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Kenya now third-largest economy in sub-Saharan Africa

By Standard Reporter | June 5th 2020 at 21:16:37 GMT +0300

Kenya overtook troubled Angola to become the third-largest economy in sub-Saharan Africa, data from the International Monetary Fund (IMF) shows.

With Covid-19 devastating a lot of economies around the world, including Kenya’s, estimates from the global lender show that Kenya is likely to stretch this lead as it inches closer to the leaders, Nigeria and South Africa.

However, sub-Saharan Africa is expected to sink into a recession for the first time in 25 years, with South Africa and Nigeria expected to register negative growth of 3.4 per cent and 5.8 per cent, respectively.

Angola will also plunge into a recession, with its GDP shrinking by 1.4 per cent.

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However, Kenya, with an economy valued at Sh9.74 trillion last year, is way behind the second-largest economy in the region.

IMF estimates South Africa’s GDP at Sh36 trillion in 2019, while Nigeria’s total wealth was estimated at Sh44.6 trillion.

Kenya, however, drops to position six when you include all the African countries, with Egypt, Algeria and Morocco coming between Kenya and South Africa at positions three, four and five, respectively.

GDP current prices (billions of US dollars) 2017 2018 2019   Estimated GDP growth 2020
Nigeria 376.361 398.186 446.543   -3.40%
South Africa 349.433 368.135 358.839   -5.80%
Kenya 78.689 87.928 98.607   1%

Angola

122.124

105.902

91.527

 

-1.40%

Ethiopia 75.745 80.289 91.166   3.20%
Ghana 58.978 65.518 67.077   1.50%
Tanzania 53.227 56.852 62.224   2%
Congo, Dem. Rep. of the< 37.615 47.099 48.994   -2.30%
Côte d'Ivoire 38.134 43.048 44.439   2.70%
Cameroon 34.997 38.712 38.632   4.10%
Sudan 45.944 34.282 30.873   -7.20%

Covid-19 International Monetary Fund IMF Economy
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