Ethiopia has opened a Sh371.8 billion ($3.61 billion) gap on Kenya’s economy fuelled by a decade of double-digit GDP growth, cementing its position as Eastern Africa’s emerging power house.
The International Monetary Fund’s (IMF) latest data indicates that Ethiopia’s annual economic output, also known as the gross domestic product (GDP), hit $72.52 billion (Sh7.4 trillion) last year from $64.68 billion in 2015 and is expected to touch $78.3 billion this year.
Kenya, which lost the Eastern Africa economic leader position to Ethiopia in 2015, recorded a GDP of Sh7 trillion ($68.91 billion) last year compared to $63.62 billion in 2015 and is expected to touch $75 billion this year.
Ethiopia’s strong performance exceeded projections for last year by about $3 billion, the IMF economic outlook 2017 report shows.
The Horn of Africa nation has now effectively firmed its grip as the region’s economic giant, but trails Kenya in terms of per capita income — which measures average wealth of citizens.
Read more at businessdailyafrica.com