Table 75: KENYA QUICK FACTS
President: Uhuru Kenyatta
Area: 580,367 sq. km
Capital: Nairobi (3.363 million inhabitants
Main Cities: Nairobi, Mombasa, Kisumu, Nakuru
GDP: US$79.9 billion (2013)
Population: 45 million (July 2014)
Language: English and Swahili (official)
Urban Population: 24% of total population (2011)
Rate of Urbanization: 4.36% annual change
Currency: Kenyan Shilling (KES)
Climate: Varies from tropical along the
coast to arid in the interior
Kenya’s economy continued to recover in 2013 from the slowdown experienced in 2011. Real GDP growth accelerated to 5.2%, 4.3% and 4.6% in the first three quarters of 2013 primarily driven by financial intermediation, tourism, construction and agriculture.
Real GDP growth is estimated at 5.7% in 2014 respectively. Similarly CPI inflation is expected to remain single digit over the same period. The economy’s short- to medium-term forecast is for sustained and rising growth based on: increased investor and business confidence in the wake of peaceful March 2013 elections, increased rainfall, a stable macroeconomic environment, lower, stable international oil prices, stability of the Kenya shilling, and reforms affecting security, governance and justice.
However, Kenya has been hampered by recent terrorist attacks and by reliance upon exporting several primary goods whose prices have remained low. Low infrastructure investment threatens Kenya’s long-term position as the largest East African economy, although the Kenyatta Administration has prioritized infrastructure development. International financial lenders and donors remain important to Kenya’s economic growth and development. Unemployment is high at around 40% and more than 60% of the population is under 24 years of age.
Kenya is integrated into a number of global value chains – e.g. floriculture, textiles, leather, manufacturing and tourism – but economic and social benefits have been limited due to insufficient or unsustainable linkages with other sectors.