Country: Kenya

Economic Health

• GDP (2022): $110.3 billion
• GNI (2022): $1,990 (PPP)
• GDP per capita (2022): $2,300 (PPP)
• Inflation rate (2022): 6.3%
• Unemployment rate (2022): 7.4%

Economic Status and Quality of Life

Kenya’s economic status has improved significantly in recent decades. The country has achieved sustained economic growth, averaging 5.6% per year between 2014 and 2018. This growth has been driven by a number of factors, including a strong agricultural sector, a growing services sector, and a stable macroeconomic environment.

As a result of this economic growth, there has been a noticeable improvement in the quality of life for many Kenyans. Poverty rates have fallen from 43% in 2005 to 27% in 2019. Life expectancy has increased from 53 years in 1990 to 67 years in 2020. And access to basic services such as education and healthcare has improved.

However, there are still significant challenges to improving the quality of life for all Kenyans. Inequality remains a major problem, with the richest 10% of Kenyans controlling more than 40% of the country’s wealth. And access to quality education and healthcare remains limited for many Kenyans, particularly those living in rural areas.

Trade

Kenya is a major trading nation in East Africa. The country’s main trading partners are the United States, the United Kingdom, the Netherlands, China, and Uganda. Kenya’s chief exports are tea, coffee, flowers, fruits, and vegetables. The country’s chief imports are petroleum products, machinery, vehicles, and chemicals.

Economic Outlook

The future of Kenya’s economy is generally positive. The country is expected to continue to grow at a rate of around 5% per year in the coming years. This growth will be driven by a number of factors, including a young and growing population, a growing middle class, and a government that is committed to economic reform.

However, there are also a number of challenges that could impact Kenya’s economic growth. These challenges include climate change, political instability, and corruption.

Overall, Kenya is a country with a bright economic future. The country has a number of strengths that will support economic growth in the coming years. However, the government will need to address a number of challenges in order to ensure that all Kenyans benefit from economic growth.