This archive report was first published on 6 June 2020.
Kenya's Economic Rise: Third-Largest in Sub-Saharan Africa ¶
Kenya has made significant strides in its economic growth, surpassing Angola to become the third-largest economy in sub-Saharan Africa, as per the International Monetary Fund (IMF). This achievement comes amidst the COVID-19 pandemic, which has devastated many economies worldwide, including Kenya's.
According to the IMF, Kenya's economy is valued at Sh9.74 trillion, with an estimated GDP of Sh98.607 billion in 2019. In comparison, Nigeria's total wealth was estimated at Sh44.6 trillion, while South Africa's GDP was estimated at Sh36 trillion in 2019.
Despite being behind Nigeria and South Africa, Kenya's economy is expected to continue growing, with an estimated GDP growth of 1% in 2020. This growth is a testament to the country's resilience and ability to adapt to challenging economic conditions.
The IMF's estimates also show that 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% and 5.8%, respectively. Angola will also plunge into a recession, with its GDP shrinking by 1.4%.
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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%
