Flag description:
three equal horizontal bands of black (top), red, and green; the
red band is edged in white; a large warrior's shield covering
crossed spears is superimposed at the center
Economy Kenya
Economy - overview:
The regional hub for trade and finance in East Africa, Kenya has
been hampered by corruption, notably in the judicial system, and by
reliance upon several primary goods whose prices have remained low.
In 1997, the IMF suspended Kenya's Enhanced Structural Adjustment
Program due to the government's failure to maintain reforms and curb
corruption. A severe drought from 1999 to 2000 compounded Kenya's
problems, causing water and energy rationing and reducing
agricultural output. As a result, GDP contracted by 0.2% in 2000.
The IMF, which had resumed loans in 2000 to help Kenya through the
drought, again halted lending in 2001 when the government failed to
institute several anticorruption measures. Despite the return of
strong rains in 2001, weak commodity prices, endemic corruption, and
low investment limited Kenya's economic growth to 1.2%. Growth
lagged at 1.1% in 2002 because of erratic rains, low investor
confidence, meager donor support, and political infighting up to the
elections. In the key 27 December 2002 elections, Daniel Arap MOI's
24-year-old reign ended, and a new opposition government took on the
formidable economic problems facing the nation. In 2003, progress
was made in rooting out corruption, and encouraging donor support,
with GDP growth edging up to 1.7%.
GDP:
purchasing power parity - $33.03 billion (2003 est.)
GDP - real growth rate:
1.5% (2003 est.)
GDP - per capita:
purchasing power parity - $1,000 (2003 est.)
GDP - composition by sector: agriculture: 19.7% industry: 18.6% services: 61.8% (2003 est.)
Investment (gross fixed):
14.3% of GDP (2003)
Population below poverty line:
50% (2000 est.)
Household income or consumption by percentage share:
lowest 10%: 2%
highest 10%: 37.2% (2000)