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A new report from the Dubai Chamber of Commerce and Industry shows that East Africa is the most populous region in Africa, with nearly 456 million inhabitants. It is also the fastest growing region on the African continent from 2015 to 2020, with a cumulative annual growth rate (CAGR) of approximately 4.3%.
The report focuses on East Africa and is the latest issue of the Chamber of Commerce“Why Africa?” The initiative explores and analyzes the key economic indicators of the African continent, on a region-by-region basis. This initiative is the predecessor of the 2021 Global Business Forum in Africa (GBF), which will be held from October 13th to 14th during the 2020 Dubai World Expo.
“Under the guidance of our leadership, Dubai has made great progress in its efforts to expand commercial, economic and cultural ties with Africa. This has not only established our historical relationship with the African continent, but also bet on Africa as the world’s most The potential of one of the important countries. He Hamad Buamim, President and CEO of the Dubai Chamber of Commerce, said. “We have paved the way for the Dubai business community to enter the African market through in-depth research, especially the series in our flagship “Why Africa?” The number of specific regional reports issued under the initiative. “
East Africa includes 18 countries: Burundi, Comoros, Djibouti, Ethiopia, Eritrea, Kenya, Madagascar, Malawi, Mauritius, Mozambique, Rwanda, Seychelles, Somalia, South Sudan, Tanzania, Uganda, Zambia and Zimbabwe.
according to Real gross domestic productEast Africa is the third largest region on the African continent, accounting for 15% of Africa’s GDP, with an average value of US$355.1 billion. Ethiopia is the largest economy in the region, accounting for 22.7% of its total real GDP in 2020. Kenya ranks second with a share of 20.5%, followed by Tanzania with 17.5%. The real GDPs of Ethiopia and Tanzania are also among the fastest growing economies in the region, with a compound annual growth rate of 6.9% from 2015 to 2020.
Watching GDP per capita Depicting another picture of the region, the top three countries in 2020 are Seychelles with a per capita GDP of US$13,900, followed by Mauritius with US$9,500, and Djibouti with US$3,200.
Foreign Direct Investment (FDI) It is another outstanding indicator of economic performance. In 2020, East Africa ranks third in the African continent in terms of FDI share, accounting for 17.1% of Africa’s total FDI inflows of US$167.8 billion. Nevertheless, the stock of FDI inflows in East Africa between 2015 and 2020 increased by 9.1%, highlighting the continued attractiveness of the region to foreign investors.
Mozambique is the largest FDI destination in East Africa. The total FDI stock in 2020 is US$45.4 billion, accounting for nearly 26% of the region’s FDI inflow stock. The other main destination is Ethiopia, which accounts for 16%, and Zambia for 12%.
East Africa-Dubai Bilateral Trade Data show that the region’s share of Dubai’s total trade has grown substantially over the years. In 2020, it is the UAE’s third largest trading partner in Africa, with a total trade volume of 12.2 billion U.S. dollars, accounting for 24.4% of Dubai’s trade with Africa.
Trade between Dubai and East Africa is relatively balanced. From 2015 to 2020, imports accounted for 43% of trade activities, while re-exports and exports accounted for 42% and 15%, respectively. During the same period, imports increased by 22%, exports increased by 15%, and re-exports increased by 3%.
Jewelry and gems account for about 85% Dubai imports Revenue from the region from 2015 to 2020 will be worth US$5.6 billion in 2020 alone. Uganda and Zimbabwe account for most of them, accounting for 28% and 23% of the total respectively. Excluding this category, the emirate’s total imports in 2020 are 412.2 million U.S. dollars, 41% of which are from Kenya, with Zimbabwe, Tanzania and Ethiopia following closely behind with 15%, 10% and 9% respectively.
In 2020, Dubai’s total Re-export East Africa is valued at 3.9 billion U.S. dollars, and its leading products are electric motors, fossil fuels, vehicles and digital automatic data processors. They mainly went to Kenya (24.2%), Tanzania (14.2%) and Djibouti (13.1%). At the same time, Dubai’s exports to the region in 2020 totaled 1.97 billion U.S. dollars, mainly made of tobacco, fossil fuels, pearls and gems, and plastics. In 2020, Dubai’s main export markets in East Africa are Somalia (36.8%), Kenya (23.6%) and Djibouti (8.9%).
To view the report, please click here
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