Ethiopian Business Review

Africa’s Gross Domestic Product (GDP) constitutes four percent of the USD89 trillion global GDP in the past year, up from 2.1Pct in 2016. The GDP expansion is largely supported by the Sub-Saharan Africa growth, which the International monetary Fund (IMF) forecasted at 3.4Pct in 2019 and 3.6Pct for 2020. The GDP of sub-Saharan Africa reached USD2.371 trillion in 2018.

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Between 1997 and 2008, average non-tax revenue has been increasing in Africa largely driven by the global commodity price boom. Nevertheless, especially after 2012, non-tax revenue declined sharply due to dropping commodity prices. Despite this, the non-tax revenue collected by African countries reached a staggering USD133 billion in 2017, which is much higher than the USD100 billion the continent reportedly loses annually in the form of illicit financial flows.

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Because of its 30pct per year growth since 2000, Africa is currently the second largest telecom market in the world, next to Asia. By the end of June 2018, the number of mobile subscriptions in Africa was 1.04 billion, up from the one billion subscriptions at the end of 2017. As a result, the continent’s mobile penetration rate reached 82Pct in 2018.

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