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In spite of political turmoil throughout the second half of 2017, tourism was up 20%, showcasing the strength of this sector.
Kenya has long been a target of terrorist activity and has struggled with instability along its northeastern borders.
A prolonged election cycle in 2017 hurt the economy, drained government resources, and slowed GDP growth.
Drought-like conditions in parts of the country pushed 2017 inflation above 8%, but the rate had fallen to 4.5% in February 2018.
The first phase of a Chinese-financed and constructed standard gauge railway connecting Mombasa and Nairobi opened in May 2017.
In 2016 the government was forced to take over three small and undercapitalized banks when underlying weaknesses were exposed.
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’ was read out by the Cabinet Secretary for Finance, Mr. To meet the country’s goal of achieving a middle-income economy status, the Government aims to improve revenue collection, broaden the tax base, enhance equity and fairness in the tax system.
Since 2014, Kenya has been ranked as a lower middle income country because its per capita GDP crossed a World Bank threshold.