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Kenya Joins 10 Richest African States

Charles Wokabi | DAILY NATION   in  ·
October 2, 2014

Kenya has moved up four positions to join the top 10 wealthiest economies in Africa.

This was after the Kenya National Bureau of Statistics Bureau (KNBS) on Tuesday released new figures capturing the true value of key sectors such as real estate, telecommunications and manufacturing.

The data shows that major sectors in the economy were grossly underestimated, hence the inaccurate valuation of the economy.

Telecommunications was one of the most undervalued sectors, with the new figures showing its value in 2013 was about 17 per cent bigger than estimated.

Manufacturing, real estate, agriculture and financial services were also inaccurately valued.

The new figures, which have been verified by both the International Monetary Fund and the World Bank, were arrived at after KNBS changed the base year for its calculations from 2001 to 2009.

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