Kenya now in top 10 richest African economies - and a middle-income country - due to rebasing its 2013 rates of economic growth

The Kenya National Statistics Bureau released new figures yesterday on the state of the Kenyan economy. It revealed that major sectors had been under-estimated and valued incorrectly (Daily Nation, October 1, 2014). These sectors include telecommunications (17% under-estimated in 2013), manufacturing, real estate, agriculture, and financial services.

The International Monetary Fund (IMF) and the World Bank have verified the new figures. The changes came as a result of re-basing (changing the base year for its calculations from 2001 to 2009). Revised 2013 figures show that Kenya is 25% wealthier than previously estimated. For example, the Kenyan economy expanded by 3.3% in 2009 after rebasing (instead of 2.7%), 8.4% in 2010 (instead of 5.8%), 6.1% in 2011 (instead of 4.4%), 4.4% in 2012 (instead of 4.6%), and 5.7% in 2013 (instead of 4.7%).

With the rebased figures, Kenya is now ranked the 9^th richest country in Africa, overtaking Ethiopia, Tunisia, and Ghana – and remains the biggest economy in East Africa, widening its leading margin.

The government had planned to reach middle-income country (MIC) status by 2030. However, it now qualifies as a MIC with the new figures. The government’s national policies will now be realigned.

But for the everyday person, life remains unchanged. Unemployment remains a serious concern, especially for its youth. IMF said that the Kenyan government needs to support developed and emerging economic sectors to stimulate employment. The World Bank said Kenya still qualifies for cheaper loans from the bank and other international lenders. The revised status just gives Kenya “bigger room for more local and international borrowing to fund development” but it still needs to manage its credit.

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