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Kenya Economy 2017
https://theodora.com/wfbcurrent/kenya/kenya_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Kenya Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Kenya is the economic and transport hub of East Africa. Kenya’s real GDP growth has averaged over 5% for the last seven years. 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 faster growth, its economic and development trajectory is threatened by weak governance and corruption. Unemployment and under-employment are high, but reliable numbers are hard to find.Agriculture remains the backbone of the Kenyan economy, contributing 25% of GDP. About 80% of Kenya’s population of roughly 42 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.Inadequate infrastructure continues to hamper Kenya’s efforts to improve its economic growth to the 8-10% range so that it can meaningfully address poverty and unemployment. The KENYATTA administration sought external investment in infrastructure development. International financial institutions and donors remain important to Kenya's economic growth and development, but Kenya has also successfully raised capital in the global bond market. Kenya issued its first sovereign bond offering in mid-2014. Nairobi has contracted with a Chinese company to construct a new standard gauge railway connecting Mombasa and Nairobi, with completion expected in 2017. The country is in the process of devolving some state revenues and responsibilities to the counties. Inflationary pressures and sharp currency depreciation peaked in early 2012 but have since abated following low global food and fuel prices and monetary interventions by the Central Bank. Chronic budget deficits, including a shortage of funds in mid-2015, hampered the government’s ability to implement proposed development programs, but the economy is back in balance with many indicators, including foreign exchange reserves, interest rates, inflation, and FDI moving in the right direction.Tourism holds a significant place in Kenya’s economy. Multiple terror attacks by the Somalia-based group al-Shabaab in the time since the 2013 attack on Nairobi’s Westgate mall, which killed at least 67, had a negative effect on international tourism earnings, but the sector is starting to recover. Kenya’s success in hosting a series of incident-free high-profile events in the second half of 2015, including the visit of US President Obama, has helped improve the outlook for tourism.

GDP (purchasing power parity):
$152.7 billion (2016 est.) $144.1 billion (2015 est.) $136.4 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 75
[see also: GDP country ranks ]

GDP (official exchange rate):
$69.17 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6% (2016 est.) 5.6% (2015 est.) 5.3% (2014 est.)
country comparison to the world: 24
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$3,400 (2016 est.) $3,300 (2015 est.) $3,200 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 185
[see also: GDP - per capita country ranks ]

Gross national saving:
16.1% of GDP (2016 est.) 12.7% of GDP (2015 est.) 12.2% of GDP (2014 est.)
country comparison to the world: 112
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 77.6%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 14.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 21.3%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.3%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 15.2%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -28% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 32.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 18%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 49.3% (2016 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

Industrial production growth rate:
6.6% (2016 est.)
country comparison to the world: 21
[see also: Industrial production growth rate country ranks ]

Labor force:
18.66 million (2016 est.)
country comparison to the world: 33
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 75%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: 25% (2011 est.)

Unemployment rate:
40% (2013 est.) 40% (2001 est.)
country comparison to the world: 196
[see also: Unemployment rate country ranks ]

Population below poverty line:
43.4% (2012 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:
42.5 (2008 est.) 44.9 (1997)
country comparison to the world: 51
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $12.89 billion
[see also: Budget revenues country ranks ]
expenditures: $17.85 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
18.6% of GDP (2016 est.)
country comparison to the world: 166
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-7.2% of GDP (2016 est.)
country comparison to the world: 188
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
50.4% of GDP (2016 est.) 48% of GDP (2015 est.)
country comparison to the world: 90
[see also: Public debt country ranks ]

Fiscal year:
1 July - 30 June

Inflation rate (consumer prices):
6.1% (2016 est.) 6.6% (2015 est.)
country comparison to the world: 180
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
11.5% (20 January 2016) 7% (31 December 2010)
country comparison to the world: 17
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
17.5% (31 December 2016 est.) 16.09% (31 December 2015 est.)
country comparison to the world: 26
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$11.07 billion (31 December 2016 est.) $9.927 billion (31 December 2015 est.)
country comparison to the world: 78
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$24.02 billion (31 December 2014 est.) $18.92 billion (31 December 2013 est.)
country comparison to the world: 86
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$31.52 billion (31 December 2016 est.) $27.5 billion (31 December 2015 est.)
country comparison to the world: 77
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$26.16 billion (31 December 2014 est.) $22.09 billion (31 December 2013 est.) $14.79 billion (31 December 2012 est.)
country comparison to the world: 62
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$4.444 billion (2016 est.) -$4.31 billion (2015 est.)
country comparison to the world: 168
[see also: Current account balance country ranks ]

Exports:
$6.363 billion (2016 est.) $5.982 billion (2015 est.)
country comparison to the world: 102
[see also: Exports country ranks ]

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

Exports - partners:
Uganda 11.2%, US 8.3%, Tanzania 8.1%, Netherlands 7.4%, UK 6%, Pakistan 4.2% (2015)

Imports:
$16.34 billion (2016 est.) $15.56 billion (2015 est.)
country comparison to the world: 82
[see also: Imports country ranks ]

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

Imports - partners:
China 30%, India 15.5%, UAE 5.7%, US 4.8%, Japan 4.7% (2015)

Reserves of foreign exchange and gold:
$7.374 billion (31 December 2016 est.) $7.548 billion (31 December 2015 est.)
country comparison to the world: 84
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$20.25 billion (31 December 2016 est.) $17.92 billion (31 December 2015 est.)
country comparison to the world: 91
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$5.537 billion (31 December 2016 est.) $4.662 billion (31 December 2015 est.)
country comparison to the world: 100
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA (31 December 2016 est.) $NA (31 December 2015 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Kenyan shillings (KES) per US dollar - 102 (2016 est.) 98.179 (2015 est.) 98.179 (2014 est.) 87.921 (2013 est.) 84.53 (2012 est.)


NOTE: The information regarding Kenya on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Kenya Economy 2017 information contained here. All suggestions for corrections of any errors about Kenya Economy 2017 should be addressed to the CIA.




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