
Year-on-year growth in GDP per capita is frequently driven by increasing productivity, improved infrastructure, technological breakthroughs, and a more trained workforce.
These characteristics not only help to drive current growth but also provide the groundwork for long-term economic sustainability.
With that said, here are the top 10 African countries with the highest growth in GDP per capita PPP in the last decade, according to World Economics.
Top 10 African countries with the highest GDP per capita growth in the last 10 years
| Rank | Country | GDP per capita 2014 (Int$) | GDP per capita 2024 (Int$) | GDP per capita Change |
|---|---|---|---|---|
| 1. | Libya | $7,468 | $24,395 | 226.7% |
| 2. | Ethiopia | $2,672 | $4,423 | 65.5% |
| 3. | Cabo Verde | $7,975 | $12,763 | 60.0% |
| 4. | Rwanda | $2,930 | $4,638 | 58.3% |
| 5. | Côte d’Ivoire | $7,102 | $10,608 | 49.4% |
| 6. | Guinea | $4,556 | $6,575 | 44.3% |
| 7. | Mauritius | $24,022 | $34,277 | 42.7% |
| 8, | Kenya | $6,310 | $8,981 | 42.3% |
| 9. | Egypt | $18,072 | $25,062 | 38.7% |
| 10. | Benin | $4,422 | $5,832 | 31.9% |
