Kenya » Introduction

Basic Economic Facts

 

 

GDP	$37.15 billion (2005 est)
GDP per head	$1,100 (2005 est)
Annual Growth	5.2% (2005)
Major Industries	Small-scale consumer goods (plastic, furniture, batteries, textiles, soap, cigarettes, flour), agricultural products, oil refining, aluminum, steel, cement, commercial ship repair and tourism.
Major Trading Partners	Uganda, Uae, Netherlands, China

 

 

 

Kenya's main economic strengths include tourism and agriculture. The economy is beginning to show some growth after years of stagnation.The government of Kenya took some positive steps on reform, including the 1999 establishment of the Kenyan anti-corruption authority, and measures to improve the transparency of government procurements and reduce the government payroll.

In 1993, the government of Kenya implemented a program of economic liberalization and reform that included the removal of import licensing, price controls, and foreign exchange controls. With the support of the World Bank, IMF, and other donors. Kenya's GDP grew 5% in 1995 and 4% in 1996, and inflation remained under control.

Nairobi continues to be the primary communication and financial hub of East Africa. It enjoys the region's best transportation linkages, communications infrastructure, and trained personnel, although these advantages are less prominent than in past years. A wide range of foreign firms maintain regional branch or representative offices in the city. In March 1996, the Presidents of Kenya, Tanzania, and Uganda re-established the East African Cooperation (EAC). The EAC's objectives include harmonizing tariffs and customs regimes, free movement of people, and improving regional infrastructures. In March 2004, the three East African countries signed a customs union agreement.