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Economy of Kenya
 | |
| Currency | Kenyan shilling (KES, KSh) |
|---|---|
Trade organisations | AU, AfCFTA, EAC, COMESA, CEN-SAD, WTO and others |
Country group |
|
| Statistics | |
| Population |  51,526,000 (2023 est.)[3] |
| GDP | |
| GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
| 7.9% (2022est.)[6] | |
Population below poverty line | 14% ( 2022 est.)[9] |
| 38.7 medium (2021)[8] | |
 31 out of 100 points (2023, 126th rank) | |
Labour force | |
Labour force by occupation |
|
| Unemployment | 2.98% (2020 est.)[14] |
Main industries | Consumer goods (plastic, furniture, batteries, textiles, clothing, soap, cigarettes, flour, confectionery), pharmaceuticals, agricultural products, horticulture, oil refining; aluminium, steel, lead; cement, commercial ship repair, tourism, information technology |
| External | |
| Exports | $13.9 billion (2022 est.)[8] |
Export goods | Tea, horticultural products, coffee, petroleum products, fish, cement, apparel |
Main export partners |
|
| Imports | $24.4 billion (2022 est.)[8] |
Import goods | Machinery and transportation equipment, oil, petroleum products, motor vehicles, iron and steel, resins and plastics |
Main import partners |
|
FDI stock | |
| −$5.021 billion (2017 est.)[8] | |
Gross external debt |  $27.59 billion (31 December 2017 est.)[8] |
| Public finances | |
 54.2% of GDP (2017 est.)[8] | |
| −6.7% (of GDP) (2017 est.)[8] | |
| Revenues | 21.89 billion (2022 est.) |
| Expenses | 26.93 billion (2022 est.) |
| |
| $7.354 billion (31 December 2017 est.)[8] | |
All values, unless otherwise stated, are in US dollars. | |
The economy of Kenya is market-based with a few state enterprises. Kenya has an emerging market and is an averagely industrialised nation ahead of its East African peers. Currently a lower middle income nation, Kenya plans to be a newly industrialised nation by 2030. The major industries driving the Kenyan economy include financial services, agriculture, real estate, manufacturing, logistics, tourism, retail and energy. As of 2020, Kenya had the third largest economy in Sub-Saharan Africa, behind Nigeria and South Africa. Regionally, Kenya has had a stronger and more stable economy compared to its neighboring countries within East Africa.[17] By 2023, the country had become Africa's largest start-up hub by both funds invested and number of projects.[18]
The government of Kenya is generally investment-friendly and has enacted several regulatory reforms to simplify foreign and local investment, including the creation of an export processing zone. An increasingly significant portion of Kenya's foreign financial inflows are remittances by Kenyans in the Diaspora, who work in the United States, the Middle East, Europe and Asia.[19] According to data by the Central Bank of Kenya,[20] remittances from Kenyans living abroad make up over 3.4 percent of the Gross Domestic Product (GDP).
As of September 2018, economic prospects were positive, with above 6% gross domestic product (GDP) growth expected.[21] This growth was attributed largely to expansions in the telecommunications, transport, and construction sectors; a recovery in agriculture; and the rise of small businesses helping to pull the economy. These improvements are supported by a large pool of highly educated professional workers. There is a high level of IT literacy and innovation, especially among young Kenyans.[22][23]
In 2020, Kenya ranked 56th in the World Bank ease of doing business rating, up from 61st in 2019 (of 190 countries).[24] Compared to its neighbours, Kenya has a well-developed social and physical infrastructure.[25]
- ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Archived from the original on 22 December 2019. Retrieved 29 September 2019.
- ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on 28 October 2019. Retrieved 29 September 2019.
- ^ "Population, total - Kenya". knbs.or.ke. Kenya National Bureau of Statistics. 4 November 2019. Archived from the original on 13 November 2019. Retrieved 1 April 2020.
- ^ a b "World Economic Outlook Database, April 2024". IMF.org. International Monetary Fund. Archived from the original on 26 April 2024. Retrieved 26 April 2024.
- ^ a b "World Economic Outlook Database, October 2023". IMF.org. International Monetary Fund. Archived from the original on 23 October 2020. Retrieved 13 October 2023.
- ^ a b "World Economic Outlook Database, April 2020". IMF.org. International Monetary Fund. Archived from the original on 30 July 2020. Retrieved 18 April 2020.
- ^ a b "World Economic Outlook Database, October 2023". IMF.org. International Monetary Fund. Archived from the original on 4 April 2024. Retrieved 20 October 2023.
- ^ a b c d e f g h i j k l m n "The World Factbook". CIA.gov. Central Intelligence Agency. Archived from the original on 24 January 2021. Retrieved 15 June 2019.
- ^ "world poverty clock ". Archived from the original on 19 December 2020. Retrieved 6 January 2020.
- ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Archived from the original on 19 March 2022. Retrieved 17 November 2022.
- ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Archived from the original on 12 December 2020. Retrieved 17 November 2022.
- ^ "Labor force, total - Kenya". data.worldbank.org. World Bank. Archived from the original on 1 August 2020. Retrieved 17 January 2020.
- ^ "Employment to population ratio, 15+, total (%) (national estimate) - Kenya". data.worldbank.org. World Bank. Archived from the original on 31 July 2020. Retrieved 17 January 2020.
- ^ "Statista". Archived from the original on 5 August 2020. Retrieved 8 October 2019.
- ^ "Sovereigns rating list". Standard & Poor's. Archived from the original on 28 September 2011. Retrieved 26 May 2011.
- ^ a b Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Archived from the original on 1 August 2013. Retrieved 31 May 2011.
- ^ "World Bank Open Data". World Bank Open Data. Archived from the original on 26 May 2023. Retrieved 19 April 2024.
- ^ "Kenya Tops Angola as Sub-Saharan Africa's No. 3 Economy". Bloomberg.com. 5 June 2020. Archived from the original on 29 November 2020. Retrieved 6 December 2020.
- ^ "Kenya Company Registration". Healy Consultants. Archived from the original on 18 May 2013. Retrieved 2 September 2013.
- ^ "The Kenya Forum | Kenyan diaspora send home a record Sh497 billion remittances - The Kenya Forum". www.kenyaforum.net. 18 January 2023. Retrieved 27 June 2024.
- ^ "Kenya Economic Survey 2018". Archived from the original on 30 September 2018. Retrieved 30 September 2018.
- ^ "Kenyan tech startups scoop half of Africa's funding in six months of 2018". Capital Business Kenya. 10 July 2018. Archived from the original on 14 April 2019. Retrieved 14 April 2019.
- ^ "KENYA STARTUP ECOSYSTEM OVERVIEW". VC4A. Archived from the original on 12 January 2020. Retrieved 14 April 2019.
- ^ "Doing Business in Kenya - World Bank Group". doingbusiness.org. Archived from the original on 10 September 2018. Retrieved 18 November 2018.
- ^ "World Bank Open Data". World Bank Open Data. Archived from the original on 26 May 2023. Retrieved 19 April 2024.
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