Africa, Wellspring of Tomorrow’s Growth

Africa is enjoying the strongest economic growth of all the world’s regions, averaging 5 to 6% a year. The crisis has not slowed this momentum, with investments up fivefold in 10 years. The continent is also experiencing the strongest urban development, with the proportion of people living in cities rising from 14% in 1950 to 40% today.

Population

2 billion people by 2040: Africa’s population growth is creating a huge domestic market that will rank second in terms of spending on European consumer goods by 2017.
Source: “Africa: A 21st Century View,” The Deloitte Consumer Review, 2014.

GDP

+5.8% Africa’s gross domestic product continues to grow, increasing 4.7% in 2013 and 5.8% in 2014 and outpacing the global average of 3%.
Source: “Africa: A 21st Century View,” The Deloitte Consumer Review, 2014.

Mobile telephones

880 million subscribers in 2014. Africa ranks third in the world, behind the Asia-Pacific region and China. Ninety-seven percent of the population will have a mobile subscription by 2017, with 30% having a smartphone connection.
Source: “Africa: A 21st Century View,” The Deloitte Consumer Review, 2014.

Urbanization

+3.2% a year: Africa’s current rate of urbanization is the highest in the world (average change from 2010 to 2020).
Source: State of African Cities 2014, Re-imagining Sustainable Urban Transitions, UN-Habitat, 2014.

40% Urbanization stood at 40% in Africa in 2014. It is projected to increase to 50% in 2035 and 58% in 2050.
Source: State of African Cities 2014, Re-imagining Sustainable Urban Transitions, UN-Habitat, 2014.

8 African cities are included in the 2014 ranking of the 20 emerging cities that are expected to compete with Paris, London and New York as global cities within 10 to 20 years.
Source: 2014 Global Cities Index and Emerging Cities Outlook, A.T. Kearney, 2014.