Economy Of Kenya
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Economy overview
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The regional hub for trade and finance in East Africa, Kenya has been hampered by corruption, notably in the judicial system, and by reliance upon several primary goods whose prices have remained low. In 1997, the IMF suspended Kenya's Enhanced Structural Adjustment Program due to the government's failure to maintain reforms and curb corruption. A severe drought from 1999 to 2000 compounded Kenya's problems, causing water and energy rationing and reducing agricultural output. As a result, GDP contracted by 0.2% in 2000. The IMF, which had resumed loans in 2000 to help Kenya through the drought, again halted lending in 2001 when the government failed to institute several anticorruption measures. Despite the return of strong rains in 2001, weak commodity prices, endemic corruption, and low investment limited Kenya's economic growth to 1.2%. Growth lagged at 1.1% in 2002 because of erratic rains, low investor confidence, meager donor support, and political infighting up to the elections. In the key 27 December 2002 elections, Daniel Arap MOI's 24-year-old reign ended, and a new opposition government took on the formidable economic problems facing the nation. In 2003, progress was made in rooting out corruption, and encouraging donor support, with GDP growth edging up to 1.7%.
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GDP
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purchasing power parity - $33.03 billion (2004 est.)
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GDP - real growth rate
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1.5% (2004 est.)
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GDP - per capita
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purchasing power parity - $1,000 (2004 est.)
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GDP - composition by sector
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agriculture: 19.7%
industry: 18.6%
services: 61.8% (2004 est.)
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Investment gross fixed
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14.3% of GDP (2004 est.)
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Population below poverty line
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50% (2000 est.)
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Household income or consumption by percentage share
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lowest 10%: 2%
highest 10%: 37.2% (2000)
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Distribution of family income - Gini index
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44.9 (1997)
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Inflation rate consumer prices
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9.8% (2004 est.)
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Labor force
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11.45 million (2004 est.)
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Labor force by occupation
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agriculture 75% (2003 est.)
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Unemployment rate
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40% (2001 est.)
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Budget
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revenues: $2.761 billion
expenditures: $3.406 billion, including capital expenditures of NA (2004 est.)
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Public debt
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62.9% of GDP (2004 est.)
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Agriculture products
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tea, coffee, corn, wheat, sugarcane, fruit, vegetables; dairy products, beef, pork, poultry, eggs
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Industries
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small-scale consumer goods (plastic, furniture, batteries, textiles, soap, cigarettes, flour), agricultural products processing; oil refining, cement; tourism
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Industrial production growth rate
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2% (2004 est.)
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Electricity production
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4.033 billion kWh (2001)
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Electricity production by source
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fossil fuel: 17.7%
hydro: 71%
other: 11.3% (2001)
nuclear: 0%
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Electricity consumption
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3.981 billion kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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230 million kWh (2001)
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Oil production
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0 bbl/day (2004 est.)
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Oil consumption
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57,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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$-306 million (2004 est.)
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Exports
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$2.514 billion f.o.b. (2004 est.)
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Exports commodities
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tea, horticultural products, coffee, petroleum products, fish, cement
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Exports partners
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Uganda 12.7%, UK 12.5%, US 9.4%, Netherlands 8.5%, Pakistan 5%, Egypt 4.6%, Tanzania 4.3% (2003)
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Imports
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$3.705 billion f.o.b. (2003 est.)
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Imports commodities
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machinery and transportation equipment, petroleum products, motor vehicles, iron and steel, resins and plastics
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Imports partners
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UAE 13.2%, Saudi Arabia 9.6%, South Africa 8.6%, UK 7.4%, China 6.3%, US 5.1%, India 5.1%, Japan 4.9%, Germany 4.2% (2003)
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Reserves of foreign exchange gold
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$1.455 billion (2004 est.)
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Debt external
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$5.916 billion (2004 est.)
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Economic aid recipient
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$453 million (1997)
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Currency
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Kenyan shilling (KES)
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Currency code
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KES
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Exchange rates
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Kenyan shillings per US dollar - 75.9356 (2003), 78.7491 (2002), 78.5632 (2001), 76.1755 (2000), 70.3262 (1999)
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Fiscal year
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1 July - 30 June
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This information was reproduced in part from the CIA World Fact book.
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