The economic indicators are a set of data used to analyze current and future economic conditions by providing an analysis of economic performance. These indicators are classified according to their timing in relation to the business cycle and whether or not they coincide with economic movements.
There are several economic indicators that include a consumer price index (a measure of inflation), a consumer debt ratio, a price index, industrial production, gross domestic product (GDP), and an inverted yield curve, among others. For this data story, we focus on the inflation index and GDP per capita for African countries. Inflation measures how high the cost of goods and services is over time, while GDP provides information about the size and performance of an economy and is often used as a general indicator of an economy’s health. GDP per capita (per person) is calculated by dividing GDP by population. Hence support for cross-country comparisons of average living standards and economic well-being.
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In recent years, the African continent has had a difficult economic experience, fueled by the Covid-19 pandemic, fuel prices, the war in Russia and Ukraine, among others. According to John C. Anyanwu and Adeleke O. Salami (2021), Covid-19 contributed to the severe dislocations affecting African economies, with the continent’s GDP contracting by an average of 5.6 percent in the first quarter of 2020.
Resources:
- International Monetary Fund (IMF) data.
- John C. Anyanwu, Adeleke O. Salami (2021). The impact of COVID‐19 on African economies: An introduction
- African Development Bank (2020). African Economic Outlook 2020‐Supplement: Amid COVID‐19, African Development Bank, Abidjan.
- Abdelaaziz Ait Ali, Fahd Azaroual,Oumayma Bourhriba, and Uri Dadush(2022).The Economic Implications of the War in Ukraine for Africa and Morocco.
- Africa Faces New Shock as War Raises Food and Fuel Costs.
- Ceyda Öner (2020, February 24) Inflation: Prices on the Rise.FINANCE & DEVELOPMENT
- Tim Callen (2020, February 24) Gross Domestic Product: An Economy’s All, FINANCE & DEVELOPMENT
