East Africa serves a market of more than 120 million people, and has an annual economic output of approximately USD70 billion. The East African Common Market was created in 2010, freeing up the movement of people, goods, services and capital between Kenya, Uganda, Tanzania, Rwanda and Burundi. The East African Community Customs Union also became operational in 2010.
According to the African Development Bank’s 2014 African Economic Outlook report, Rwanda, Tanzania, Uganda and Ethiopia are all likely to achieve growth of between 6.5 and 7.5% in 2014/2015. The main sources of growth are predicted to be agriculture, industry and services. The East African region has recorded the fastest pace of economic expansion continent-wide, topping 6% last year.