Embassy of the Republic of Kenya
in the Russian Federation
Official website

Economy

Kenya is currently ranked as a middle income country with a Gross Domestic Product in excess of USD 50 billion becoming the second largest non-oil producing economy in Africa.

The Country offers one of the best foreign investment climates in the wider East African region, being geo-strategically located at the confluence of the great lakes, Horn of Africa and Indian Ocean contiguity. As the gateway to nearly ten land locked countries in the region, Kenya offers a wide range of trade and investment opportunities. Prudent policies have helped anchor favorable conditions for strong and stable economic growth. Fiscal discipline has improved both the external and domestic debt positions of the country. A more modern framework for monetary policy has helped keep inflation expectations in check, despite adverse internal and external shocks. In addition, stronger supervisory powers have maintained financial stability, even as financial system is expanding rapidly and capital markets are opening up.

Kenya's economy is market-based, with a few state-owned infrastructure enterprises, and maintains a liberalized external trade system. The country is generally perceived as Eastern and central Africa's hub for Financial, Communication and Transportation service, with a well-developed social and physical infrastructure. For a long time, agriculture and tourism has been leading as one of the foreign currency earner. The Government has put in place new strategies to diversify its sources of foreign currency earner to include marketing Kenya as a meetings and conferences destination, culture, sports and agro-tourism.

The government is currently implementing "Vision 2030", a development agenda that is aimed at transforming the country to a middle-income economy by the year 2030.  The vision is being implemented through five-year medium-term rolling plans. Additionally, the present administration has selected four sectors to focus on in order to uplift the economy. These are: Universal Healthcare; Affordable Housing; Manufacturing and Infrastructure development.

For More information visit: https://www.knbs.or.ke/, http://vision2030.go.ke/.