Ver Angola

Economy

Kenya overtakes Angola and becomes the third largest economy in sub-Saharan Africa

Kenya's economy surpassed that of Angola and became, at the end of last year, the third largest economy in sub-Saharan Africa, according to data from the International Monetary Fund (IMF).

:

According to IMF estimates of the evolution of these two economies last year, Kenya overtook Angola, becoming the third largest economy in sub-Saharan Africa, behind Nigeria and South Africa.

Last year Kenya's Gross Domestic Product reached the 100 billion dollars mark, while Angola, which registers negative growth every year, fell to around 90 billion dollars, according to IMF data cited by the financial information agency Bloomberg.

The national currency, the kwanza, suffered a devaluation of around 30 percent last year, as a result of the reform of the foreign exchange market that began the previous year, while the Kenyan shilling remained stable.

IMF forecasts for this year point to a new recession in Angola, of 1.4 percent of GDP, while in Kenya there is expected to be an expansion of around 1 percent.