Economic Overview

The main sectors contributing to economic growth are agriculture, building and construction, infrastructure development, manufacturing, transport and services, and tourism.

While economic activity faltered following the 2008 global economic recession, growth resumed in the last three years reaching 5% in 2017 placing Kenya as one of the fastest growing economies in Sub-Saharan Africa. The economic expansion has been boosted by a stable macroeconomic environment, low oil prices, rebound in tourism, strong remittance inflows and a government led infrastructure development initiative. Medium-term GDP growth should rebound to 6.1% in 2019 dependent on completion of ongoing infrastructure projects, resolution of slow credit growth, strengthening of the global economy and tourism.

Today, Kenya’s economy remains resilient due to its diversity; services contributed the highest proportion to GDP growth. This is expected to continue as the country remains the leading regional hub for information and communication technology, financial, and transportation services. Recent investment in the new Standard Gauge Railway (SGR) system, road upgrading, and planned investment in a second runway at Jomo Kenyatta International Airport are potential growth drivers.

Opportunities abound for investments in Kenya’s agricultural, industrial, and commercial sectors e.g. horticulture, agro-processing, textiles and apparels, plastics and pharmaceuticals. Tourism, ICT operations and financial services are among the initiatives promoted by the government to encourage investment