Kenya Economy 2018, CIA World Factbook
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Kenya Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Kenya Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

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 eight 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 steady growth, its economic and development trajectory could be 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.Agriculture remains the backbone of the Kenyan economy, contributing one-third of GDP. About 75% of Kenya’s population of roughly 44.2 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 annual growth to the 8%-10% range 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 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 June 2017. 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. 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. Drought-like conditions in parts of the country have pushed 2017 inflation above 8%. 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, and FDI moving in the right direction. Underlying weaknesses were exposed in the banking sector in 2016 when the government was forced to take over three small and undercapitalized banks. In 2016, the government 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.Tourism holds a significant place in Kenya’s economy. A spate of terrorist attacks by the Somalia-based group al-

GDP (purchasing power parity):
$163.4 billion (2017 est.) $155.6 billion (2016 est.) $147 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 75

GDP (official exchange rate):
$78.4 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5% (2017 est.) 5.8% (2016 est.) 5.7% (2015 est.)
country comparison to the world: 43
[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

Gross national saving:
15.4% of GDP (2017 est.) 15.5% of GDP (2016 est.) 10.9% of GDP (2015 est.)
country comparison to the world: 125
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 77%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.7%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 17.1%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 13.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -21.7% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 35%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 17.6%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 47.7% (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:
7% (2017 est.)
country comparison to the world: 25
[see also: Industrial production growth rate country ranks ]

Labor force:
19.82 million (2017 est.)
country comparison to the world: 32
[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: 211
[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)

Distribution of family income - Gini index:
42.5 (2008 est.) 44.9 (1997)
country comparison to the world: 49
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $15.37 billion
[see also: Budget - revenues country ranks ]
expenditures: $20.18 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
19.6% of GDP (2017 est.)
country comparison to the world: 156
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6.1% of GDP (2017 est.)
country comparison to the world: 177
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
52.6% of GDP (2017 est.) 53.5% of GDP (2016 est.)
country comparison to the world: 92
[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: 198
[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: 16
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
14.3% (31 December 2017 est.) 16.58% (31 December 2016 est.)
country comparison to the world: 48
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$13.03 billion (31 December 2017 est.) $12.77 billion (31 December 2016 est.)
country comparison to the world: 78
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$29.29 billion (31 December 2017 est.) $22.86 billion (31 December 2016 est.)
country comparison to the world: 78
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$36.59 billion (31 December 2017 est.) $29.88 billion (31 December 2016 est.)
country comparison to the world: 72
[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: 61
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$4.75 billion (2017 est.) -$3.653 billion (2016 est.)
country comparison to the world: 174
[see also: Current account balance country ranks ]

Exports:
$6.397 billion (2017 est.) $5.747 billion (2016 est.)
country comparison to the world: 102
[see also: Exports country ranks ]

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

Exports - partners:
Uganda 10.1%, Tanzania 8.6%, US 7.7%, Netherlands 7.4%, UK 7.3%, UAE 4.6%, Pakistan 4.5% (2016)

Imports:
$14.52 billion (2017 est.) $13.64 billion (2016 est.)
country comparison to the world: 87
[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 24.1%, India 11.2%, UAE 7.7%, Japan 5.4% (2016)

Reserves of foreign exchange and gold:
$7.592 billion (31 December 2017 est.) $7.601 billion (31 December 2016 est.)
country comparison to the world: 79
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$24.99 billion (31 December 2017 est.) $22.6 billion (31 December 2016 est.)
country comparison to the world: 88
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$6.196 billion (31 December 2017 est.) $5.317 billion (31 December 2016 est.)
country comparison to the world: 101
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA (31 December 2017 est.) $NA (31 December 2016 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Kenyan shillings (KES) per US dollar - 104 (2017 est.) 101.504 (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 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Kenya Economy 2018 information contained here. All suggestions for corrections of any errors about Kenya Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The 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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