Bongo~Updates: Top 10 ya nchi bora kiuchumi Africa mashariki na kati 2022

Top 10 Largest Economies In East Africa, 2022

1. Ethiopia – $111.2 billion

According to the IMF, Ethiopia is one of the fastest growing economies in the world, and one of the fastest-growing non-oil-dependent African economy in recent years.

The country has the largest economy in East Africa and is concentrated in the services and agriculture sectors.

Now worth $111.2 billion, the GDP value of Ethiopia represents 0.12 percent of the world economy.

2. Kenya – $110.3 billion

Kenya’s economy is the second largest in eastern and central Africa and the 6th largest economy in Africa with Nairobi serving as a major regional commercial hub. Kenya’s growth is driven by tourism, financial intermediation, agriculture and construction.

In recent years, the economy has seen much expansion, seen by strong performance in tourism, higher education and telecommunications.

3. Tanzania – $67.7 billion

The Gross Domestic Product (GDP) in Tanzania is worth 67.7 billion US dollars making it the eleventh largest economy in Africa and the third largest economy in East Africa.

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Tanzania is largely dependent on agriculture for employment, accounting for about half of the employed workforce.According to official data from the World Bank, the GDP value of Tanzania represents 0.02 percent of the world economy.

4. Uganda – $40.4 billion

With a Gross Domestic Product (GDP) of $50.5 billion, Uganda’s economy is the fourth largest economy in East Africa representing 0.03 percent of the world economy.

According to preliminary data, annual GDP growth accelerated to 4.6% in the 12 months to June 2022, up from 3.5% in the previous fiscal year driven by improved momentum in the services sector, a surge in mining output, and a steady growth in agricultural output.

The country of Uganda is endowed with significant natural resources, including ample fertile land, regular rainfall, and mineral deposits.

5. Sudan – $34.3 billion

The Gross Domestic Product (GDP) in Sudan was worth 34.33 billion US dollars in 2021, according to official data from the World Bank. The GDP value of Sudan represents 0.03 percent of the world economy.

Sudan’s GDP growth is driven mainly by mining and agriculture; and the inflows from oil transit fees and the transitional financial arrangement (TFA) with South Sudan.

6. Zimbabwe – $26.2 billion

Zimbabwe is a landlocked country in southern Africa known for its dramatic landscape and diverse wildlife, much of it within parks, reserves and safari areas.

With a GDP of $26.09 billion, the economy of Zimbabwe is the sixth largest in Eastern Africa and the seventeenth largest in Africa.

The main foreign exports of Zimbabwe are minerals, gold, and agriculture. Tourism also plays a key role in Zimbabwe’s economy.

7. Zambia – $21.2 billion

Through the first decade of the 21st century, the economy of Zambia was one of the fastest growing economies in Africa and its capital, Lusaka was the fastest growing city in the Southern African Development Community (SADC). But in recent years, Zambia’s economic performance has stalled due to declining copper prices, significant fiscal deficits, and energy shortages.

The Gross Domestic Product (GDP) in Zambia was worth 21.20 billion US dollars in 2021, according to official data from the World Bank. The GDP value of Zambia represents 0.02 percent of the world economy.

8. Mozambique – $16 billion

The economy of Mozambique is $16 billion by gross domestic product as of 2021 thanks to Fiscal reforms, including the introduction of a value-added tax and reform of the customs service, have improved the government’s revenue collection abilities.

In Mozambique, agriculture is the mainstay of the economy and employs more than 60 percent of the labour force. In 2020, agriculture contributed around 25.58 percent to the GDP of Mozambique, 21.78 percent came from the industry and 41.48 percent from the services sector.

9. Madagascar – $14.6 billion

Madagascar’s GDP in 2021 was estimated at US$14.6 billion, making it the 9th largest economy in East Africa.

Madagascar registered sporadic economic growth from 2017 through 2019 and then suffered a contraction in 2020. Growth resumed in 2021 and is expected to pick up to 4.2% in 2023 and 4.6% in 2024, driven by a modest rebound in consumer spending and private investment.

The agriculture sector constituted 29 percent of Malagasy GDP in 2021. With insufficient domestic demand, Madagascar’s economy is dependent on the exportation of their agricultural products. Madagascar’s other sources of growth are tourism, agriculture and the extractive industries.

10. Malawi – $12.6 billion

The economy of Malawi which is predominantly agricultural is the tenth largest economy in East Africa.

In 2021, the share of agriculture in Malawi’s gross domestic product was 22.73 percent, industry contributed approximately 18.38 percent and the services sector contributed about 52.44 percent.

Malawi invests more in agriculture (as a share of GDP) than any other African country: 28% of GDP.