Kenya Economy - 2023

Economic overview

fast growing, third largest Sub-Saharan economy; strong agriculture and emerging services and tourism industries; current account deficit and high debt; broadband and mobile-money platform investments; surging inflation due to oil and food hikes; new investor-friendly incentives; environmentally fragile economy

Real GDP (purchasing power parity)

$251.431 billion (2021 est.)

$233.852 billion (2020 est.)

$234.438 billion (2019 est.)

note: data are in 2017 dollars

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Real GDP growth rate

7.52% (2021 est.)

-0.25% (2020 est.)

5.11% (2019 est.)

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Real GDP per capita

$4,700 (2021 est.)

$4,500 (2020 est.)

$4,600 (2019 est.)

note: data are in 2017 dollars

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GDP (official exchange rate)

$95.52 billion (2019 est.)

Inflation rate (consumer prices)

6.11% (2021 est.)

5.4% (2020 est.)

5.24% (2019 est.)

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Credit ratings

Fitch rating: B+ (2007)

Moody's rating: B2 (2018)

Standard & Poors rating: B+ (2010)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 34.5% (2017 est.)

industry: 17.8% (2017 est.)

services: 47.5% (2017 est.)

GDP - composition, by end use

household consumption: 79.5% (2017 est.)

government consumption: 14.3% (2017 est.)

investment in fixed capital: 18.9% (2017 est.)

investment in inventories: -1% (2017 est.)

exports of goods and services: 13.9% (2017 est.)

imports of goods and services: -25.5% (2017 est.)

Agricultural products

milk, tea, beef, maize, sugar cane, tomatoes, mangoes/guavas, potatoes, beans, bananas

Industries

agriculture, transportation, services, manufacturing, construction, telecommunications, tourism, retail

Industrial production growth rate

7.17% (2021 est.)

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Labor force

23.915 million (2021 est.)

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Labor force - by occupation

agriculture: 61.1%

industry: 6.7%

services: 32.2% (2005 est.)

Unemployment rate

5.74% (2021 est.)

5.73% (2020 est.)

5.01% (2019 est.)

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Youth unemployment rate (ages 15-24)

total: 13.8%

male: 12.8%

female: 14.9% (2021 est.)

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Population below poverty line

36.1% (2015 est.)

Gini Index coefficient - distribution of family income

40.8 (2015 est.)

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Average household expenditures

on food: 52.9% of household expenditures (2018 est.)

on alcohol and tobacco: 4.1% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 1.8%

highest 10%: 37.8% (2005)

Budget

revenues: $16.885 billion (2019 est.)

expenditures: $24.271 billion (2019 est.)

Budget surplus (+) or deficit (-)

-6.7% (of GDP) (2017 est.)

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Public debt

54.2% of GDP (2017 est.)

53.2% of GDP (2016 est.)

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Taxes and other revenues

14.3% (of GDP) (2020 est.)

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Fiscal year

1 July - 30 June

Current account balance

-$5.744 billion (2021 est.)

-$4.792 billion (2020 est.)

-$5.258 billion (2019 est.)

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Exports

$11.825 billion (2021 est.) note: data are in current year dollars

$9.709 billion (2020 est.) note: data are in current year dollars

$11.471 billion (2019 est.)

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Exports - partners

Uganda 14%, Pakistan 8%, Netherlands 8%, United States 8%, United Kingdom 7% (2020)

Exports - commodities

tea, cut flowers, coffee, refined petroleum, titanium (2021)

Imports

$21.853 billion (2021 est.) note: data are in current year dollars

$17.717 billion (2020 est.) note: data are in current year dollars

$20.408 billion (2019 est.)

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Imports - partners

China 27%, India 11%, United Arab Emirates 7%, Japan 4%, Saudi Arabia 3% (2020)

Imports - commodities

refined petroleum, palm oil, broadcasting equipment, packaged medicines, cars (2020)

Reserves of foreign exchange and gold

$9.491 billion (31 December 2021 est.)

$8.297 billion (31 December 2020 est.)

$9.116 billion (31 December 2019 est.)

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Debt - external

$29.289 billion (2019 est.)

$25.706 billion (2018 est.)

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Exchange rates

Kenyan shillings (KES) per US dollar -

109.638 (2021 est.)

106.451 (2020 est.)

101.991 (2019 est.)

101.302 (2018 est.)

103.41 (2017 est.)

NOTE: The information regarding Kenya on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Kenya 2023 information contained here. All suggestions for corrections of any errors about Kenya 2023 should be addressed to the CIA or the source cited on each page.