Nairobi. Kenya on Friday hit the road to becoming a middle-income nation in five months’ time after authorities said that a statistical review of the economy whose outcome would be announced in September was under way.
The review of national economic data – commonly known as rebasing – is expected to increase the size of Kenya’s GDP by a fifth, earning the country a middle-income status.
Kenya’s GDP -- the market value of all goods and services the country produces in a year -- is expected to grow to Sh4.3 trillion ($50 billion) from Sh3.6 trillion in 2013 – raising the defining per capita income to Sh97,696 ($1,136) up from a current estimate of $943 (Sh81,758), and above the benchmark of $1,036 (Sh89,821) set by the World Bank for middle-income nations.
The Kenya National Bureau of Statistics (KNBS) has said it will complete the exercise to update national accounts next month and announce the outcome in September earning Kenya a middle-income status 16 years ahead of the 2030 date set in the country’s Vision 2030 development blueprint.
