What is Kenya's GDP?
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Between 2013 to 2017 under Uhuru Kenyatta government, the GDP growth averaged 5% per annum. In 2018 Kenya's Gross Domestic Product (GDP) is about US$85.98 billion. Per capita GDP averages somewhat more than US$1,790 annually. Adjusted in purchasing power parity (PPP) terms, per capita GDP in 2018 is about US$3,657. The country's real GDP growth averaged 5.7 percent in the first quarter of 2018 and nearly 6.3 percent in the second quarter of 2018, compared with 4.7 percent in the first quarter of 2017.
Economy of Kenya
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Kenya's economy is market-based with a few state-owned infrastructure enterprises and maintains a liberalised external trade system. The country is generally perceived as Eastern Africa's hub for Financial, Communication and Transportation services. Major industries include: agriculture, forestry and fishing, mining and minerals, industrial manufacturing, energy, tourism and financial services. As of 2019 estimates, Kenya had a GDP of $98.264 billion making it the 65th largest economy in the world. Per capita GDP was estimated at $1,991.
Economy of Kenya
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Real GDP is expected to continue to improve, largely because of expansions in tourism, telecommunications, transport, and construction and a recovery in agriculture. The Kenya Central Bank forecast for 2018 is above 6 percent GDP growth. GDP composition by sector, according to 2018 estimates, is as follows: agriculture, 25.7 percent; manufacturing, 14.0 percent; trade, restaurants, and hotels, 13.8 percent; transport and communications, 6.9 percent; government services, 15.6 percent; and other, 24.0 percent.
Economy of Kenya
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Telecommunication and financial activity over the last decade now comprises 62% of GDP. 22% of GDP still comes from the unreliable agricultural sector which employs 75% of the labour force (a consistent characteristic of under-developed economies that have not attained food security—an important catalyst of economic growth) A small portion of the population relies on food aid. Industry and manufacturing is the smallest sector, accounting for 16% of GDP. The service, industry and manufacturing sectors only employ 25% of the labour force but contribute 75% of GDP.
Kenya also exports textiles worth over $400million under Agoa.
Kenya
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Agriculture is the second largest contributor to Kenya's gross domestic product (GDP), after the service sector. In 2005 agriculture, including forestry and fishing, accounted for 24% of GDP, as well as for 18% of wage employment and 50% of revenue from exports. The principal cash crops are tea, horticultural produce, and coffee. Horticultural produce and tea are the main growth sectors and the two most valuable of all of Kenya's exports. The production of major food staples such as corn is subject to sharp weather-related fluctuations. Production downturns periodically necessitate food aid—for example, in 2004 aid for 1.8 million people because of one of Kenya's intermittent droughts.
Kenya
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After Mwai Kibaki took over as president in 2003,the GDP growth quickly picked up to 2.3% in 2004 reaching an all time high of 7% in 2007.GDP growth slumped to 1% in 2008 due to post election violence,then picked up to 2.9% in 2009 before averaging 5% between 2009 to 2013 when the Grand Coalition government came to an end.In the last year of Kibaki and the grand coalition government in 2013,Kenya's total GDP was US$55.1 Billion with a population of 44.83 Million and a per capita of US$1,229.
Economy of Kenya
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This aims at improving the prosperity of all Kenyans through an economic development programme, covering all the regions of Kenya. It aims to achieve an average Gross Domestic Product (GDP) growth rate of 10% per annum beginning in 2012. To achieve this target, Kenya is continuing with the tradition of macro-economic stability that has been established since 2002. It is also addressing other key constraints, notably, a low savings to GDP ratio, which can be alleviated by drawing in more remittances from Kenyans abroad, as well as increased foreign investment and overseas development assistance (ODA).
Kenya Vision 2030
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The GDP grew rapidly after Independence.Between 1964 and 1976 it averaged 7% per annum. By the last year of President Jomo Kenyatta government in 1978, the total GDP of Kenya was US$5.3 Billion with a population of 15.08 million and a per capita of US$351.
Economy of Kenya
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After regaining its independence in 1963, Kenya promoted Africanization of the Kenyan economy, rapid economic growth through public investment, encouragement of smallholder agricultural production, and incentives for private often foreign industrial investment.The sessional paper number 10 of 1965 stressed the need for Kenya to avoid the western driven capitalistic economy,the eastern driven communism but concentrate on African socialism while ensuring that Kenya's economic fortunes are not dependent on a satellite relationship to any country or group of countries. Gross domestic product (GDP) grew at an annual average of 6.6% from 1963 to 1973 and 7.2% during the 1970s. Agricultural production grew by 4.7% annually during the same period, stimulated by redistributing estates, diffusing new crop strains, and opening new areas to cultivation. Between 1974 and 1990, however, Kenya's economic performance declined. With GDP growth averaging 4.2% per year in the 1980s and 2.2% a year in the 1990s.
Economy of Kenya
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Industry and manufacturing: In the last 31 years, this component of Kenya's GDP has been greatly fluctuating. In 1980, industry and manufacturing accounted for 21 percent of Kenya's overall GDP. In 1990, it decreased to 19 percent, and in 2000, the value added to GDP decreased again to 17 percent. In 2011, there was a slight rise to 19 percent of Kenya's overall GDP.
Economy of Kenya