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Kenya has a mixed economic system with minimal intervention by the government. The economy is however majorly market based. It has considerable state- owned enterprises and parastatals for example Kenya Ports Authority, KMC and KBC. These state-owned enterprises distort the economy.
Kenya’s Gross Domestic Product per capital is estimated to be above 1,376.71 USD. The Gross National Income estimated to be 141 billion is rising. The GDP growth rate was 5.6% as at 2015. However, it is currently estimated to be 6.1%
The inflation rate stands at 8.4% per annum. Although it is high, it is continuable.
Kenya as a country has international reserves estimated to be 7.5 million USD and its purchase power stands at 165.5 billion. Kenya has a liberalized external trade system though the liberty is not absolute (there is freedom of doing trade). The state has put in place several checks and balances to ensure safety to the growing economy for example the state approves foreign investment, the state approves the direction of state, the state adopts various tariffs to control movements of goods and services into and out of the country. Kenya is also a member of trade blocks for example COMESA and East Africa Commission. The ease of doing business in Kenya is rated at 95 out of 190 countries.
Kenya is the leading economy in East and Central Africa in finance, communication, and transport services. It is the Eastern Africa financial hub. Under finance, it has a Central bank and over 40 commercial banks.
Sectorial performance is alive with services sector leading at 62.5% of the GDP followed by agriculture at 24.2% of the GDP and industries at 14.8% of the GDP. Agriculture is the main employer employing 77% of the people. Tourism is a pillar in the economy though it has suffered several setbacks.
Kenya actively participates in export and import trade. It exports tea, horticultural products, coffee, pyre thrum, meat, fish, coconut, petroleum among others. On the other hand, Kenya imports agricultural inputs for example fertilizers, machinery, petroleum, hydroelectric power, skilled manpower, health care facilities among others. Trade is moderately important to Kenya’s economy. Export-import trade accounts for 5% of the GDP.
Foreign direct investment is encouraged though with some restrictions.
Dullayo answered the question on April 21, 2018 at 16:37
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Kathy
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Jackson
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