Gross Domestic Product (GDP) is the total market value of all goods and services produced by a country over a specific period of time. There are three main methods used to measure the perfomance of a country‘s economy : GDP based on purchasing-power-parity (PPP), GDP per capita, and Nominal GDP.
GDP (PPP) measures economic growth and performance of a country as well as taking into account the living standards of people in a country.
While nominal GDP only focuses on economic growth and perfomance but doesnt take into account the living standards of people in a country.
Though PPP GDP is a good way to measure countries economies, its less exact than Nominal GDP since it doesn’t include the difference in quality of goods and services between Nations. Therefore Nominal GDP
is mostly used to measure and compare economies of different countries.
See also : Largest/Biggest Economies In Africa 2020
On the other hand GDP per capita is also another good way to measure economies of different Nations. It devides the total economic output of a country by its population. In simple terms, GDP per capita is country’s economic output per person.
According to the International Monetary Fund(IMF) World Economic Outlook Database, October 2019 , GetAccess hereby ranks East Africa countries according to Nominal GDP, PPP GDP and GDP per capita.
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Largest economies in East Africa according to Nominal GDP
|2019 Rank||Country||Nominal GDP($ billions)||Nominal GDP per capita (USD)|
Biggest economies in East Africa according to PPP GDP
|Country|| GDP (PPP) as of 2019|