Real Estate

Kenya- Ninth-Largest Economy in Africa

Kenya has climbed up to become the ninth-largest economy in Africa after rebasing its Gross Domestic Product. The review of its national output figures places Kenya in the world`s league of middle-income nations. Kenya becomes the second country this year in Africa after Nigeria, to review the national output figures. Nigeria "rebased" its gross domestic product (GDP) data and pushed it above South Africa as the continent's biggest economy.

The statistics were unveiled on Tuesday 30th September 2014 in Kenyatta International Conference Center, Nairobi. The acting director-general of the Kenya National Bureau of Statistics (KNBS) Mr. Zachary Mwangi said that Kenya was now ninth-largest economy in Africa. The Fresh national statistics unveiled on Tuesday show that Kenya`s GDP was last year underestimated by a quarter.

But the latest update of national accounts, technically known as rebasing, has put the GDP figure for 2013 at Sh4.75 trillion ($53.2 billion), some 25 per cent higher than the earlier estimate of Sh3.8 trillion. Kenya’s GDP per capita has now risen to Sh116,037 ($1,246), surpassing the $1,045 threshold set by the World Bank for a country to join the lower middle-income bracket.

The new rankings, incorporating Kenya’s revised figures, place Tanzania’s economy at position 13 in size, Uganda (18th), Rwanda (34th) and Burundi as having the region’s tiniest GDP ranked at number 43 in Africa. 

Tanzania is expected to complete its own rebasing this year and see its GDP ($32 billion) restated as about 20 per cent larger once the mining and natural gas sectors are properly accounted for.

Source: Business Daily

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