Kenya overtakes Angola as third-largest economy in Sub-Sahara Africa
Friday, June 5, 2020 14:47
By ELVIS MBOYA
An aerial view of Nairobi CBD.
FILE PHOTO | NMG
Kenya has overtaken Angola as the third-largest economy in Sub-Sahara Africa, International Monetary Funds’ (IMF) fresh estimates released Friday has shown.
The East Africa’s largest economy, that has been the fourth largest economy in the Sub-Sahara Africa, has surpassed Angola to become third-largest economy in dollar terms.
The coronavirus pandemic and restrictions to limit its spread will probably see Angola’s gross domestic product contract 1.4 percent in 2020, while Kenya’s is projected to grow by one percent, according to the IMF report.
While Kenya has earmarked Sh40 billion (0.4 percent of GDP) in funds for additional health expenditure and funds for expediting payments of existing obligations to maintain cash flow for businesses during the crisis, among other tax relief incentives.
