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Kenya Economy
Economy - overview:
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%.
GDP:
purchasing power parity - $33.03 billion (2003 est.)
GDP - real growth rate:
1.5% (2003 est.)
GDP - per capita:
purchasing power parity - $1,000 (2003 est.)
GDP - composition by sector:
agriculture: 19.7%
industry: 18.6%
services: 61.8% (2003 est.)
Investment (gross fixed):
14.3% of GDP (2003)
Population below poverty line:
50% (2000 est.)
Household income or consumption by percentage share:
lowest 10%: 2%
highest 10%: 37.2% (2000)
Distribution of family income - Gini index:
44.9 (1997)
Inflation rate (consumer prices):
9.8% (2003 est.)
Labor force:
11.45 million (2003 est.)
Labor force - by occupation:
agriculture 75% (2003 est.)
Unemployment rate:
40% (2001 est.)
Budget:
revenues: $2.761 billion
expenditures: $3.406 billion, including capital expenditures of NA (2003 est.)
Public debt:
62.9% of GDP (2003)
Industries:
small-scale consumer goods (plastic, furniture, batteries, textiles, soap, cigarettes, flour), agricultural products processing; oil refining, cement; tourism
Industrial production growth rate:
2% (2003 est.)
Electricity - production:
4.033 billion kWh (2001)
Electricity - production by source:
fossil fuel: 17.7%
hydro: 71%
other: 11.3% (2001)
nuclear: 0%
Electricity - consumption:
3.981 billion kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
230 million kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
57,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
tea, coffee, corn, wheat, sugarcane, fruit, vegetables; dairy products, beef, pork, poultry, eggs
Current account balance:
$-306 million (2003)
Exports:
$2.514 billion f.o.b. (2003 est.)
Exports - commodities:
tea, horticultural products, coffee, petroleum products, fish, cement
Exports - partners:
Uganda 19.3%, UK 11.7%, US 8.8%, Netherlands 7.9%, Pakistan 5.1%, Egypt 4.3%, Tanzania 4% (2003 est.)
Imports:
$3.705 billion f.o.b. (2003 est.)
Imports - commodities:
machinery and transportation equipment, petroleum products, motor vehicles, iron and steel, resins and plastics
Imports - partners:
UAE 13.3%, Saudi Arabia 9.7%, South Africa 8.6%, UK 7.4%, China 6.4%, US 5.2%, India 5.1%, Japan 4.9%, Germany 4.2% (2003 est.)
Reserves of foreign exchange & gold:
$1.455 billion (2003)
Debt - external:
$5.916 billion (2003 est.)
Economic aid - recipient:
$453 million (1997)
Currency code:
KES
Fiscal year:
1 July - 30 June
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