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Kenya Surpassed Angola as Sub-Saharan Africa’s Third-largest Economy- IMF

Kenya, a country with no significant mineral endowment, has overtaken Angola, a nation awash with oil.

Source: Bloomberg

The International Monetary Fund estimates indicated that, Angola has contracted every year since 2016 as oil output declined, and the Kwanza was devalued in 2019 while Kenya’s shilling held steady.

Coronavirus pandemic and restrictions to limit its spread will probably see Angola’s gross domestic product contract 1.4% in 2020, while Kenya’s is projected to grow by 1%, the IMF noted.

Angola’s is one of the world’s major oil producers.in dollar terms. Its economy has been shrinking in every year since 2016.

However, Nigeria has the largest economy in Africa.
Which is closely followed by South Africa, which has the Continent’s most developed economy.

 

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