On September 30, 2014, Kenya achieved lower middle-income status effectively joining the ranks of middle-income countries, sixteen years ahead of its Vision 2030 goals.
Kenya is the ninth largest African country with a GDP of $55.2 billion. A World Bank Group analysis attributes Kenya’s growth to aggregate demand fueled by strong consumption and investment.
According to the World Bank’s Enterprise Surveys 2013 data, the top three business environment constraints experienced by private sector firms in Kenya are practices of the informal sector, corruption, and electricity.
According to Heritage Foundation’s 2015 Index of Economic Freedom Kenya’s economic score is down 1.5 points from last year to 55.6 making its economy the 122 freest (out of 186) in the 2015 index. There was an improvement in freedom from corruption outweighed by declines in five of the 10 economic freedoms, including trade freedom, business freedom and the control of government spending. Kenya is ranked 23rd out of 46 countries in sub-Saharan Africa.
United Nations Conference on Trade and Development STATS.
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Published on March 22, 2017
Panelists for the East Africa Postharvest Technologies Competition 2017 have selected 46 innovators, from over 200 applicants, to undergo accelerator training on how to package and pitch their technologies to investors. The training will help the innovators expand their opportunities for scaling up and disseminating their technologies to a wider market. The training will take place in Tanzania on April 4-6, 2017.
Applicants are competing for the best technological solutions to address post-harvest losses. They hail from Kenya, Uganda, Tanzania, Rwanda and Burundi.
The Inter Region Economic Network (IREN) is conducting the inaugural East Africa Postharvest Technologies Competition 2017 through a grant from the Hub. The objective is to spur the development of innovative technologies that reduce food loss and waste in Africa.
Published on March 16, 2017
Rwandan High Commissioner to Kenya H.E James Kimonyo has unveiled new incentives to Kenya businesses wishing to establish or grow business in the country. “With just 12 per cent of inter-country trade among African nations there is so much opportunity and room for growth between us,” he said at the second edition of the Rwanda Business Forum at a Nairobi Hotel.
The envoy unveiled new incentives to investors planning to invest in the country that together with Kenya are among the top ten fastest growing economies in the World. Read more. Source | Standard Digital
Published on March 09, 2017
Kenyan millers and traders are set to take up 87 per cent of the 275,000 metric tonnes of grain that East African regional countries have agreed to import from Ethiopia.
The deal, which was facilitated by Eastern Africa Grain Council (EAGC) and USAid’s East Africa Trade and Investment Hub will see traders import 240,000 metric tonnes of maize and pulses from Ethiopia, part of 51 contracts worth Sh5.5 billion that have been agreed with regional countries.
The deal was inked during a regional grain trade facilitation forum co-hosted by Addis Ababa Chamber of Commerce and Sectoral Associations (AACCSA) in Ethiopia this week. Read more. Source | Business Daily
Published on March 01, 2017
The local leather industry has received a shot in the arm after the establishment of a Sh130 million revolving fund to help SMEs in the sector scale up production.
Industry, Trade and Co-operatives secretary Adan Mohamed said the Kenya Industrial Estates (KIE) would manage the fund from which the SMEs would borrow at low-interest rates.
“PTA Bank has provided Sh30 million while the government has set aside Sh100 million for the kitty. Read more. Source | Business Daily
Published on February 28, 2017
Trade between East Africa and the United States is set to increase after the latter’s Federal Aviation Administration granted Kenya’s Jomo Kenyatta International Airport a Category One status, finalising a pact that heralds the beginning of direct flights to America from Nairobi.
By attaining the highest International Aviation Safety Assessment status, Nairobi can now cement its position as the region’s aviation hub for both passengers and cargo.
Kenya’s Transport Cabinet Secretary James Macharia said national carrier Kenya Airways and other interested local operators will fly directly from Kenya to the US once the necessary approvals and last point of departure (LPD) rights are granted. Read more. Source | East African
Published on February 24, 2017
When Lupita Nyong’o, an Oscar award winner, graced the red carpet in US three years ago, the focus was on her one-shoulder dress which was paired with a Sh350,000 Chesneau Heltzel python leather box clutch. The timeless python skin bag was made in Kenya and Rudolf Heltzel, a world renowned fashion house from Ireland bejewelled it.
Later that year, Michelle Dockery, another actress and singer donned a similar clutch. Only 12 pieces were made and they sold out fast.
Kenya has had many moments in the high-fashion sun with designers showcasing on international runways and now made-in-Kenya bags that have a hint of the wild are finding space in international luxury shops and creating a celebrity gold rush. Read more. Source | Business Daily
Published on February 20, 2017
A regional grain body and a US aid agency are working with millers and traders to import cheap maize from Ethiopia to ease the current shortage of the commodity that has hit the country.
East African Grain Council (EAGC) and the USAID trade hub want to link Kenyan buyers to Ethiopian sellers to import the grain into the country.
Last week, EAGC executive director Gerald Masila was in Ethiopia to discuss the trade deal while the Ethiopian delegation will be in the country this week for negotiation with millers. Ethiopia has a surplus of 1.5 million bags that they are willing to sell to Kenya. Read more. Source | Business Daily
Published on February 16, 2017
Kenya has created a unit that will market beads in foreign capitals in the quest to sell unique breast plates, earrings and bracelets to US and European consumers.
The Tourism ministry has established the Ushanga Kenya Initiative to be manned by an independent executive to research the bead-making industry and explore new markets for products.
The main market for the beads remains Kenya, but now beading is selling at higher prices to a small clique of European designers. Read more. Source | Business Daily