Jump to content

Economy of Kenya

From Wikipedia, the free encyclopedia
(Redirected from Kenya/Economy)

Economy of Kenya
Nairobi, the financial centre of Kenya
CurrencyKenyan shilling (KES, KSh)
Trade organisations
AU, AfCFTA, EAC, COMESA, CEN-SAD, WTO and others
Country group
Statistics
PopulationIncrease 51,526,000 (2023 est.)[3]
GDP
  • Increase $116.32 billion (nominal, 2024 est.)[4]
  • Increase $375.56 billion (PPP, 2024 est.)[4]
GDP rank
GDP growth
  • 6.3% (2018)
  • 5.6% (2019e)
  • 1.0% (2020e)
  • 6.1% (2021e)[6]
GDP per capita
  • Increase $2,220 (nominal, 2024 est.)[7]
  • Increase $7,160 (PPP, 2024 est.)[7]
GDP per capita rank
GDP by sector
7.9% (2022est.)[6]
Population below poverty line
14% ( 2022 est.)[9]
38.7 medium (2021)[8]
Decrease 31 out of 100 points (2023, 126th rank)
Labour force
  • Increase 21,190,309 (2019)[12]
  • 72.4% employment rate (2016)[13]
Labour force by occupation
Unemployment2.98% (2020 est.)[14]
Main industries
Consumer goods (plastic, furniture, batteries, textiles, clothing, soap, cigarettes, flour, confectionery), pharmaceuticals, agricultural products, horticulture, oil refining; aluminium, steel, lead; cement, commercial ship repair, tourism, information technology
External
ExportsIncrease $13.9 billion (2022 est.)[8]
Export goods
Tea, horticultural products, coffee, petroleum products, fish, cement, apparel
Main export partners
ImportsIncrease $24.4 billion (2022 est.)[8]
Import goods
Machinery and transportation equipment, oil, petroleum products, motor vehicles, iron and steel, resins and plastics
Main import partners
FDI stock
  • Increase $8.738 billion (31 December 2017 est.)[8]
  • Increase Abroad: $1.545 billion (31 December 2017 est.)[8]
Decrease −$5.021 billion (2017 est.)[8]
Positive decrease $27.59 billion (31 December 2017 est.)[8]
Public finances
Negative increase 54.2% of GDP (2017 est.)[8]
−6.7% (of GDP) (2017 est.)[8]
Revenues21.89 billion (2022 est.)
Expenses26.93 billion (2022 est.)
Increase $7.354 billion (31 December 2017 est.)[8]
All values, unless otherwise stated, are in US dollars.


The economy of Kenya is market-based with a few state enterprises. Kenya has an emerging market and is an averagely industrialised nation ahead of its East African peers. Currently a lower middle income nation, Kenya plans to be a newly industrialised nation by 2030. The major industries driving the Kenyan economy include financial services, agriculture, real estate, manufacturing, logistics, tourism, retail and energy. As of 2020, Kenya had the third largest economy in Sub-Saharan Africa, behind Nigeria and South Africa. Regionally, Kenya has had a stronger and more stable economy compared to its neighboring countries within East Africa.[17] By 2023, the country had become Africa's largest start-up hub by both funds invested and number of projects.[18]

The government of Kenya is generally investment-friendly and has enacted several regulatory reforms to simplify foreign and local investment, including the creation of an export processing zone. An increasingly significant portion of Kenya's foreign financial inflows are remittances by Kenyans in the Diaspora, who work in the United States, the Middle East, Europe and Asia.[19] According to data by the Central Bank of Kenya,[20] remittances from Kenyans living abroad make up over 3.4 percent of the Gross Domestic Product (GDP).

As of September 2018, economic prospects were positive, with above 6% gross domestic product (GDP) growth expected.[21] This growth was attributed largely to expansions in the telecommunications, transport, and construction sectors; a recovery in agriculture; and the rise of small businesses helping to pull the economy. These improvements are supported by a large pool of highly educated professional workers. There is a high level of IT literacy and innovation, especially among young Kenyans.[22][23]

In 2020, Kenya ranked 56th in the World Bank ease of doing business rating, up from 61st in 2019 (of 190 countries).[24] Compared to its neighbours, Kenya has a well-developed social and physical infrastructure.[25]

History

[edit]

Between 70 AD and 1500 AD, trade routes — spanning Africa, Asia and Europe — integrated the Kenyan coastal strip into the world economy.[26] Foreign merchants would bring their merchandise to the Kenyan coast and leave with African goods.[27]

In 1499 AD, Vasco da Gama, a Portuguese explorer, returned to Europe after discovering the sea route to India through South Africa.[28] This new route allowed European nations to dominate the trade economy of the East African coast, with the Portuguese entrenching themselves in the 16th and 17th centuries.[29] In the 18th century, the Portuguese were replaced in this East African economic corridor by Omani Arabs.[30] Eventually, the British replaced the Omani Arabs. In 1895 they dominated the coastal strip; by 1920, they had followed the interior trade routes all the way to the Buganda Kingdom.[31] To make this ancient economic trade route more profitable, the British used Indian labourers to build a railway from Mombasa at the coast to Kampala, the capital of Buganda kingdom, following old trade routes.[32] Major towns were founded along the railway line, backed by European settler farming communities. The Indian labourers who did not return to India after railway construction ended were the first to establish shops (dukawallahs) in these towns.[33][34]

During the colonial period, the European settler farming community and the Indian dukawallahs established the foundations of the modern formal Kenyan economy.[35] Prominent examples of Asian-Kenyan business owners whose businesses started as dukawallahs include Manu Chandaria and Madatally Manji.[36] While Europeans and Indians enjoyed strong economic growth between 1920 and 1963, Africans were deprived of their land, dehumanised, and forced to work for minimal pay under extremely poor working conditions through a well-established system of racial segregation.[37]

Kenya gained its independence in 1963. Under President Jomo Kenyatta, the Kenyan government promoted africanisation of the Kenyan economy,[38] generating rapid economic growth through public investment, encouragement of smallholder agricultural production, and incentives for private, often foreign, industrial investments. An influential sessional paper authored by Tom Mboya and Mwai Kibaki in 1965 stressed the need for Kenya to avoid both the capitalistic economy of the West and the communism of the East.[39] The paper argued that Kenya should instead concentrate on African socialism, while avoiding linking Kenya's economic fortunes to any country or group of countries.[39] From 1963 to 1973, GDP grew at an annual average rate of 6.6%; during the 1970s, it grew at an average rate of 7.2%. Agricultural production grew by 4.7% annually in the same period, stimulated by redistributing estates, distributing new crop strains, and opening new areas to cultivation. However, the rate of GDP growth declined to 4.2% per year in the 1980s, and 2.2% a year in the 1990s.[40]

Kenya's policy of import substitution, which started in 1946 with European and Asian enterprises, did not achieve the desired result of transforming Kenya's industrial base. In the late 1970s, rising oil prices began to make Kenya's manufacturing sector noncompetitive.[41] In response, the government began a massive intervention in the private sector. Lack of export incentives, tight import controls, and foreign exchange controls made the domestic environment for investment even less attractive.[42]

In the 1980s and 1990s, Kenya signed structural adjustment loans with the World Bank and IMF, the loans were to be given on the condition that Kenya adopts government reforms, a liberal trade and interest rate regime, and an outward-oriented industrial policy, among other reforms.[43] The Kenyan economy performed very poorly during this era of World Bank and IMF-driven liberalisation at the height of Daniel Arap Moi administration.[44]

From 1991 to 1993, Kenya had its worst economic performance since independence. Growth in GDP stagnated, and agricultural production shrank at an annual rate of 3.9%. Inflation reached a record of 100% in August 1993, and the government's budget deficit was over 10% of GDP.[42] As a result of these issues, bilateral and multilateral donors suspended their aid programmes in Kenya in 1991.[45]

In 1993, the Kenyan government began a major programme of economic reform and liberalisation. A new minister of finance and a new governor of the central bank undertook a series of economic measures with the assistance of the World Bank and the International Monetary Fund (IMF). The government eliminated price controls and import licensing, removed foreign exchange controls, privatised a number of publicly owned companies, reduced the number of civil servants, and introduced conservative fiscal and monetary policies. From 1994 to 1996, Kenya's real GDP growth rate averaged just over 4% a year.[46]

Kenya's economic performance since independence.

In 1997, however, the economy entered a period of slow growth, due in part to adverse weather conditions and reduced economic activity before the general elections in December 1997. In July 1997, the Government of Kenya refused to meet earlier commitments to the IMF on governance reforms.[47] As a result, the IMF suspended lending for three years, and the World Bank put a $90 million structural adjustment credit on hold.[48]

The Kenyan government subsequently took positive steps on reform, including the establishment of the Kenya Anti-Corruption Authority in 1997. The state also implemented measures to improve the transparency of government procurement and reduce the government payroll. In July 2000, the IMF signed a $150 million Poverty Reduction and Growth Facility, and the World Bank followed shortly after with a $157 million Economic and Public Sector Reform credit. However, both were eventually suspended.[48] Despite setbacks, the process of reform established Kenya as East Africa's economic powerhouse and the region's business hub.[43]

Economic growth improved between 2003 and 2008, under the Mwai Kibaki administration.[49] When Kibaki took power in 2003, he immediately established the National Debt Management Department at the treasury, reformed the Kenya Revenue Authority (KRA) to increase government revenue, reformed financial laws on banking, wrote off the debts of strategic public enterprises, and ensured that 30% of government tax revenue was invested in economic development projects. With these reforms, driven by the National Rainbow Coalition government, the KRA collected more tax revenue in 2004 than was anticipated. The government then initiated investments in infrastructure. By 2005, the Kenyan public debt had reduced from highs of 80% of GDP in 2002 to 27% of GDP in 2005. The financial sector greatly improved, and Equity Bank Kenya became one of the largest banks in East Africa. Economic growth improved from 2% in 2003 to 7% in 2007.[50] In 2008, the growth slumped to 1%[51] due to post-election violence before returning to an average of 5% between 2009 and 2013.[52][53] However, in 2009, due to drought and the global financial crisis, high input costs as well as a fall in demand for some of the country's exports caused the agriculture sector to contract by 2.7%.

Between 2013 and 2018, under the Jubilee Party government led by Uhuru Kenyatta, the GDP growth averaged above 5%.[54][55] Growth in small businesses is credited with some of the improvement.[56] Real GDP growth (annualised) was 5.7% in Q1 of 2018, 6.0% in Q2 2018 and 6.2% in Q3 2018.[57] Despite this robust growth, concerns remained about Kenya's debt sustainability, current account deficit, fiscal consolidation and revenue growth.[58][59]

The table below shows the GDP of Kenya estimated Archived 11 June 2010 at the Wayback Machine by the International Monetary Fund, with exchange rates for Kenyan shillings.

Year Nominal GDP(USD) US Dollar Exchange
1980 7.265 billion 7.42 shillings
1985 6.135 billion 16.43 shillings
1990 8.591 billion 22.86 shillings
1995 9.046 billion 50.42 shillings
2000 12.71 billion 78.58 shillings
2005 18.74 billion 75.55 shillings
2010 40 billion 78.90 shillings
2015 63.77 billion 96.85 shillings
2020 101.1 billion 107 shillings

Vision 2030 plan

[edit]
Further information: Kenya Vision 2030

Vision 2030 is Kenya's current blueprint for its economic future, with the goal of creating a prosperous, globally-competitive nation with a high quality of life by 2030. The plan aims to transform Kenyan industry and environment in three pillars: economic, social, and political.[60][61]

Economic pillar

[edit]

Vision 2030 seeks economic growth averaging greater than 10% for 23 years, beginning in the year 2007. Economic areas targeted are tourism, agriculture, wholesale and retail trade, manufacturing, IT-enabled services, and financial services.[62]

Social pillar

[edit]

To improve the quality of life for Kenyans, Vision 2030 aims to improve human and social welfare programmes, specifically education and training, health, environment, housing and urbanisation, children and social development, and youth and sports.[63] In 2018, President Uhuru Kenyatta established the Big Four Agenda, focusing on universal healthcare, manufacturing, affordable housing and food security.

Political pillar

[edit]

The political pillar envisions a "democratic system that is issue-based, transparent, people-centred, results-oriented, and accountable to the public". It targets five main areas: the rule of law under the Constitution of Kenya, electoral and political processes, democracy and public service delivery, transparency and accountability, and security, peace building, and conflict management.[64]

The current Constitution of Kenya was inaugurated on 27 August 2010 to drive this pillar.[65]

Currency, exchange rate, and inflation

[edit]

Kenya's currency is printed by mandate of the Central Bank of Kenya.[66] The bank began printing banknotes in 1996. Several versions of Kenya's banknotes and coinage have been circulated since then. The most recent redesign of Kenya's currency was in 2019.[66]

The exchange rate of the Kenyan Shilling between 2003 and 2010 averaged about KSh74-78 per US Dollar.[67]

The average inflation between 2005 and July 2015 was 8.5%.[68] In July 2015 Kenya's inflation rate was estimated to be 6.62%.[69]

Government finances

[edit]

Revenue and spending

[edit]

In 2006, Kenyan government revenue totalled US$4.448B and its estimated expenditures totalled US$5.377B. The government budget balance as a percentage of the gross domestic product improved to −2.1% in 2006 from −5.5% in 2004.[70]

In 2012, Kenya set a budget of US$14.59B with a government revenue of approximately US$12B.[71]

The 2018 budget policy report set a budget of US$30B. The government revenue was approximately US$29.5B, and a deficit of US$5B was borrowed.[72]

In the financial year that ended in June 2020, the Kenya Revenue Authority collected a tax revenue that amounted to approximately US$15B.[73]

Government debt

[edit]

From 1982, Kenya key public debt indicators rose above critical levels, both measured as a percentage of GDP and as a percentage of government revenue.[74]

In 2002, the last year of Daniel arap Moi's administration, Kenya' s public debt stood at almost 80% of GDP. In the last 10 years of the Moi regime, the government was spending 94% of all its revenue on salaries and debt servicing to the IMF, World Bank and other western countries.[75]

In 2003, Mwai Kibaki's administration instituted a public debt management department within the treasury department to bring Kenya's debt down to sustainable levels.[76]

In 2006, Kenya had a current account deficit of US$1.5B. This figure was a significant increase over 2005, when the current account had a deficit of US$495 million. In 2006, the current account balance as a percentage of gross domestic product was −4.2.[70]

In 2006, Kenya's external debt totalled US$6.7B. With a GDP of US$25.83B in 2006, the public debt level stood at 27% of GDP.[70]

In 2011, the national treasury noted that the debt was rising, growing to 40% of GDP in 2009 and to 54% of GDP by 2012.[77]

In 2019, Kenya's debt had risen to an absolute amount of US$50B against a GDP of US$98B. The public debt level was 51% of GDP in 2019.[78]

In 2021, Kenya's debt had risen to an absolute amount of US$65B against a GDP of US$101B.The public debt level was 65% of GDP in 2021.[79][80]

Kenya's largest bilateral lender since 2011 has been China, and the largest multilateral lender since 1963 has been the World Bank.[81]

As part of its efforts to manage and diversify its financing strategies, the Kenyan government, with assistance from the World Bank, plans to issue Africa’s first sustainability-linked bond by November of this year. This bond, aimed at raising $500 million, will support the general budget while aligning with pre-determined performance goals in environmental, social, health, and energy sectors. The issuance is part of a broader strategy to address an expected budget deficit of 3.9% of GDP for the fiscal year ending June 2025 and represents a significant development in sustainable financing on the continent.[82]

Economic Stimulus Programme

[edit]
Main article: Kenya Economic Stimulus Program

The Kenya Economic Stimulus Programme was introduced in the 2010–2011 budget plan.[83] The initiative aimed to stimulate economic activity in Kenya through investment in long-term solutions to food insecurity, rural unemployment and underdevelopment. Stated improvement objectives included regional development for equity and social stability, infrastructure, education, affordable health-care, environmental conservation, information and communications technology capacity, and access to IT.[84]

Integrated Financial Management Information System

[edit]

The Integrated Financial Management Information System (IFMIS) was launched in 2003 as a digital platform for Kenya's financial information and services, and was later re-engineered by the Ministry of Finance to curb fraud and other malpractices.[85] IFMIS enables integrated budget planning, being linked to planning policy objectives and budget allocation.[86]

Funds for the Inclusion of Informal Sector

[edit]

The Fund for the Inclusion of Informal Sector (FIIS) is a fund that allows businesses in the informal economy to access credit financing and other facilities, including financial and banking services.[87]

Investor compensation fund

[edit]

The Investor Compensation Fund compensates investors who suffer losses from breaches of duty by a licensed stockbroker or dealer, up to a maximum of Sh.50,000 per investor.[88]

Foreign economic relations

[edit]
Kenyan exports.

Foreign investments in Kenya remain relatively weak considering the size of its economy and its level of development. As of 2022, Kenya's total FDI stock stood at USD 10.4 billion, accounting for a mere 9.5% of the country’s GDP.[89]

Investments come from China, Japan, Russia, the United States, and the United Kingdom, among others. Kenya hosts a number of foreign multinational companies and international organisations such as the United Nations Environment Programme.[90] China's investments have been increasing, while those of western countries such as the United Kingdom has fallen significantly. Investments from multilateral agencies, particularly the World Bank and the European Development Fund, have also increased. The most active investors currently are the Chinese.

Kenya is active within regional trade blocs such as the Common Market for Eastern and Southern Africa and the East African Community, a partnership of Kenya, Uganda, Tanzania, Rwanda, Burundi and South Sudan. The aim of the latter is to create a common market of its member states modelled on the European Union.[70] Among the early steps toward integration is the bloc's customs union, which has eliminated duties on goods and non-tariff trade barriers among members.

Exports

[edit]

Kenya's chief exports are horticultural products and tea. In 2005, the combined value of these commodities was US$1,150 million, about 10 times the value of Kenya's third most valuable export, coffee. Kenya's other significant exports are petroleum products, fish, cement, pyrethrum, and sisal. The leading imports are crude petroleum, chemicals, manufactured goods, machinery, and transportation equipment. Africa is Kenya's largest export market, followed by the European Union.[70]

The major destinations for exports are Uganda, Tanzania, the United Kingdom, and the Netherlands. Major suppliers are China, India, the United Arab Emirates, Saudi Arabia, and South Africa. Kenya's main exports to the United States are garments traded under the terms of the African Growth and Opportunity Act. Notwithstanding this, Kenya's apparel industry is struggling to hold its ground against Asian competition and runs a trade deficit with the United States. Many of Kenya's problems relating to the export of goods are believed by economists to be caused by the fact that Kenya's exports are inexpensive items that do not bring substantial amounts of money into the country.[70]

Kenya is the dominant trade partner for Uganda (12.3% exports, 15.6% imports) and Rwanda (30.5% exports, 17.3% imports).[91][92]

Balance of trade

[edit]

Kenya typically has a substantial trade deficit. The trade balance fluctuates widely because Kenya's main exports are primary commodities subject to the effects of both world prices and weather. In 2005 Kenya's income from exports was about US$3.2 billion. The payment for imports was about US$5.7B, yielding a trade deficit of about US$2.5B.[70]

Foreign investment policies

[edit]

Kenyan policies on foreign investment generally have been favourable since independence, with occasional tightening of restrictions to promote the africanisation of enterprises. Foreign investors have been guaranteed ownership and the right to remit dividends, royalties, and capital.[70]

Kenya is currently the most important source of foreign direct investments in Uganda and Rwanda. Uganda and its neighbouring regions are the main export destinations for Kenyan products.[93] Kenya has had more success in growing its economy and quality of life levels than many of its neighbours in sub-Saharan Africa.[70]

Industries

[edit]

Agriculture

[edit]
Main article: Agriculture in Kenya
See also: Coffee industry of Kenya and Tea Production in Kenya
Flower production
Tea farm, Kericho County

Kenya produced in 2018:

Agriculture is the second largest contributor to Kenya's GDP, after the service sector, although only 15% of Kenya's total land area has sufficient fertility and rainfall to be farmed, and only 7 or 8% can be classified as first-class land. In 2006, almost 75% of working Kenyans made their living on the land, compared with 80% in 1980.[70] About half of total agricultural output is non-marketed subsistence production.

In 2005, agriculture, including forestry and fishing, accounted for about 24% of GDP, as well as for 18% of wage employment and 50% of revenue from exports. That same year, horticulture accounted for 23% and tea for 22% of total export earnings. The principal cash crops in Kenyan agriculture are tea, horticultural produce, and coffee. Coffee has declined in importance with depressed world prices, accounting for just 5% of export receipts in 2005. The production of major food staples such as corn is subject to sharp weather-related fluctuations. Production downturns also periodically necessitate food aid. In 2004, aid was needed for 1.8 million people because of Kenya's intermittent droughts. However, the expansion of credit to the agricultural sector has enabled farmers to better deal with environmental and pricing risks.[70]

Tea, coffee, sisal, pyrethrum, corn, and wheat are grown in the fertile highlands, one of the most successful agricultural production regions in Africa. Livestock predominates in the semi-arid savanna to the north and east. Coconuts, pineapples, cashew nuts, cotton, sugarcane, sisal, and corn are grown in the lower-lying areas.[70]

Forestry and fishing

[edit]

Resource degradation has reduced output from forestry. In 2004, roundwood removals came to 22,162,000 cubic meters. Fisheries are of local importance around Lake Victoria and have potential at Lake Turkana. Kenya's total catch in 2004 was 128,000 metric tons. However, output from fishing has been declining because of ecological disruption. Pollution, overfishing, and the use of unauthorised fishing equipment have led to falling catches and have endangered local fish species.[70]

Mining and minerals

[edit]
Soda ash train, Lake Magadi, Kajiado County

Kenya has no significant mineral endowment. The mining and quarrying sector makes a negligible contribution to the economy, accounting for less than 1% of GDP. The majority of this is contributed by the soda ash operation at Lake Magadi in south-central Kenya. Thanks largely to rising soda ash output, Kenya's mineral production in 2005 reached more than 1 million tons. One of Kenya's largest foreign-investment projects in recent years is the planned expansion of Magadi Soda. Apart from soda ash, the chief minerals produced are limestone, gold, salt, large quantities of niobium, fluorspar, and fossil fuel.[70]

All unextracted minerals are government property, under the Mining Act. The Department of Mines and Geology, under the Ministry of Environment and Natural Resources, controls exploration and exploitation of minerals.[70]

Further information: Mrima Hill mine

Industry and manufacturing

[edit]
Main article: Automotive industry in Kenya

Although Kenya is the most industrially developed country in East Africa, manufacturing still accounts for only 14% of GDP. This represents only a slight increase since independence. The rapid expansion of the sector immediately after independence stagnated in the 1980s, hampered by shortages in hydroelectric power, high energy costs, dilapidated transport infrastructure, and the dumping of cheap imports. However, due to urbanisation, the industry and manufacturing sectors have become increasingly important to the Kenyan economy, and this has been reflected by an increasing GDP per capita. Industrial activity, concentrated around the three largest urban centres, Nairobi, Mombasa, and Kisumu, is dominated by food-processing industries such as grain milling, beer production, sugarcane crushing, and the fabrication of consumer goods. Kenya also has an oil refinery that processes imported crude petroleum into petroleum products, mainly for the domestic market. In addition, a substantial and expanding informal sector engages in small-scale manufacturing of household goods, motor-vehicle parts, and farm implements.[70]

Kenya's inclusion among the beneficiaries of the US Government's African Growth and Opportunity Act gave a boost to manufacturing. Since the Act took effect in 2000, Kenya's clothing sales to the United States increased from US$44 million to US$270M in 2006. Other initiatives to strengthen manufacturing include favourable tax measures, including the absence of duties for capital equipment and other raw materials.[70]

Energy

[edit]
Further information: Energy in Kenya

The largest segment of Kenya's electricity supply comes from hydroelectric stations at dams along the upper Tana River, as well as the Turkwel Gorge Dam in the west. A petroleum-fired plant on the coast, geothermal facilities at Olkaria, and electricity imported from Uganda make up the balance. Kenya's installed capacity stood at 1,142 megawatts a year between 2001 and 2003. The state-owned Kenya Electricity Generating Company, established in 1997 under the name Kenya Power Company, handles the generation of electricity, while the Kenya Power and Lighting Company handles transmission and distribution.[95] Shortfalls of electricity occur periodically when drought reduces water flow. In 1997 and 2000, for example, drought prompted severe power rationing, with economically-damaging 12-hour blackouts. Frequent outages and high costs of power remain serious obstacles to economic activity. Tax and other concessions are planned to encourage investment in hydroelectricity and in geothermal energy, which Kenya has been a pioneer in adopting.[70]

Kenya currently imports all crude petroleum requirements, with petroleum accounting for 20% to 25% of the national import bill. Hydrocarbon reserves have been found in Kenya's semi-arid northern region of Turkana after several decades of intermittent exploration. Offshore prospecting also continues. Kenya Petroleum Refineries, a 50:50 joint venture between the government and several oil majors, operates the country's sole oil refinery in Mombasa. The refinery's production is transported via Kenya's Mombasa–Nairobi pipeline.[70] However, the refinery is currently non-operational.[when?] In 2004, oil consumption was estimated at 55,000 barrels (8,700 m3) a day.

Tourism

[edit]
Main article: Tourism in Kenya
Guided tours.
WaterLovers Beach Resort, Diani Beach.

Kenya's dependence on tourism has greatly reduced over the years. In 2019, foreign tourist revenues stood at $1.76 billion, accounting for only 1.6% of Kenya's GDP and approximately 12% of all international tourism receipts in Eastern Africa.[96]

The growing middle class in Kenya has also led to a significant growth in domestic tourism over the years. This steady growth in domestic tourism has defied the turmoil of elections or terror attacks. In 2014, for the first time, Kenya National Bureau of Statistics data showed that the number of Kenyans accommodated in hotel rooms was higher than that of foreign tourists, pointing to the increasing significance of domestic tourism and highlighting the need for the government to focus on promoting domestic tourism over international visitors as a way of yielding more sustainable growth in the tourism sector[97]

In 2018, domestic tourists’ bed occupancy accounted for 52.9% of the total bed occupancy in the country.[98]

Kenya offers numerous large national parks in a wide variety of landscapes. Besides the coast, there are large deserts, steppes and mountains. The national parks and nature reserves contain the natural habitats of many animal species.[96]

Financial services

[edit]

Kenya is East Africa's hub for financial services. The Nairobi Stock Exchange (NSE) is ranked 4th in Africa in terms of market capitalisation.

The banking sector in Kenya is regulated by The Central Bank Of Kenya. Kenya's banking sector is mainly dominated by local commercial banks, namely Equity Bank, Kenya Commercial Bank, NCBA Bank, Diamond Trust Bank, Cooperative Bank, and National Bank. The Kenya Commercial Bank is the largest bank in Kenya by asset size and branch network as of 2023.[99]

Kenya enjoys the presence of a number of high-profile accounting firms. The Big Four firms, Mazars, Grant Thornton International, and PKF International actively operate within the financial system, and are often responsible for the audit of Nairobi Stock Exchange firms.[100]

Shipbuilding

[edit]

Kenya’s first commercial-sized ship to be built from scratch—not only in Kenya but also in the whole of East Africa—was launched in October 2023.[101][102] The 1800-ton vessel, the MV Uhuru II, will ferry goods and petroleum across Lake Victoria.[101][102]

Labour

[edit]

In 2022, Kenya's labour force was estimated to include about 24 million workers. In recent years, much of Kenya's labour force has moved from the countryside to cities such as Nairobi, as Kenya becomes increasingly urbanised.[70]

The labour force participation rate in Kenya has been constant from 1997 to 2010 for both women and men. In 1997, 65% of women were employed in some type of labour and 76% of men were employed. In 2005, 60% of women and 70% of men were in the labour force, increasing slightly to 61% of women and 72% of men in 2010.[103]

In the past 20 years, many Kenyans have moved away from family farming towards wage labour, small business entrepreneurship, and informal work. In 1989, 4.5 million Kenyans out of a total working population of 7.3M worked on family farms. In 2009, only 6.5M Kenyans out of a total working population of 14.3M worked on family farms. Of these, 3.8M were women and 2.7M were men.[104]

According to the World Bank 2012 Kenya Economic Update, modern wage jobs include being an "engineer, telecommunication specialist, cut flower worker, teacher, construction worker, housekeepers, professionals, any industrial and manufacturing job, and port and dock workers." In 1989, there were only 1.9M Kenyans employed in wage work. In 2009, this number increased to 5.1M, with 3.4M men and 1.3M women were employed in wage jobs.[104]

Informal economy ("Jua Kali")

[edit]

In Kenya, the "Jua Kali" sector is another name for the informal economy, also described as non-farming self-employment.[104] Jua Kali is Swahili for "hot sun" and refers to the idea that the workers in the informal economy work under the fierce sun.[105] The informal sector consists of legally unrecognised and unregulated self-employment and wage employment. As a result, informal sector employment does not contribute to Kenya's GDP.[105] Non-farm self-employment has risen from 1989 to 2009.

The World Bank characterises non-farm self-employment to include jobs such as "street vendor, shop owner, dressmaker, assistant, fishmonger, caterer, etc." Non-farm self-employment has risen from a total of 0.9 million workers in 1989 to a total of 2.7 million in 2009. Men make up 1.4 million workers, and women workers number 1.3 million.[104]

As of 2009, Kenya's informal economy accounts for about 80% of the total employment for the country. Most informal workers are self-employed, with few entrepreneurs employing others. The informal sector contributes economic activity equal to 35% of the total GDP in Kenya, and has its own informal finance structure in the form of rotating savings and credit associations. This sector provides an income mainly for those in lower socioeconomic groups.[105]

Drawbacks of the informal economy include the promotion of smuggling and tax evasion and the lack of social and legal protection. Most members of the informal sector have low educational attainment. Rising costs of education and uncertainty about future employment have caused many workers to enter the informal economy, due to lower entry fees as well as shorter and practical training and apprenticeships.[106]

Human capital

[edit]

Kenya has one of the best human capital in Africa. According to the World Bank's 2019 Human Capital Index (HCI), which measured human capital of the next generation, Kenya ranked first in sub-Saharan Africa with an HCI score of 0.52. The index combined several key indicators, such as school enrolment, child survival, quality of learning, healthy growth and adult survival into a single index ranging between 0–1.[107]

Challenges

[edit]

The economy's heavy dependence on rain for its agriculture leaves it vulnerable to periods of high inflation during droughts.[108] The agricultural sector employs nearly 33% of the total labour force.[109]

Kenya's economic performance had for a long time been hampered by various factors: heavy dependence on a few agricultural exports vulnerable to global price fluctuations; population growth which has outstripped economic growth; prolonged droughts requiring power rationing; deteriorating infrastructure; and extreme income inequality. Some of these issues have been addressed by policies, with GDP growth increasing, population growth slowing, rapid infrastructural improvements being made and increased electrification rates with more stable power supplies.

Poor governance and corruption also have had a negative impact on growth, making it expensive to do business in Kenya.[110]

Despite these challenges, two thirds of Kenyans expect living conditions to improve in the coming decades.[111]

See also

[edit]

References

[edit]
  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Archived from the original on 22 December 2019. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on 28 October 2019. Retrieved 29 September 2019.
  3. ^ "Population, total - Kenya". knbs.or.ke. Kenya National Bureau of Statistics. 4 November 2019. Archived from the original on 13 November 2019. Retrieved 1 April 2020.
  4. ^ a b "World Economic Outlook Database, April 2024". IMF.org. International Monetary Fund. Archived from the original on 26 April 2024. Retrieved 26 April 2024.
  5. ^ a b "World Economic Outlook Database, October 2023". IMF.org. International Monetary Fund. Archived from the original on 23 October 2020. Retrieved 13 October 2023.
  6. ^ a b "World Economic Outlook Database, April 2020". IMF.org. International Monetary Fund. Archived from the original on 30 July 2020. Retrieved 18 April 2020.
  7. ^ a b "World Economic Outlook Database, October 2023". IMF.org. International Monetary Fund. Archived from the original on 4 April 2024. Retrieved 20 October 2023.
  8. ^ a b c d e f g h i j k l m n "The World Factbook". CIA.gov. Central Intelligence Agency. Archived from the original on 24 January 2021. Retrieved 15 June 2019.
  9. ^ "world poverty clock ". Archived from the original on 19 December 2020. Retrieved 6 January 2020.
  10. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Archived from the original on 19 March 2022. Retrieved 17 November 2022.
  11. ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Archived from the original on 12 December 2020. Retrieved 17 November 2022.
  12. ^ "Labor force, total - Kenya". data.worldbank.org. World Bank. Archived from the original on 1 August 2020. Retrieved 17 January 2020.
  13. ^ "Employment to population ratio, 15+, total (%) (national estimate) - Kenya". data.worldbank.org. World Bank. Archived from the original on 31 July 2020. Retrieved 17 January 2020.
  14. ^ "Statista". Archived from the original on 5 August 2020. Retrieved 8 October 2019.
  15. ^ "Sovereigns rating list". Standard & Poor's. Archived from the original on 28 September 2011. Retrieved 26 May 2011.
  16. ^ a b Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Archived from the original on 1 August 2013. Retrieved 31 May 2011.
  17. ^ "World Bank Open Data". World Bank Open Data. Archived from the original on 26 May 2023. Retrieved 19 April 2024.
  18. ^ "Kenya Tops Angola as Sub-Saharan Africa's No. 3 Economy". Bloomberg.com. 5 June 2020. Archived from the original on 29 November 2020. Retrieved 6 December 2020.
  19. ^ "Kenya Company Registration". Healy Consultants. Archived from the original on 18 May 2013. Retrieved 2 September 2013.
  20. ^ "The Kenya Forum | Kenyan diaspora send home a record Sh497 billion remittances - The Kenya Forum". www.kenyaforum.net. 18 January 2023. Retrieved 27 June 2024.
  21. ^ "Kenya Economic Survey 2018". Archived from the original on 30 September 2018. Retrieved 30 September 2018.
  22. ^ "Kenyan tech startups scoop half of Africa's funding in six months of 2018". Capital Business Kenya. 10 July 2018. Archived from the original on 14 April 2019. Retrieved 14 April 2019.
  23. ^ "KENYA STARTUP ECOSYSTEM OVERVIEW". VC4A. Archived from the original on 12 January 2020. Retrieved 14 April 2019.
  24. ^ "Doing Business in Kenya - World Bank Group". doingbusiness.org. Archived from the original on 10 September 2018. Retrieved 18 November 2018.
  25. ^ "World Bank Open Data". World Bank Open Data. Archived from the original on 26 May 2023. Retrieved 19 April 2024.
  26. ^ "The Periplus of the Erythræan sea; travel and trade in the Indian Ocean". New York : Longmans, Green, and Co. Retrieved 30 September 2018.
  27. ^ "ZANG HE LIVED FOR ONE YEAR IN KENYA IN 1417". malindikenya.net. Archived from the original on 30 September 2018. Retrieved 30 September 2018.
  28. ^ "The History of the Vasco da Gama Pillar". Kenya Travel Sites. 15 December 2011. Archived from the original on 29 April 2017. Retrieved 30 September 2018.
  29. ^ "The Portuguese in Africa in the 19th Century". Jim Jones. Archived from the original on 2 November 2013. Retrieved 30 September 2018.
  30. ^ "19th Century Omani Rule". kenyastudy.wordpress.com. 13 May 2013. Archived from the original on 30 September 2018. Retrieved 30 September 2018.
  31. ^ "British East Africa Protectorate". enzimuseum.org. Archived from the original on 6 May 2017. Retrieved 30 September 2018.
  32. ^ "THE LUNATIC EXPRESS". The Agora. Archived from the original on 22 April 2016. Retrieved 30 September 2018.
  33. ^ Spencer, Ian (1980). "Settler Dominance, Agricultural Production and the Second World War in Kenya". The Journal of African History. 21 (4): 497–514. doi:10.1017/S0021853700018715. JSTOR 182007. S2CID 162566026.
  34. ^ "Construction of the Kenya-Uganda Railway". enzimuseum.org. Archived from the original on 11 October 2018. Retrieved 30 September 2018.
  35. ^ "European settler farming". eLimu. Archived from the original on 30 September 2018. Retrieved 30 September 2018.
  36. ^ Himbara, David (1993). "Myths and Realities of Kenyan Capitalism". Journal of African Political Economy. 31 (1): 93–107. JSTOR 161345.
  37. ^ "Racial Discrimination In Kenya During the Colonial Period" (PDF). Ruth Catherine Cheruiyot Oklahoma State University,StillWater 1974. Archived (PDF) from the original on 21 March 2023. Retrieved 30 September 2018.
  38. ^ "Sessional-Paper-No-10(1965) African Socialism and its Application to Planning in Kenya" (PDF). Tom Mboya and Mwai Kibaki-Kenya Government 1965. Archived (PDF) from the original on 11 February 2020. Retrieved 30 September 2018.
  39. ^ a b "Sessional-Paper-No-10 (1965) African Socialism and its Application to Planning in Kenya pg 16,Relationship With Other Countries" (PDF). Kenya Government 1965. Archived (PDF) from the original on 11 February 2020. Retrieved 30 September 2018.
  40. ^ MWANGI S. KIMENYI; FRANCIS M. MWEGA; NJUGUNA S. NDUNG'U (May 2016). "The African Lions: Kenya country case study" (PDF). The Brookings Institution. Archived (PDF) from the original on 27 May 2016. Retrieved 23 May 2016.
  41. ^ Meilink, Henk A. (June 1982). "The effects of import-substitution: the case of Kenya's manufacturing sector". Meilink, Henk A. (1982) Nairobi: Institute for Development Studies, University of Nairobi. Archived from the original on 30 September 2018. Retrieved 30 September 2018.
  42. ^ a b "Kenya (05/07/12)". U.S. Department of State. Archived from the original on 30 July 2020. Retrieved 11 June 2015.
  43. ^ a b "Conditions for economic growth have improved in Kenya, but challenges remain". Oxford Business Group. 5 November 2018. Archived from the original on 26 December 2020. Retrieved 7 December 2020.
  44. ^ "Kenya's Trade Liberalization of the 1980s and 1990s:Policies, Impacts, and Implications" (PDF). Carnegie Endowment For International Peace. Archived (PDF) from the original on 11 August 2021. Retrieved 10 March 2022.
  45. ^ Greenhouse, Steven (27 November 1991). "Aid Donors Insist on Kenya Reforms". New York Times Archives STEVEN GREENHOUSE 27 NOV. 1991. Archived from the original on 2 September 2020. Retrieved 30 September 2018.
  46. ^ David Bigman (2002). Globalization and the Developing Countries: Emerging Strategies for Rural Development and Poverty Alleviation. CABI. p. 136. ISBN 978-0-85199-575-5.
  47. ^ "Nairobi halts IMF and World Bank reforms". independent.co.uk. 24 March 1993. Archived from the original on 4 December 2020. Retrieved 30 September 2018.
  48. ^ a b "Kenya: World Bank, IMF Suspend Financial Aid to Kenya". allafrica.com. Archived from the original on 1 August 2020. Retrieved 30 September 2018.
  49. ^ "ECONOMIC RECOVERY STRATEGY FOR WEALTH AND EMPLOYMENT CREATION 2003 - 2007" (PDF). Kenya Government 2003. Archived from the original on 19 July 2020. Retrieved 30 September 2018.
  50. ^ "Kenya Vision 2030" (PDF). Kenya Government 2007. Archived (PDF) from the original on 30 July 2020. Retrieved 30 September 2018.
  51. ^ "The Impact of Election (2007/2008) Violence on Kenya's Economy: Lessons Learned?" (PDF). Dr. Kiti Reginah M.K Kitiabi (PhD),ke.boell.org. Archived (PDF) from the original on 30 July 2020. Retrieved 30 September 2018.
  52. ^ "Economic Survey 2018". Archived from the original on 30 September 2018. Retrieved 30 September 2018.
  53. ^ "Kenya After Kibaki". New African Magazine. 8 May 2012. Archived from the original on 24 March 2019. Retrieved 24 March 2019.
  54. ^ "Kenya Overview 2013-2018". World Bank. Archived from the original on 23 December 2020. Retrieved 30 September 2018.
  55. ^ "Kenya Economic Survey 2018". KNBS,REPUBLIC OF KENYA. 25 April 2018. Retrieved 24 March 2019.[permanent dead link‍]
  56. ^ KenInvest supports small businesses to become engines of growth in Kenya | dandc.eu Archived 9 August 2011 at the Wayback Machine
  57. ^ "Kenya Economic Update:Kenya's Economy Poised to Rebound in 2018 and Remain Robust through 2020" (PDF). World Bank. 11 October 2018. Archived (PDF) from the original on 26 November 2019. Retrieved 24 March 2019.
  58. ^ "2019 BUDGET POLICY STATEMENT". The National Treasury,Republic of Kenya. 11 February 2019. Archived from the original on 21 December 2019. Retrieved 24 March 2019.
  59. ^ "The Draft 2019 Budget Policy Statement Note" (PDF). Cytonn Kenya. 11 February 2019. Archived (PDF) from the original on 30 July 2020. Retrieved 24 March 2019.
  60. ^ Vision 2030 http://www.vision2030.go.ke/index.php Archived 15 December 2012 at the Wayback Machine
  61. ^ "Archived copy" (PDF). Archived from the original (PDF) on 6 June 2013. Retrieved 28 November 2012.{{cite web}}: CS1 maint: archived copy as title (link)
  62. ^ "The Economic Pillar" http://www.vision2030.go.ke/index.php/pillars Archived 15 December 2012 at the Wayback Machine. Retrieved 25 November 2012
  63. ^ "The Social Pillar" http://www.vision2030.go.ke/index.php/pillars/index/social Archived 15 December 2012 at the Wayback Machine. Retrieved 25 November 2012
  64. ^ "The Political Pillar" http://www.vision2030.go.ke/index.php/pillars/index/political Archived 15 December 2012 at the Wayback Machine. Retrieved 26 November 2012
  65. ^ "Kenya's new constitution sparks hopes of rebirth". BBC News. 26 August 2010. Archived from the original on 24 April 2021. Retrieved 11 August 2023.
  66. ^ a b "Central Bank of Kenya Set To Release Details of New Look Currency This Week". The National Treasury. 8 August 2019. Archived from the original on 4 August 2020. Retrieved 8 August 2019.
  67. ^ Daniel Branch (15 November 2011). Kenya: Between Hope and Despair, 1963–2011. Yale University Press. ISBN 978-0-300-14876-3.
  68. ^ S., Nyamu. "Inflation Rates". www.centralbank.go.ke. Archived from the original on 16 October 2015. Retrieved 14 September 2015.
  69. ^ Kenya Inflation Rate "Archived copy" (PDF). Archived from the original (PDF) on 13 November 2012. Retrieved 28 November 2012.{{cite web}}: CS1 maint: archived copy as title (link)"Inflation Rates". Archived from the original on 16 October 2015. Retrieved 14 September 2015.
  70. ^ a b c d e f g h i j k l m n o p q r s t Kenya country profile Archived 5 May 2015 at the Wayback Machine. Library of Congress Federal Research Division (June 2007). This article incorporates text from this source, which is in the public domain.
  71. ^ Kenya Budget http://www.pwc.com/ke/en/pdf/kenya-budget-2012-revenue-and-expenditure-highlights.pdf Archived 4 August 2020 at the Wayback Machine
  72. ^ "2018 BUDGET POLICY STATEMENT". THE NATIONAL TREASURY,REPUBLIC OF KENYA. 1 February 2018. Retrieved 24 March 2019.[dead link‍]
  73. ^ "ANNUAL REVENUE PERFORMANCE FY 2019/2020 - KRA". Archived from the original on 14 April 2021.
  74. ^ "EFFECT OF PUBLIC DEBT ON ECONOMIC GROWTH IN KENYA" (PDF). GIDEON LEDAMA KOBEY,University of Nairobi. 1 November 2016. Archived (PDF) from the original on 30 July 2020. Retrieved 24 March 2019.
  75. ^ "Where Will Our Money Go?Guide for Members of Parliament 2002" (PDF). Institute of Economic Affairs,Kenya. 1 June 2001. Archived from the original (PDF) on 30 July 2020. Retrieved 24 March 2019.
  76. ^ "ANNUAL PUBLIC DEBT MANAGEMENT REPORT 2005". Debt Management Department,Kenya National Treasury. 1 June 2005. Archived from the original on 4 August 2020. Retrieved 24 March 2019.
  77. ^ "ANNUAL PUBLIC DEBT MANAGEMENT REPORT 2011". Debt Management Department,Kenya National Treasury. 1 June 2012. Archived from the original on 5 August 2020. Retrieved 24 March 2019.
  78. ^ "Kenya Public Debt". Central Bank of Kenya. 1 September 2018. Archived from the original on 1 November 2020. Retrieved 24 March 2019.
  79. ^ "Kenya Public Debt" (PDF). The National Treasury. 15 February 2021. Archived (PDF) from the original on 12 April 2021. Retrieved 12 April 2021.
  80. ^ "ANNUAL PUBLIC DEBT MANAGEMENT REPORT,2020" (PDF). The National Treasury,October 2020. Archived (PDF) from the original on 4 May 2021. Retrieved 4 May 2021.
  81. ^ "China Top Creditor For Kenya". Business Daily Africa. 28 February 2019. Archived from the original on 30 July 2020. Retrieved 24 March 2019.
  82. ^ "Kenya to Be First in Africa to Sell Sustainability-Linked Bond". Bloomberg.com. 17 April 2024. Archived from the original on 27 April 2024. Retrieved 17 April 2024.
  83. ^ Kenyatta, Uhuru Muigai (10 June 2010). "Budget Speech for the Fiscal Year 2010/2011" (PDF). Wayback Machine. Archived from the original (PDF) on 30 August 2011.
  84. ^ https://web.archive.org/web/20120405063226/http://www.economicstimulus.go.ke/index.php?option=com_content&view=article&id=102&Itemid=226. Archived from the original on 5 April 2012. Retrieved 10 September 2015. {{cite web}}: Missing or empty |title= (help)
  85. ^ "Republic of Kenya: Ministry of Finance". Finance.go.ke. Retrieved 2 August 2011.[permanent dead link‍]
  86. ^ Nicholas Kerandi (nkerandi@netmedia.co.ke). "IFMIS re-engineered to revitalize public financial management". Pfmr.go.ke. Archived from the original on 25 March 2012. Retrieved 2 August 2011.
  87. ^ "Capital Business". Capitalfm.co.ke. Archived from the original on 5 May 2011. Retrieved 2 August 2011.
  88. ^ Digital, Standard. "CMA's investor compensation fund shrinks". The Standard. Archived from the original on 4 August 2020. Retrieved 29 May 2020.
  89. ^ "Foreign direct investment (FDI) in Kenya - International Trade Portal". www.lloydsbanktrade.com. Archived from the original on 2 March 2024. Retrieved 9 March 2024.
  90. ^ Mariarosaria. "Kenya Economy". italafricacentrale.com. Archived from the original on 30 July 2020. Retrieved 29 October 2018.
  91. ^ The World Factbook Archived 12 April 2021 at the Wayback Machine Uganda country profile, CIA World Factbook
  92. ^ The World Factbook Archived 9 January 2021 at the Wayback Machine Rwanda country profile, CIA World Fact book
  93. ^ Ngui, Dianah; Chege, Jacob; Kimuyu, Peter (28 July 2016). "Kenya's Industrial Development: Policies, Performance, and Prospects". doi:10.1093/acprof:oso/9780198776987.003.0004. Archived from the original on 5 May 2023. Retrieved 5 May 2023. {{cite journal}}: Cite journal requires |journal= (help)
  94. ^ "Kenya production in 2018, by FAO". Archived from the original on 12 November 2016. Retrieved 31 October 2020.
  95. ^ "Unauthorized Access". Archived from the original on 6 November 2018. Retrieved 11 December 2018.
  96. ^ a b "Development and importance of tourism for Kenya". Worlddata.info. Archived from the original on 5 May 2023. Retrieved 5 May 2023.
  97. ^ "How focus on high-yield visitors is stunting Kenya's domestic tourism". Business Daily. 18 December 2020. Archived from the original on 10 April 2024. Retrieved 10 April 2024.
  98. ^ tourism_admin. "Homepage". Ministry of Tourism,Wildlife & Heritage. Archived from the original on 1 May 2023. Retrieved 5 May 2023.
  99. ^ Ngugi, Brian. "KCB overtakes Equity as Kenya's largest bank with Sh1.55tr assets". The Standard. Archived from the original on 5 June 2023. Retrieved 5 June 2023.
  100. ^ "Accounting firms bag Sh180m from State contracts". 10 December 2020. Archived from the original on 28 November 2021. Retrieved 20 August 2020.
  101. ^ a b "MV Uhuru II: William Ruto Launches Kenya's First Locally Built Ship in Kisumu". Tuko, October 9, 2023. 9 October 2023. Archived from the original on 9 December 2023. Retrieved 11 October 2023.
  102. ^ a b "History made as Kenya unveils its first locally built ship". Face2FaceAfrica, October 11, 2023. Retrieved 11 October 2023.
  103. ^ "Labor force participation rate, female (% of female population ages 15+) (modeled ILO estimate)". Archived from the original on 6 August 2020. Retrieved 11 June 2015.
  104. ^ a b c d Kenya Economic Update: Kenya at work: Energizing the economy and creating jobs. Archived 19 February 2018 at the Wayback Machine World Bank. December 2012.
  105. ^ a b c Ronald Hope Sr, Kempe. "Informal economic activity in Kenya: benefits and drawbacks." African Geographical Review 33.1 (2014): 67-80.
  106. ^ Barasa, Fred Simiyu, and Eleanor SM Kaabwe. "Fallacies in policy and strategies of skills training for the informal sector: evidence from the jua kali sector in Kenya." Journal of education and work 14.3 (2001): 329-353.
  107. ^ June 18 2019, Tuesday (21 December 2020). "Kenya beats sub-Saharan Africa peers in World Bank global human capital index". Business Daily. Archived from the original on 1 April 2024. Retrieved 1 April 2024.{{cite web}}: CS1 maint: numeric names: authors list (link)
  108. ^ "Impacts of protracted drought and high inflation rates drive widespread Emergency (IPC Phase 4) | FEWS NET". fews.net. Archived from the original on 9 March 2024. Retrieved 9 March 2024.
  109. ^ "World Bank Open Data". World Bank Open Data. Archived from the original on 26 May 2023. Retrieved 9 March 2024.
  110. ^ Mitchell, Travis (14 November 2016). "3. Kenyans worried about economy and corruption, but optimistic for the future". Pew Research Center's Global Attitudes Project. Archived from the original on 9 March 2024. Retrieved 9 March 2024.
  111. ^ The Economist, March 28th 2020, page 4.

Notes

[edit]

Public Domain This article incorporates public domain material from The World Factbook. CIA.

This article incorporates text from a scholarly publication published under a copyright license that allows anyone to reuse, revise, remix and redistribute the materials in any form for any purpose: Ellis, Amanda; Cutura, Jozefina; Dione, Nouma; Gillson, Ian; Manuel, Clare; Thongori, Judy. 2007. Gender and Economic Growth in Kenya : Unleashing the Power of Women. Directions in Development; Private Sector Development. Washington, DC Please check the source for the exact licensing terms.

Further reading

[edit]
[edit]
Wikimedia Commons has media related to Economy of Kenya.
News
Trade
Retrieved from "https://en.wikipedia.org/w/index.php?title=Economy_of_Kenya&oldid=1263211330"