Nairobi, Kenya
After rebasing their economy — as Nigeria did earlier this year — Kenya’s economy is 25 percent larger than previously thought, making it the fourth largest economy in Africa, according to the BBC.
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Calculations on Kenya’s Gross Domestic Product (GDP) were previously based on data from 2001.
However, the country’s economic output from 2013 came to 4.76 trillion shillings or $53.1 billion. rather than the 3.8 trillion shillings that was initially calculated, according to the Minister of Devolution and Planning Anne Waiguru.
In addition, Kenya grew 5.7 percent last year as opposed to 4.7 percent.
The two sectors that weren’t considered in previous economic data were communications and property. These sectors helped elevate Kenya’s classification from a low-income country to middle-class.
“According to the World Bank middle economies are those with a GDP per capita of more than $1,045 but less than $12,746.”
Of Kenya’s new positioning, Economist Razia Khan of Standard Charter Bank said he wasn’t surprised by the numbers, “[The recalculation confirmed] what we had previously suspected.
“The economy has demonstrated good momentum and has been growing faster than the official data indicated all along. It fits with much of the anecdotal evidence available to us – still-robust business confidence and healthy private sector credit growth.”
Now one of the biggest economies on the continent, only Nigeria, South Africa, and Angola have larger economies.
In April, Nigeria became the largest economy of Africa, after economists were finally able to consider its uberly popular Nollywood, telecommunications, and oil industries. Previously, it had been 24 years since Africa’s most-populous nation had properly been assessed. The rebasing made Nigeria the 26th largest economy in the world.
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it might be added that this growth or good fortune is only for a few...go see the squalor people live in Nairobi...Logos, Cape Town, Luanda...until Africans rate themselsves for themselves creating their own benchmarks this just says Neo liberal is ruling and Africa as just another natural resources minefield will be rated according to what it yields not the well being and prosperity of its peoples.
All movies shot in Africa show a continent, South Africa not so much, of almost surreal, hellish poverty, brutality and hopelessness. The animals there all face extinction through poaching and the soup pot. ALL OF THEM, EVERY ONE OF THEM.
However, NO ONE on earth lives better than the African kings/whatever civilized name they give themselves, as they pillage, plunder and loot their way to Europe, where they retire like Mid-evil Kings on the millions/billions in booty. With the non-action of the rest of the world. The UN is worse than impotent to help anyone anywhere. It is horrific.
P.S. GOD help the last of the elephants left in Africa. They await horrible deaths for their tusks. And the rest of the world kind of also sits and watches, saying nothing. China, with its primevil "medicines" and love of ivory carving is the most horrific descimator of the animal kingdom on earth, and it will only get worse. The future is truly a very, very scary place to look at.