Kenya Economy

Kenya, the third-largest economy in Sub-Saharan Africa, is experiencing rapid expansion characterized by a robust agricultural sector and a burgeoning services and tourism industry. In 2023, the country's revenues stood at an estimated $20.202 billion, against expenditures of $30.924 billion, highlighting the fiscal challenges it faces. Despite these challenges, Kenya's commitment to business-friendly regulations continues to promote significant infrastructure investments, digital innovation, and public-private partnerships. The nation also grapples with a high public debt burden, with external debt estimated at $31.451 billion in 2023. Furthermore, the Kenyan shilling saw a notable depreciation, with exchange rates reaching 139.846 KES per US dollar in 2023. Kenya's economy, while promising, remains vulnerable to climate change-induced droughts, impacting its agricultural productivity and overall economic stability.

Budget

revenues

$20.202 billion (2023 est.)

expenditures

$30.924 billion (2023 est.)

Exports

Exports 2021

$11.815 billion (2021 est.)

Exports 2022

$13.954 billion (2022 est.)

Exports 2023

$12.626 billion (2023 est.)

Imports

Imports 2021

$22.001 billion (2021 est.)

Imports 2022

$24.606 billion (2022 est.)

Imports 2023

$22.046 billion (2023 est.)

Industries

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

Labor force

23.781 million (2024 est.)

Public debt

Public debt 2016

53.2% of GDP (2016 est.)

Remittances

Remittances 2021

3.4% of GDP (2021 est.)

Remittances 2022

3.5% of GDP (2022 est.)

Remittances 2023

3.9% of GDP (2023 est.)

Exchange rates

Currency

Kenyan shillings (KES) per US dollar -

Exchange rates 2020

106.451 (2020 est.)

Exchange rates 2021

109.638 (2021 est.)

Exchange rates 2022

117.866 (2022 est.)

Exchange rates 2023

139.846 (2023 est.)

Exchange rates 2024

134.822 (2024 est.)

Debt - external

Debt - external 2023

$31.451 billion (2023 est.)

Economic overview

rapidly expanding, third-largest economy in Sub-Saharan Africa; robust agricultural sector complemented by growing services and tourism industries; IMF program to tackle current account and debt service issues; business-friendly regulations promote infrastructure investment, digital innovation, and public-private partnerships; susceptible to droughts caused by climate change

Unemployment rate

Unemployment rate 2022

5.8% (2022 est.)

Unemployment rate 2023

5.6% (2023 est.)

Unemployment rate 2024

5.5% (2024 est.)

Exports - partners

Uganda 10%, USA 10%, UAE 8%, Netherlands 8%, Pakistan 6% (2023)

Imports - partners

China 22%, UAE 14%, India 10%, Saudi Arabia 5%, Malaysia 4% (2023)

Real GDP per capita

Real GDP per capita 2022

$5,500 (2022 est.)

Real GDP per capita 2023

$5,700 (2023 est.)

Real GDP per capita 2024

$5,800 (2024 est.)

Real GDP growth rate

Real GDP growth rate 2022

4.9% (2022 est.)

Real GDP growth rate 2023

5.6% (2023 est.)

Real GDP growth rate 2024

4.5% (2024 est.)

Agricultural products

sugarcane, milk, maize, bananas, tea, potatoes, cassava, cabbages, camel milk, mangoes/guavas (2023)

Exports - commodities

tea, cut flowers, garments, gold, tropical fruits (2023)

Imports - commodities

refined petroleum, palm oil, wheat, plastics, garments (2023)

Current account balance

Current account balance 2021

-$5.597 billion (2021 est.)

Current account balance 2022

-$5.889 billion (2022 est.)

Current account balance 2023

-$4.317 billion (2023 est.)

Taxes and other revenues

14% (of GDP) (2023 est.)

GDP (official exchange rate)

$124.499 billion (2024 est.)

GDP - composition, by end use

household consumption

75.5% (2024 est.)

government consumption

11.5% (2024 est.)

investment in inventories

-0.9% (2024 est.)

investment in fixed capital

17.7% (2024 est.)

exports of goods and services

11.1% (2024 est.)

imports of goods and services

-19.2% (2024 est.)

Population below poverty line

38.6% (2021 est.)

Average household expenditures

on food

42.1% of household expenditures (2023 est.)

on alcohol and tobacco

3.5% of household expenditures (2023 est.)

Inflation rate (consumer prices)

Inflation rate (consumer prices) 2022

7.7% (2022 est.)

Inflation rate (consumer prices) 2023

7.7% (2023 est.)

Inflation rate (consumer prices) 2024

4.5% (2024 est.)

Industrial production growth rate

0.2% (2024 est.)

Real GDP (purchasing power parity)

Real GDP (purchasing power parity) 2022

$297.938 billion (2022 est.)

Real GDP (purchasing power parity) 2023

$314.491 billion (2023 est.)

Real GDP (purchasing power parity) 2024

$328.632 billion (2024 est.)

Youth unemployment rate (ages 15-24)

male

8.3% (2024 est.)

total

11.9% (2024 est.)

female

16% (2024 est.)

Reserves of foreign exchange and gold

Reserves of foreign exchange and gold 2022

$7.969 billion (2022 est.)

Reserves of foreign exchange and gold 2023

$7.342 billion (2023 est.)

Reserves of foreign exchange and gold 2024

$10.067 billion (2024 est.)

GDP - composition, by sector of origin

industry

16.1% (2024 est.)

services

55.9% (2024 est.)

agriculture

21.3% (2024 est.)

Household income or consumption by percentage share

lowest 10%

2.9% (2021 est.)

highest 10%

31.8% (2021 est.)

Gini Index coefficient - distribution of family income

Gini Index coefficient - distribution of family income 2021

38.7 (2021 est.)

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