Data Recap of the Decade: Inflation rates and GDP per capita in Africa

posted Sep 30 2022

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.

To get the insights please consider iterating with the dashboard below.

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.


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