Kenya is Now the Third Largest Economy in Africa, After Nigeria and South Africa

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A new estimate by the International Monetary Fund (IMF) has placed Kenya as the 3rd largest economy in Africa, after surpassing oil-rich Angola.

According to The World Bank, Kenya is likely to see a GDP growth of 1% while Angola is expected to see a contraction of 1.4%.

SEE ALSO: 24 Countries in Sub-Saharan Africa have So Far Received $4.5B in Emergency Financial Assistance from the IMF Amid Covid-19

The new estimate comes after Angola’ chief source of revenue, oil output, declined substantially following a sharp drop in oil prices and demand globally.

Angola is the second-largest oil producer in Sub-Saharan Africa, having an output of approximately 1.37 million barrels of oil per day, with 75% of this coming from high-cost off-shore fields.

With China, the top destination for Angolan oil, reducing its demand, the Southern African country has been heavily hit by the pandemic.

The recent estimates are not surprising considering that Kenya has recently stood out as one of the top African countries when it comes to crypto and bitcoin adoption in the recent months.

 

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