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Kenya Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Kenya Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
Kenya is the economic, financial, and transport hub of East Africa. Kenya’s real GDP growth has averaged over 5% for the last decade. Since 2014, Kenya has been ranked as a lower middle income country because its per capita GDP crossed a World Bank threshold. While Kenya has a growing entrepreneurial middle class and steady growth, its economic development has been impaired by weak governance and corruption. Although reliable numbers are hard to find, unemployment and under-employment are extremely high, and could be near 40% of the population. In 2013, the country adopted a devolved system of government with the creation of 47 counties, and is in the process of devolving state revenues and responsibilities to the counties.

Agriculture remains the backbone of the Kenyan economy, contributing one-third of GDP. About 75% of Kenya’s population of roughly 48.5 million work at least part-time in the agricultural sector, including livestock and pastoral activities. Over 75% of agricultural output is from small-scale, rain-fed farming or livestock production. Tourism also holds a significant place in Kenya’s economy. In spite of political turmoil throughout the second half of 2017, tourism was up 20%, showcasing the strength of this sector. Kenya has long been a target of terrorist activity and has struggled with instability along its northeastern borders. Some high visibility terrorist attacks during 2013-2015 (e.g., at Nairobi’s Westgate Mall and Garissa University) affected the tourism industry severely, but the sector rebounded strongly in 2016-2017 and appears poised to continue growing.

Inadequate infrastructure continues to hamper Kenya’s efforts to improve its annual growth so that it can meaningfully address poverty and unemployment. The KENYATTA administration has been successful in courting external investment for infrastructure development. International financial institutions and donors remain important to Kenya's growth and development, but Kenya has also successfully raised capital in the global bond market issuing its first sovereign bond offering in mid-2014, with a second occurring in February 2018. The first phase of a Chinese-financed and constructed standard gauge railway connecting Mombasa and Nairobi opened in May 2017.

In 2016 the government was forced to take over three small and undercapitalized banks when underlying weaknesses were exposed. The government also enacted legislation that limits interest rates banks can charge on loans and set a rate that banks must pay their depositors. This measure led to a sharp shrinkage of credit in the economy. A prolonged election cycle in 2017 hurt the economy, drained government resources, and slowed GDP growth. Drought-like conditions in parts of the country pushed 2017 inflation above 8%, but the rate had fallen to 4.5% in February 2018.

The economy, however, is well placed to resume its decade-long 5%-6% growth rate. While fiscal deficits continue to pose risks in the medium term, other economic indicators, including foreign exchange reserves, interest rates, current account deficits, remittances and FDI are positive. The credit and drought-related impediments were temporary. Now In his second term, President KENYATTA has pledged to make economic growth and development a centerpiece of his second administration, focusing on his "Big Four" initiatives of universal healthcare, food security, affordable housing, and expansion of manufacturing.

GDP (purchasing power parity):
$163.7 billion (2017 est.)
$156 billion (2016 est.)
$147.4 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 74
[see also: GDP country ranks ]

GDP (official exchange rate):
$79.22 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.9% (2017 est.)
5.9% (2016 est.)
5.7% (2015 est.)
country comparison to the world: 53
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$3,500 (2017 est.)
$3,400 (2016 est.)
$3,300 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 187
[see also: GDP - per capita country ranks ]

Gross national saving:
10.4% of GDP (2017 est.)
11% of GDP (2016 est.)
11.4% of GDP (2015 est.)
country comparison to the world: 162
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 79.5% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 14.3% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 18.9% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -1% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 13.9% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -25.5% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 34.5% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 17.8% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 47.5% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
tea, coffee, corn, wheat, sugarcane, fruit, vegetables; dairy products, beef, fish, pork, poultry, eggs

Industries:
small-scale consumer goods (plastic, furniture, batteries, textiles, clothing, soap, cigarettes, flour), agricultural products, horticulture, oil refining; aluminum, steel, lead; cement, commercial ship repair, tourism, information technology

Industrial production growth rate:
3.6% (2017 est.)
country comparison to the world: 82
[see also: Industrial production growth rate country ranks ]

Labor force:
19.6 million (2017 est.)
country comparison to the world: 30
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 61.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 6.7%
[see also: Labor force - by occupation - industry country ranks ]
services: 32.2% (2005 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
40% (2013 est.)
40% (2001 est.)
country comparison to the world: 214
[see also: Unemployment rate country ranks ]

Population below poverty line:
36.1% (2016 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 37.8% (2005)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
48.5 (2016 est.)
42.5 (2008 est.)
country comparison to the world: 23
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 13.95 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 19.24 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
17.6% (of GDP) (2017 est.)
country comparison to the world: 168
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6.7% (of GDP) (2017 est.)
country comparison to the world: 190
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
54.2% of GDP (2017 est.)
53.2% of GDP (2016 est.)
country comparison to the world: 84
[see also: Public debt country ranks ]

Fiscal year:
1 July - 30 June

Inflation rate (consumer prices):
8% (2017 est.)
6.3% (2016 est.)
country comparison to the world: 197
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
10% (1 January 2017)
11.5% (1 January 2016)
country comparison to the world: 21
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
13.67% (31 December 2017 est.)
16.56% (31 December 2016 est.)
country comparison to the world: 53
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$14.07 billion (31 December 2017 est.)
$12.77 billion (31 December 2016 est.)
country comparison to the world: 76
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$14.07 billion (31 December 2017 est.)
$12.77 billion (31 December 2016 est.)
country comparison to the world: 77
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$32 billion (31 December 2017 est.)
$29.88 billion (31 December 2016 est.)
country comparison to the world: 79
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$19.33 billion (31 December 2016 est.)
$26.48 billion (31 December 2015 est.)
$26.16 billion (31 December 2014 est.)
country comparison to the world: 63
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$5.021 billion (2017 est.)
-$3.697 billion (2016 est.)
country comparison to the world: 183
[see also: Current account balance country ranks ]

Exports:
$5.792 billion (2017 est.)
$5.695 billion (2016 est.)
country comparison to the world: 106
[see also: Exports country ranks ]

Exports - partners:
Uganda 10.8%, Pakistan 10.6%, US 8.1%, Netherlands 7.3%, UK 6.4%, Tanzania 4.8%, UAE 4.4% (2017)

Exports - commodities:
tea, horticultural products, coffee, petroleum products, fish, cement, apparel

Imports:
$15.99 billion (2017 est.)
$13.41 billion (2016 est.)
country comparison to the world: 86
[see also: Imports country ranks ]

Imports - commodities:
machinery and transportation equipment, oil, petroleum products, motor vehicles, iron and steel, resins and plastics

Imports - partners:
China 22.5%, India 9.9%, UAE 8.7%, Saudi Arabia 5.1%, Japan 4.5% (2017)

Reserves of foreign exchange and gold:
$7.354 billion (31 December 2017 est.)
$7.256 billion (31 December 2016 est.)
country comparison to the world: 83
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$27.59 billion (31 December 2017 est.)
$37.7 billion (31 December 2016 est.)
country comparison to the world: 85
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$8.738 billion (31 December 2017 est.)
$5.317 billion (31 December 2016 est.)
country comparison to the world: 97
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$1.545 billion (31 December 2017 est.)
$335.5 million (31 December 2016 est.)
country comparison to the world: 86
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Kenyan shillings (KES) per US dollar -
102.1 (2017 est.)
101.5 (2016 est.)
101.504 (2015 est.)
98.179 (2014 est.)
87.921 (2013 est.)


NOTE: 1) The information regarding Kenya on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Kenya Economy 2019 information contained here. All suggestions for corrections of any errors about Kenya Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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