| Economy | Kenya |
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Economy - overview:
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The regional hub for trade and finance in East Africa, Kenya has been hampered by corruption and by reliance upon several primary goods whose prices have remained low. In 1997, the IMF suspended Kenya's Enhanced Structural Adjustment Program due to the government's failure to maintain reforms and curb corruption. A severe drought from 1999 to 2000 compounded Kenya's problems, causing water and energy rationing and reducing agricultural output. As a result, GDP contracted by 0.2% in 2000. The IMF, which had resumed loans in 2000 to help Kenya through the drought, again halted lending in 2001 when the government failed to institute several anticorruption measures. Despite the return of strong rains in 2001, weak commodity prices, endemic corruption, and low investment limited Kenya's economic growth to 1.2%. Growth lagged at 1.1% in 2002 because of erratic rains, low investor confidence, meager donor support, and political infighting up to the elections. In the key December 2002 elections, Daniel Arap MOI's 24-year-old reign ended, and a new opposition government took on the formidable economic problems facing the nation. After some early progress in rooting out corruption and encouraging donor support, the KIBAKI government was rocked by high-level graft scandals in 2005 and 2006. In 2006 the World Bank and IMF delayed loans pending action by the government on corruption. The international financial institutions and donors have since resumed lending, despite little action on the government's part to deal with corruption. Post-election violence in early 2008, coupled with the effects of the global financial crisis on remittance and exports, reduced GDP growth to 2.2% in 2008, down from 7% the previous year. |
GDP (purchasing power parity):
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$61.83 billion (2008 est.)
$60.5 billion (2007)
$56.56 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
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$1,600 (2008 est.)
$1,600 (2007 est.)
$1,600 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$31.42 billion (2008 est.) |
GDP - real growth rate:
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2.2% (2008 est.)
7% (2007 est.)
6.4% (2006 est.) |
GDP - composition by sector:
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agriculture: 23.8%
industry: 16.7%
services: 59.5% (2007 est.) |
Investment (gross fixed):
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21.6% of GDP (2008 est.) |
Population below poverty line:
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50% (2000 est.) |
Household income or consumption by percentage share:
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lowest 10%: 2%
highest 10%: 37.2% (2000) |
Distribution of family income - Gini index:
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42.5 (2008 est.) |
Inflation rate (consumer prices):
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25.5% (2008 est.) |
Central bank discount rate:
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void |
Commercial bank prime lending rate:
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14.8% (31 December 2008) |
Stock of money:
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$5.932 billion (31 December 2007) |
Stock of money - per capita:
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153 USD per capita |
Stock of quasi money:
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$6.273 billion (31 December 2007) |
Stock of quasi money - per capita:
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161 USD per capita |
Stock of domestic credit:
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$10.43 billion (31 December 2007) |
Stock of domestic credit - per capita:
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268 USD per capita |
Labor force:
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9.45 million (2007 est.) |
Labor force participation rate:
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24.23 % of population |
Labor force - by occupation:
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agriculture: 75%
industry and services: 25% (2003 est.) |
Unemployment rate:
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40% (2008 est.) |
Budget:
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revenues: $6.617 billion
expenditures: $8.196 billion (2008 est.) |
Budget revenues per capita:
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170 USD per capita |
Public debt:
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40.6% of GDP (2008 est.) |
Industries:
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small-scale consumer goods (plastic, furniture, batteries, textiles, clothing, soap, cigarettes, flour), agricultural products, horticulture, oil refining; aluminum, steel, lead; cement, commercial ship repair, tourism |
Industrial production growth rate:
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3.6% (2008 est.) |
Electricity - production:
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5.223 billion kWh (2008 est.) |
Electricity - production per capita:
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134 kWh per capita |
Electricity - consumption:
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4.863 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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125 kWh per capita |
Electricity - exports:
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58.3 million kWh (2007 est.) |
Electricity - imports:
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22.5 million kWh (2007 est.) |
Oil - production:
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0 bbl/day (2008 est.) |
Oil - production per capita:
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void |
Oil - consumption:
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65,530 bbl/day (2006 est.) |
Oil - consumption - per capita:
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0.61 bbl/year per capita |
Oil - exports:
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5,137 bbl/day (2005) |
Oil - imports:
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72,780 bbl/day (2005) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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0 cu m (2007 est.) |
Natural gas - consumption - per capita:
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void |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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0 cu m (2007 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2006 est.) |
Agriculture - products:
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tea, coffee, corn, wheat, sugarcane, fruit, vegetables; dairy products, beef, pork, poultry, eggs |
Current account balance:
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-$1.859 billion (2008 est.) |
Current account balance - per capita:
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-47 USD per capita |
Exports:
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$4.882 billion f.o.b. (2008 est.) |
Exports per capita:
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126 USD per capita |
Exports - commodities:
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tea, horticultural products, coffee, petroleum products, fish, cement |
Exports - partners:
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Uganda 16.9%, UK 9.3%, Tanzania 8.2%, Netherlands 8.2%, US 6.4%, Pakistan 5.2% (2007) |
Imports:
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$10.77 billion f.o.b. (2008 est.) |
Imports per capita:
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277 USD per capita |
Imports - commodities:
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machinery and transportation equipment, petroleum products, motor vehicles, iron and steel, resins and plastics |
Imports - partners:
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UAE 11.4%, China 9.9%, India 8.7%, Saudi Arabia 8%, South Africa 6.9%, US 6.2%, Japan 5.9%, UK 4.6% (2007) |
Reserves of foreign exchange and gold:
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$2.875 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
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74 USD per capita |
Debt - external:
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$6.749 billion (31 December 2008 est.) |
Debt - external - per capita:
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174 USD per capita |
Stock of direct foreign investment - at home:
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$2.541 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
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66 USD per capita |
Stock of direct foreign investment - abroad:
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$47 million (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
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2 USD per capita |
Market value of publicly traded shares:
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$13.39 billion (31 December 2007) |
Market value of publicly traded shares - per capita:
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344 USD per capita |
Economic aid - donor:
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void |
Economic aid - recipient:
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$768.3 million (2005) |
Economic aid - recipient per capita:
|
20 USD per capita |
Currency (code):
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Kenyan shilling (KES) |
Exchange rates:
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Kenyan shillings (KES) per US dollar - 68.358 (2008 est.), 68.309 (2007), 72.101 (2006), 75.554 (2005), 79.174 (2004) |
Fiscal year:
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1 July - 30 June |
|
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