Sub Saharan Africa

Kenya
Last reviewed: 21 April 2009

Country information

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ECONOMY

Basic Economic Facts

GDP: US$27.3 bn (2007); GDP per capita: US$680 (est 2007 World Bank Development Indicators)
Annual growth: 2.5 % (estimate 2008)
Inflation: 26.3 % (March 2008 Economist Intelligence Unit)
Exchange Rate: KSh 118 = £1 sterling (April 2009)
Major Industries: Small scale consumer goods, agricultural products, processing, and tourism.
Major trading partners: Africa (46.2%) mainly Uganda and Tanzania, European Union (28.5%), UK the leading partner, the Far East tops the EU for imports.

The Kenyan economy remains dependant on agriculture and periodic drought often threatens GDP growth. Farming and livestock are important activities, accounting (with forestry and fishing) for 23.9% of GDP and about half of total exports in 2007. Horticultural produce and tea are Kenya’s two single most valuable exports, accounting for 18.8% and 15.5% respectively of total sales in 2007.

The post-election violence in the first quarter of 2008 hit the Kenyan economy hard. The Kenya Private Sector Alliance (representing most major businesses) estimated that 400,000 jobs were lost and economic growth was expected to slow to 4%. The tourism industry, which is a major source of foreign exchange, was severely damaged. The agriculture sector was also been heavily affected, which will have long term effects on Kenya's economy.

IMF Country Reports - Kenya