Industry Report

Executive summary:

Kenya's economic growth continues to be driven by consumer spending and public infrastructure investment (AfDB). The country is trying to make industry the main driver of growth and job creation, in line with its Vision 2030, to significantly reduce rising youth unemployment (13.6% in 2021) and a relatively high poverty rate of 34% (World Bank). The government of Kenya has set aside about $1.2 billion for FY 2021/2022 to address the four key priorities of the president's second and final term, namely universal health coverage, affordable housing, manufacturing and job creation, and food security (Budget Statement 2021/22). The country's agriculture and tourism sectors present vast potential and opportunities for investors too and, in the context of an AfCFTA, can be used with food processing development to catalyze its economic transformation.