Economy of Kenya
Kenya’s economy is developing fast and has contributed a lot toward the development of the country. In 2013, agriculture contributed 20.7% of real GDP, the industrial sector 15.9% (of which manufacturing contributed only 9.5%), and services 63.4%. With regard to recent growth performance, GDP grew by an annual average of 3.7% over the last 5 years (Graph 2), with agriculture growing by only 0.6% and the industrial and services sectors by 4.0% and 4.5%, respectively.
The short-term outlook is positive, with projected GDP growth of around 6-6.5% over the next three years, mainly driven by higher private-sector investments and increased exports. Services, especially finance and ICT, and construction, are expected to be the key drivers of GDP growth.
The discovery of oil, gas and coal in 2012 might have the potential to boost Kenya’s overall socio-economic development, but exact deposit quantities as well as fiscal and economic impacts are yet to be fully estimated
The Government of Kenya has implemented sound macroeconomic policies in recent years, resulting in robust macroeconomic fundamentals
The Central Bank of Kenya (CBK) has generally pursued a prudent monetary policy stance since 2008.
The economy of Kenya has been summarized to include the following