Search results
Results from the WOW.Com Content Network
The Economy of East Africa is characterized by diverse sectors, with agriculture playing a pivotal role, employing the majority of the population and contributing significantly to GDP. Key crops include coffee, tea, and horticultural products.
Countries in Africa are sorted according to data from the International Monetary Fund. [1] The figures presented here do not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency. [2]
As of 2020, Kenya had the third largest economy in Sub-Saharan Africa, behind Nigeria and South Africa. Regionally, Kenya has had a stronger and more stable economy compared to its neighboring countries within East Africa. [17] By 2023, the country had become Africa's largest start-up hub by both funds invested and number of projects. [18]
The East African Community (EAC) is an intergovernmental organisation in East Africa. The EAC's membership consists of eight states: Democratic Republic of the Congo , the Federal Republic of Somalia , the Republics of Burundi , Kenya , Rwanda , South Sudan , Uganda , and Tanzania . [ 5 ]
In 2020, the real GDP of Tanzania grew by 4.8% reaching US$89.5 billion versus US$82.9 billion in 2019. This growth made it the 2nd largest economy in East Africa after Kenya, and the 7th largest in Sub-Saharan Africa. [28] It has sustained relatively high economic growth compared to global trends, as is characteristic of African nations.
Countries fall into four broad categories based on their HDI: very high, high, medium, and low human development. Currently, Seychelles is the only African country that falls into the very high human development category. Somalia has the lowest HDI in both Africa and the world according to the list.
In East Africa, over 95% of cross-border trade is through unofficial channels and the unofficial trade of live cattle, camels, sheep and goats from Ethiopia sold to Somalia, Kenya and Djibouti generates an estimated total value of between US$250 and US$300 million annually (100 times more than the official figure). [86]
COMESA is one of the pillars of the African Economic Community. In 2008, COMESA agreed to an expanded free-trade zone including members of two other African trade blocs, the East African Community (EAC) and the Southern Africa Development Community (SADC). COMESA is also considering a common visa scheme to boost tourism. [5]