Summary of Kenya's Economy
Kenya's economy is quite diverse. Even though Kenya is one of the fastest growing countries in Africa, its economy has not developed much recently. Agriculture is its largest mean of revenue. Kenya exports several different kinds of produce, and in return receives machinery and equipment. Unemployment is very common because of the slow economy. Even though Kenya's economy has been slow, it still serves as a trade country today. Historically, Kenya's economy has been based on farming, herding, hunting, and trade. But when Britain took over Kenya, a world capitalist economy was introduced. The economy then became based upon the export of agricultural products. European farmers settled in Kenya because of the fertile soil. Their presence boosted the economy. From the ear
As you now know, Kenya exports and imports a wide variety of products. Cattle are pastured in the large savanna areas of Kenya. Agriculture and industries are Kenya's limited sources of revenue. Due to the slow economy, unemployment rates are very high. Even though European farmers left after Kenya gained independence, agricultural exports continued to expand dramatically. Kenya's overall economic growth rate was 6. Since the population growth of Kenya exceeds the rate of economic growth, it results in high unemployment and budget deficits. Major trading partners include the United Kingdom, Uganda, Tanzania, and the United Arab Emirates. Leading manufactured goods include plastic, furniture, textiles, cigarettes, leather goods, refined petroleum, processed food, cement, and metal products. The mining and manufacturing industries have been damaged by the shortages of electricity and inefficiency in public services. Coffee, tea, sisal (a fiber used for making rope), pyrethrum, corn, and wheat are grown in the highlands on small private farms. Kenya also produces dairy goods, pork, eggs, and poultry. The majority of Kenyans are active farmers. Overall, Kenya's economy is very diverse, but it will need a significant change to help it become a major trading country in the world. During World War II, Kenya started producing products that were formerly imported.
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