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Economic Overview


The Kenyan economy, East Africa's largest, has experienced considerable growth in the past few years, driven by several key factors. The country enjoys some particular advantages: a reasonably well-educated labour force, a vital port that serves as an entry point for goods destined for countries in the East African and Central Africa interior, abundant wildlife and kilometers of attractive coastline and above all, a government that is committed to implementing business reforms. Kenya's agricultural development remains the most important contributor to GDP with horticultural industry of mainly high quality cut flowers being among the leading export products.

Kenya's position as the economic, commercial and logistical hub in Eastern Central Africa, places the country as one of the best investment destinations globally. Foreign Direct Investments (FDI) has been on the rise and is strongest in the East Africa region. Additionally, the re-based Gross Domestic Product (GDP) figures of USD 58.1 Billion in 2014 elevated Kenya to a Lower Middle Income Country, one of the largest economies in Sub-Saharan Africa and amongst the fastest growing in the world. In the region, Kenya is the dominant economy in the East Africa Community, contributing to more than 40% of the region's GDP. This is also uniquely distinguished from many countries by the fact that Kenya's economy is one of the most diversified with no oil, nor gas exports.

Other Milestone steps evidenced in modernizing railways, seaports, the airports, and development of geothermal power stations, all puts Kenya on an accelerated developmental pedestal. This is further complemented by Kenya being a member of both the EAC and COMESA economic regional blocs, which both gives a combined market population of over 400 million which is about a half of Africa's total population.

For more information on the overall economic outlook, and GDP growth of the Kenyan Economy click http://www.knbs.or.ke/