Kenya Economy - 2024

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

Real GDP growth rate

7.52% (2021 est.)
-0.25% (2020 est.)
5.11% (2019 est.)

Real GDP per capita

$4,700 (2021 est.)
$4,500 (2020 est.)
$4,600 (2019 est.)

note: data are in 2017 dollars

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.)

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.)

Labor force

23.915 million (2021 est.)

Unemployment rate

5.74% (2021 est.)
5.73% (2020 est.)
5.01% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 13.8% (2021 est.)

male: 12.8%

female: 14.9%

Population below poverty line

36.1% (2015 est.)

Gini Index coefficient - distribution of family income

40.8 (2015 est.)

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)

Remittances

3.42% of GDP (2021 est.)
3.09% of GDP (2020 est.)
2.83% of GDP (2019 est.)

Budget

revenues: $16.885 billion (2019 est.)

expenditures: $24.271 billion (2019 est.)

Budget surplus (+) or deficit (-)

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

Public debt

54.2% of GDP (2017 est.)
53.2% of GDP (2016 est.)

Taxes and other revenues

14.3% (of GDP) (2020 est.)

Fiscal year

1 July - 30 June

Current account balance

-$5.744 billion (2021 est.)
-$4.792 billion (2020 est.)
-$5.258 billion (2019 est.)

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.)

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.)

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.)

Debt - external

$29.289 billion (2019 est.)
$25.706 billion (2018 est.)

Exchange rates

Kenyan shillings (KES) per US dollar -

Exchange rates:
109.638 (2021 est.)
106.451 (2020 est.)
101.991 (2019 est.)
101.302 (2018 est.)
103.41 (2017 est.)