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Economy of Kenya

Economy of Kenya
Nairobi, the financial centre of Kenya
CurrencyKenyan shilling (KES, KSh)
Trade organisations
AU, AfCFTA, EAC, COMESA, CEN-SAD, WTO and others
Country group
Statistics
PopulationIncrease 51,526,000 (2023 est.)[3]
GDP
  • Increase $115.075 billion (nominal, 2024 est.)[4]
  • Increase $364.876 billion (PPP, 2024 est.)[4]
GDP rank
GDP growth
  • 6.3% (2018) 5.6% (2019e)
  • 1.0% (2020e) 6.1% (2021e)[6]
GDP per capita
  • Increase $2,194 (nominal, 2024 est.)[7]
  • Increase $6,957 (PPP, 2024 est.)[7]
GDP per capita rank
GDP by sector
7.9% (2022est.)[6]
Population below poverty line
14% ( 2022 est.)[9]
41.6 high (2018 est.)[8]
Labour force
  • Increase 21,190,309 (2019)[12]
  • 72.4% employment rate (2016)[13]
Labour force by occupation
Unemployment2.98% (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
ExportsIncrease $5.792 billion (2017 est.)[8]
Export goods
Tea, horticultural products, coffee, petroleum products, fish, cement, apparel
Main export partners
ImportsIncrease $15.99 billion (2017 est.)[8]
Import goods
Machinery and transportation equipment, oil, petroleum products, motor vehicles, iron and steel, resins and plastics
Main import partners
FDI stock
  • Increase $8.738 billion (31 December 2017 est.)[8]
  • Increase Abroad: $1.545 billion (31 December 2017 est.)[8]
Decrease −$5.021 billion (2017 est.)[8]
Positive decrease $27.59 billion (31 December 2017 est.)[8]
Public finances
Negative increase 54.2% of GDP (2017 est.)[8]
−6.7% (of GDP) (2017 est.)[8]
Revenues21.89 billion (2022 est.)
Expenses26.93 billion (2022 est.)
Increase $7.354 billion (31 December 2017 est.)[8]
Main data source: CIA World Fact Book
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. Major industries within the Kenyan market 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 non-resident Kenyans who work in the United States, the Middle East, Europe and Asia.[19]

As of September 2018, economic prospects were positive, with above 6% gross domestic product (GDP) growth expected.[20] 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.[21][22]

In 2020, Kenya ranked 56th in the World Bank ease of doing business rating, up from 61st in 2019 (of 190 countries).[23] Compared to its neighbours, Kenya has a well-developed social and physical infrastructure.[24]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Population, total - Kenya". knbs.or.ke. Kenya National Bureau of Statistics. 4 November 2019. Retrieved 1 April 2020.
  4. ^ a b "World Economic Outlook Database, October 2023". IMF.org. International Monetary Fund. Retrieved 13 April 2023.
  5. ^ a b "World Economic Outlook Database, October 2023". IMF.org. International Monetary Fund. Retrieved 13 October 2023.
  6. ^ a b "World Economic Outlook Database, April 2020". IMF.org. International Monetary Fund. Retrieved 18 April 2020.
  7. ^ a b "World Economic Outlook Database, October 2023". IMF.org. International Monetary Fund. Retrieved 20 October 2023.
  8. ^ a b c d e f g h i j k l m n "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 15 June 2019.
  9. ^ "world poverty clock ". Archived from the original on 19 December 2020. Retrieved 6 January 2020.
  10. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 17 November 2022.
  11. ^ "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.
  12. ^ "Labor force, total - Kenya". data.worldbank.org. World Bank. Retrieved 17 January 2020.
  13. ^ "Employment to population ratio, 15+, total (%) (national estimate) - Kenya". data.worldbank.org. World Bank. Retrieved 17 January 2020.
  14. ^ Statista
  15. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
  16. ^ a b Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Retrieved 31 May 2011.
  17. ^ "World Bank Open Data". World Bank Open Data. Retrieved 19 April 2024.
  18. ^ "Kenya Tops Angola as Sub-Saharan Africa's No. 3 Economy". Bloomberg.com. 5 June 2020. Retrieved 6 December 2020.
  19. ^ "Kenya Company Registration". Healy Consultants. Retrieved 2 September 2013.
  20. ^ "Kenya Economic Survey 2018". Archived from the original on 30 September 2018. Retrieved 30 September 2018.
  21. ^ "Kenyan tech startups scoop half of Africa's funding in six months of 2018". Capital Business Kenya. 10 July 2018. Retrieved 14 April 2019.
  22. ^ "KENYA STARTUP ECOSYSTEM OVERVIEW". VC4A. Retrieved 14 April 2019.
  23. ^ "Doing Business in Kenya - World Bank Group". doingbusiness.org. Retrieved 18 November 2018.
  24. ^ "World Bank Open Data". World Bank Open Data. Retrieved 19 April 2024.
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