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Kenya Ranked 9th In Africa as a Middle Income Earner

30, Sep 2014

Kenya has finally joined the league of middle income nations after the Kenya National Bureau of Statistics recalculated the value of the gross domestic product or GDP. According to figures that have just been released, Kenya’s economy is has grown by 25% and is now valued at 4.7 trillion shillings up from 3.8 billion shillings in 2013. This makes Kenya the ninth largest economy in Africa and now classified as a lower middle income country. The recalculation commonly referred to as rebasing, is using economic data with 2009 as the base year that has seen new economic sectors captured. This has sectors such as real estate and ICT captured independently. Real estate for example is estimated to contribute 8.2% to the economy, indicating the significance of rebasing. According to the World Bank, the review of economic data indicates that the GDP is a quarter larger than had been anticipated adding that Kenya had attained middle income status in 2012. One of the fears of rebasing and attai