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The economy of Kenya is market-based with a few state enterprises. Kenya has an emerging market and is an averagely industrialised nation ahead of its East African peers. Currently a lower middle income nation, Kenya plans to be a newly industrialised nation by 2030.
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 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 ...
Amidst protests, the Kenyan government scrapped parts of the bill on 18 June 2024. According to Kuria Kimani, chairman of Kenya’s Finance and National Planning Committee, the proposed tax increases that were scrapped included a 16% value-added tax (VAT) on bread, as well as taxes on motor vehicles, vegetable oil, and mobile money transfers. [26]
With a GNI of 1,840, [18] Kenya is a lower-middle-income economy. Kenya's economy is the second largest in eastern and central Africa, after Ethiopia, with Nairobi serving as a major regional commercial hub. [19] Agriculture is the largest sector; tea and coffee are traditional cash crops, while fresh flowers are a fast-growing export.
The agreement is subsequently cancelled by the Kenyan government in November. [39] 13 September – Germany and Kenya agree on a labour migration deal which will see 250,000 skilled and semi-skilled Kenyan workers go work in Germany amid a shortage of skilled labour in the German economy.
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The Economy of East Africa is characterized by diverse sectors, with agriculture playing a pivotal role, employing the majority of the population and contributing significantly to GDP. Key crops include coffee, tea, and horticultural products.