Economy of Kenya
Kenya is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Kenya may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Kenya exports around $6.58 billion and imports roughly $15.86 billion. 11.5% of population in the country are unemployed. The total number of unemployed people in Kenya is 5,859,351. In Kenya, 43.4% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Kenya is very high when compared with other nations. This situation is indicative of a variety of alarming economic and political factors. It is not advisable to make any investments in countries with this level of poverty. Government expenditure on education is 7% of GDP. The Gini Index of the country is 42.5. Kenya is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Kenya has a Human Development Index (HDI) of 0.535. Kenya has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Kenya is 2.342. The strength of legal rights index for Kenya is 7. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.
The currency of Kenya is Kenyan shilling. The plural form of the word Kenyan shilling is shillings. The symbol used for this currency is Sh, and it is abbreviated as KES. The Kenyan shilling is divided into Cent; there are 100 in one shilling.
The depth of credit information index for Kenya is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Kenya has a credit rating score of B+, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Kenya has a credit rating score of B+, and the prospects of this rating are stable.
In Kenya, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of Kenya. Locally, the central bank of Kenya is called Benki Kuu ya Kenya. The average deposit interest rate offered by local banks in Kenya is 8.4%.
Kenya has a government debt of 37.2% of the country's Gross Domestic Product (GDP), as assessed in 2012.
The corporate tax in Kenya is set at 30%. Personal income tax ranges from 10% to 30%, depending on your specific situation and income level. VAT in Kenya is 16%.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Kenya is $133015 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Kenya was last recorded at $3 million. PPP in Kenya is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Kenya is 54,443 billion. Based on this statistic, Kenya is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Kenya was last recorded at $1 million. The average citizen in Kenya has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Kenya averaged 5.3% in 2014. According to this percentage, Kenya is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Kenya.
Major industries in the country are small-scale consumer goods (plastic, furniture, batteries, textiles, clothing, soap, cigarettes, flour), agricultural products, horticulture, oil refining, aluminum, steel, lead, cement, commercial ship repair, tourism. The total labor force of Kenya is 19,352,330 people, wherein 11.5% of population in the country are unemployed. The total number of unemployed people in Kenya is 5,859,351. The Industrial Production growth rate of Kenya is 5.1%.To read more about industrial information within Kenya click on industry of Kenya.
There are 45597 km2 of arable land in Kenya, and it comprises 8% of the country's total territory. There are 51119 km2 of cultivated land in Kenya. The country's major agricultural crops and products are tea, coffee, corn, wheat, sugarcane, fruit, vegetables, dairy products, beef, pork, poultry, eggs.To read more about agriculture click on agriculture of Kenya.