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The paper argued that Kenya should instead concentrate on African socialism, while avoiding linking Kenya's economic fortunes to any country or group of countries. [39] From 1963 to 1973, GDP grew at an annual average rate of 6.6%; during the 1970s, it grew at an average rate of 7.2%.
The List of counties of Kenya by Gross County Product (GCP) shows the economic output of counties in Kenya. It is calculated by the Kenya National Bureau of Statistics (KNBS), which aggregates the value of all goods and services produced within a county during a specific period. GCP is an essential indicator for assessing the economic ...
The Kenya National Bureau of Statistics (KNBS) is a department in Kenya's Ministry of Planning which collects and compiles regular cross-sectoral data for the government. The Bureau was established through the Statistics Act of 2006 and initiated in February 2007. [ 1 ]
The Kenya Finance Bill 2024 was a piece of legislation that proposed changes to the tax system of Kenya, [1] which involves tax increases. [2] The proposed bill aims to raise 346 billion Kenyan shillings (KSh) to pay off debt and fund development projects.
9 October – Kenya is elected to a seat at the United Nations Human Rights Council for a three-year term beginning in 2025. [ 44 ] 17 October – Following a majority vote by the Senate, Rigathi Gachagua is removed as Vice President after being convicted of five of the 11 charges laid against him during his impeachment.
PPP largely removes the exchange rate problem, but has its own drawbacks; it does not reflect the value of economic output in international trade, and it also requires more estimation than nominal GDP. [4] On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures. [5]
The 2024 Finance Bill is the first in a series of tax reforms based on a Medium-Term Revenue Strategy (MTRS) devised and published by the Kenyan government in 2023 through the Ministry of National Treasury and Economic Planning. The MTRS aims to increase the tax-to-GDP ratio in Kenya from 13.5% to at least 20% from 2024 to 2027. [26]
Kenya is a lower middle income economy, with Kenya's GDP hitting $150 billion as of 2024. This is due to increasing technology innovation services. Although Kenya's economy is the largest and most developed in eastern and Central Africa, 63% (2023/2024) of its population lives below the international poverty line. [1]