Kenya sees 21% lift to GDP in rebase

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Nairobi - Kenya expects the size of its economy to go up by 20.6 percent when it completes the process of changing the base year for computing output, the finance ministry said.

The work of rebasing the economy to 2009 from 2001 will be completed by the end of this year, the Treasury said in the prospectus for its debut Eurobond for up to $2 billion.

“Initial estimates for the revised GDP estimate for 2009 is 486.6 billion shillings higher than previous estimates, this represents a 20.6 percent increase in the level of GDP previously reported,” the ministry said.

Kenya is marketing its bond to investors abroad.

Other African nations that have revised the year they use as a base to calculate output include Nigeria, which vaulted to the top of African economies by size earlier this year after it finished the exercise. - Reuters

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