Kenya Becomes Third-Largest Economy is Sub-Saharan Africa
Kenya is now the third-largest economy in sub-Saharan Africa behind Nigeria and South Africa in dollar terms.
Kenya, previously ranked at position four, toppled Angola to jump to third place, according to fresh data released on Friday by International Monetary Fund (IMF).
Since 2016, Angola’s economy has been on a descending trend due to a decline in oil output, and its currency (Kwanza) was devalued last year while the Kenyan shilling remained steady, Bloomberg reports.
Further, Angola’s gross domestic product (GDP) is expected to shrink by 1.4 percent in 2020 as a result of the Covid-19 pandemic and restrictions imposed by the government to combat the spread of the virus.
On the other hand, Kenya’s GDP is projected to grow by one percent in the period under review, the IMF report shows.
IMF noted that Angola’s parliament recently approved a package of revenue and expenditure measures to combat Covid-19 and reduce its negative impact on the economy. This saw the health sector allocated an additional $40 million, humanitarian aid and donations were exempted from tax, and delays on filing taxes for selected imports were granted.
Kenya on its part set aside an extra $400 million for health expenditure and funds for expediting payments of pending bills to maintain cash flow for businesses during the pandemic, among other tax relief incentives.
Comments (15)
Propaganda
aka PR stint.
It may be true, but then, we don't eat GDP. Per capita incomes should rise for this to have a tangible effect.
The ranking also shows that Tanzania and Ethiopia are still "man eat nothing" societies. Their GDP per capita are quite low.
Since Kenya rebased the economy all GDP figures became cooked.
Aii.... are there trusted resources we can check this out?
third largest economy in thievery!
Ok very good congratulations to ourselves..
That's from IMF data. Where else can you cross-check?
Cambridge Analytica is overworking again.
In poorest continent on earth is nothing be be proud on.
True. Even Africa's largest economy is not so large after all. Nigeria GDP is $500b,and SA is the size of Poland....
Guys from the west will take that kind of GDP with a pinch of salt.
Look at this :Maryland State has a population of 6m people. Their GDP is $378b...
Kenya population is 50m people, GDP is $100b.Surely,there is nothing to celebrate. Kenyans should pull up their socks because they are asleep and work. Chapeni kazi, stop endless BBI politics.
We can’t feed our people and we’re ranked 3rd? Nothing to celebrate here!
No celebrations please people are going to bed hungry and the poverty index is rising tremendously.