Africa is home to some of the richest countries in the world, this is partly due to its oil-rich soil and human capital. With GDPs going up as high as $594.257 Billion. According to statistics provided by the International Monetary Fund (IMF), the Top 10 richest countries in Africa are- based on GDP- are;
1.Nigeria: GDP – $594.257 billion
2.South Africa: GDP – $341.216 billion
3. Egypt: GDP – $284.860 billion
4. Algeria: GDP – $227.802 billion
5. Morocco: GDP – $112.552 billion
6. Sudan: GDP – $112.552 billion
7. Kenya: GDP – $53.40 billion
8.Angola: GDP – $49.857 billion
9. Libya: GDP – $49.341 billion
10. Tunisia: GDP – $49.122 billion
Kenya, which is ranked number seven, with the capital city- Nairobi- as its regional commercial hub. The economy of Kenya is the largest by GDP in Southeast and Central Africa, with agriculture as its major contributor to the economy. The country traditionally exports tea and coffee and has more recently begun to export fresh flowers to Europe. The service industry is also a major economic driver. Kenya enjoys relatively high political and social stability.
Kenya’s growth is projected to rise to 5.9% in 2016 and 6.1 % in 2017. The positive outlook is predicated on infrastructure investments. Fiscal consolidation is expected to ease pressure on domestic interest rates and increase credit uptake by the private sector. The contraction in the current account deficit will continue to be supported by declining commodity prices and rising exports of tea.
Sound monetary policy restored stability in the currency markets and contained the 12-month average overall inflation at 6.6% in December 2015. The Central Bank effectively managed currency volatility and running down forex reserves to cushion the shilling. So, the Kenya shilling stabilized, and the depreciation moderated in comparison to other regional currencies.
According to the October 2015 Kenya Economic Update, Kenya is poised to be among the fastest growing economies in Eastern Africa, given that Kenya is a member of the East African Community. Besides, the 2016 Country Economic Memorandum says that Kenya’s growth prospects will depend a lot on Innovation, Oil, and Urbanization on the long term.