Kenya

A strong performance from traditional industries such as agriculture and increased spending in infrastructure and service sectors allowed Kenya to notch up solid growth in 2014, while a rebasing exercise in September has helped better capture the economy’s true size. 

Changing lifestyles and rising urbanisation are resulting in a rise of non-communicable diseases (NCDs) in Kenya, prompting the government to roll out new initiatives in collaboration with the private sector. 

Major investments in housing and infrastructure have set Kenya’s construction industry, which accounts for 4% of GDP, on course for sizeable expansion in the near term. 

In a move to tap into its vast geothermal energy resources, Kenya recently invited bids for the construction of two new power plants, representing another step forward in its 2017 target to boost electricity production by 5000MW.

Setting a new record for a maiden sovereign issuance in Africa, Kenya successfully tapped the Eurobond markets for the first time in June, selling $2bn worth at better-than-expected rates.

Devolution in Kenya is still in its early stages, and there have been growing pains with complications relating to funding and concerns over governance, but a spate of new initiatives is looking to increase momentum at the county level on both industrial and social development indicators.