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Kenya’s Economy

Economic Overview

Kenya has had considerable growth in the past few years with average growth rate of over 5 percent. As of 2016, Gross Domestic Product (GDP) stood at USD 70.53 billion with per capita income of USD 1,587. Kenya’s Economy is distinguished from most African countries by the fact that it is one of the most diversified and advanced.

Key sectors of the economy include agriculture, manufacturing, real estate and services. Although agriculture remains the mainstay of the economy at 30 per cent of GDP, manufacturing’s share of GDP has been rising significantly over the years. At 10 per cent, manufacturing is the second-largest contributor to GDP, with the processing of agricultural products a key factor in growth.

  • GDP (USD BN)

The Economy is Liberalized

Kenya operates a liberal economy which promotes trade and investment.

The country has, abolished price and exchange controls. The Government has also instituted measures to sustain macro-economic stability such as prudent fiscal and monetary policies, improvements in economic governance, and privatization of some public enterprises. These policies continue to promote growth by providing a more secure environment for private sector investment decisions.

Kenya guarantees capital repatriation and remittance of dividends and interest to foreign investors, who are free to convert and repatriate profits

Private enterprises, both foreign and domestic, can freely establish, acquire, and dispose of business enterprises according to the Companies Act. The Constitution of Kenya provides protection against the expropriation of private property. Only permitted subject to the payment of prompt and fair compensation

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