By Frank Kamuntu
A report by the African Development Bank has projected that 41 countries in the continent are going to experience strong growth rates in 2024.
In recent years, East Africa has been the continent’s fastest-growing region, hosting several of the continent’s fastest-growing economies, including Ethiopia, Djibouti, Kenya, Rwanda, Tanzania, and Uganda.
According to the AFDB, the East African economic block includes 13 countries: Burundi, Comoros, Djibouti, Ethiopia, Eritrea, Kenya, Rwanda, Seychelles, Somalia, South Sudan, Sudan, Tanzania, and Uganda.
How Countries Were Ranked
The list below was ranked based on the Gross Domestic Product (GDP) per capita.
GDP measures the total value of all goods and services produced within a country over a specific period, usually a year, while GDP per capita calculates the average economic output per person by dividing the GDP by the total population.
GDP per capita as a metric offers a more accurate representation of individual economic well-being within a country than GDP alone, as it adjusts for population size and enables more meaningful comparisons between countries of different sizes.
Richest countries in East Africa based on GDP per capita
The GDP per capita figures were sourced from the IMF’s World Economic Outlook data released in April 2024.
1. Seychelles
Seychelles is the only country in the East African economic bloc classified as a high-income country, with a GDP per capita of $21,880.
Seychelles’ exports predominantly rely on the fishing industry, accounting for 90% of total exports. Tuna, prawns and other fish make up 50% of these exports.
The country’s main export partners are France and the United Kingdom, followed by Italy, South Africa, Japan, and Germany.
2. Djibouti
Djibouti stands out as the richest country in East Africa, with a GDP per capita of $4180.
Its strategic location at the crossroads of one of the world’s busiest shipping routes makes it a hub for logistics and trade.
The port and related services are significant contributors to the economy, as are the country’s top exports, which include livestock, hides, and coffee.
3. Kenya
Kenya’s economy is the second largest in East Africa, with a GDP per capita of $1980.
Its economy is highly diversified, with key sectors including agriculture, tourism, and financial services.
The country is known for its robust exports of tea, coffee, and horticultural products.
Additionally, Nairobi’s burgeoning technology sector, often called “Silicon Savannah,” has been a significant economic growth driver.
4. Ethiopia
Ethiopia boasts the largest economy in East Africa by total GDP; however, when it comes to GDP per capita, the country ranks third with $1910.
The nation has seen rapid economic growth driven by investments in infrastructure and industrialisation in the manufacturing industry.
Ethiopia’s main exports are gold (21% of total exports) and coffee (19%), with other significant exports including live animals, oilseeds, flowers, and khat, while its main export partner is Switzerland (21% of total exports), primarily for gold.
5. Comoros
Comoros, an island in the Indian Ocean, has a GDP per capita of $1380, driven by agricultural activities, including fishing, hunting, and forestry.
These account for about 50% of GDP, employ a majority of the labour force and provide most of the exports.
Comoros’s top exports are cloves, scrap vessels, vanilla, essential oils, and scrap iron to markets in Turkey, India, the United Arab Emirates, the United States, and Indonesia.
6. Tanzania
Tanzania’s economy relies heavily on agriculture, which employs a significant portion of the population and has a GDP per capita of $1220.
The country also benefits from mining, particularly gold, and tourism, with top exports including gold, coffee, cashew nuts, and cotton.
7. Uganda
Uganda closes the list of the top five wealthiest countries in the East Africa region with a GDP per capita of $1200.
Uganda primarily exports agricultural products, constituting 80% of its total exports. Coffee is the most significant export, at 22%, followed by tea, cotton, copper, oil, and fish.
The country’s main export partners are Sudan (15%), Kenya (10%), DR Congo, the Netherlands, Germany, South Africa, and the UAE.
Other countries in East Africa
- Rwanda: GDP per capita of $988.74.
- Somalia: GDP per capita of $775.94.
- South Sudan: GDP per capita of $421.86.
- Sudan: GDP per capita of $546.71.
- Burundi: GDP per capita of $230.04.
- Eritrea: No data available to IMF.
Richest countries in the world
Earlier, Swift News reported that the wealthiest countries in the world often have small populations, allowing substantial economic output to translate into high per capita wealth.
Luxembourg ranks first with a GDP per capita of $143,743, benefiting from a robust financial sector and favourable banking laws.
Countries such as Qatar, the UAE, and Switzerland leverage specialised economies in natural resources, finance, or luxury goods to achieve high GDP per capita.
Have An Advert Or Article You Want Us To Publish? WhatsApp: +256760530830.
