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Economy of Kenya



oil.
Privatisation of state corporations like the defunct Kenya Post and Telecommunications Company, which resulted in East Africa's most profitable company – Safaricom, has led to their revival due to massive private investment.
As of May 2010, economic prospects are positive with 4–5% GDP growth expected, largely because of expansions in tourism, telecommunications, transport, construction and a recovery in agriculture. The World Bank predicts growth of 4% in 2010 and a potential of 4.9% growth in 2011.
In March 1996, the Presidents of Kenya, Tanzania, and Uganda re-established the East African Community (EAC). The EAC's objectives include harmonizing tariffs and customs regimes, free movement of people, and improving regional infrastructures. In March 2004, the three East African countries signed a Customs Union Agreement.
The more efficient and lucrative technology-knowledge-and-skill-based service; industry and manufacturing sectors only employ 25 percent of the labor force but contributes the remaining 75 percent of the GDP.
Kenya ranks poorly on Transparency International's corruption perception index.
Kenya is East and Central Africa's hub for Financial services. The Nairobi Securities Exchange (NSE) is ranked 4th in Africa in terms of Market capitalization. The Kenya banking system is supervised by the Central Bank of Kenya (CBK). As of late July 2004, the system consisted of 43 commercial banks (down from 48 in 2001), several non-bank financial institutions, including mortgage companies, four savings and loan associations, and several score foreign-exchange bureaus