Kenya - Economy
How is the economy of Kenya? Based on the information we have, Kenya has a fast growing, third largest Sub-Saharan economy; strong agriculture sector with emerging services and tourism industries; IMF program to address current account and debt service challenges; business-friendly policies foster infrastructure investment, digital innovation and public-private partnerships; vulnerable to climate change-induced droughts. Key agricultural products in this country include: sugarcane, milk, maize, tea, bananas, potatoes, cabbages, camel milk, cassava, mangoes/guavas (2022).
More about the economy of Kenya
| Labor force | 25.52 million (2023 est.) |
|---|---|
| Industrial production growth rate | 1.88% (2023 est.) |
| Industries | agriculture, transportation, services, manufacturing, construction, telecommunications, tourism, retail |
| Population below poverty line | 38.6% (2021 est.) |
| Taxes and other revenues | 13.99% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Kenyan shillings (KES) per US dollar - |
| Exchange rates 2023 | 139.846 (2023 est.) |
| Exchange rates 2022 | 117.866 (2022 est.) |
| Exchange rates 2021 | 109.638 (2021 est.) |
| Exchange rates 2020 | 106.451 (2020 est.) |
| Exchange rates 2019 | 101.991 (2019 est.) |
| Debt - external | |
| Debt - external 2023 | $33.484 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $7.342 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $7.969 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $9.491 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | -$4.317 billion (2023 est.) |
| Current account balance 2022 | -$5.889 billion (2022 est.) |
| Current account balance 2021 | -$5.597 billion (2021 est.) |
| Public debt | |
| Public debt 2017 | 54.2% of GDP (2017 est.) |
| Budget | |
| Revenues | $20.202 billion (2023 est.) |
| Expenditures | $29.933 billion (2023 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 3.91% of GDP (2023 est.) |
| Remittances 2022 | 3.55% of GDP (2022 est.) |
| Remittances 2021 | 3.44% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.9% (2021 est.) |
| Highest 10% | 31.8% (2021 est.) |
| Average household expenditures | |
| On food | 56.7% of household expenditures (2022 est.) |
| On alcohol and tobacco | 3.7% of household expenditures (2022 est.) |
| Imports | |
| Imports 2023 | $22.046 billion (2023 est.) |
| Imports 2022 | $24.606 billion (2022 est.) |
| Imports 2021 | $22.001 billion (2021 est.) |
| Imports (partners) | China 26%, UAE 14%, India 11%, Malaysia 4%, Saudi Arabia 4% (2022) |
| Comodities Imports force | refined petroleum, palm oil, garments, wheat, plastics (2022) |
| Exports | |
| Imports 2023 | $22.046 billion (2023 est.) |
| Imports 2022 | $24.606 billion (2022 est.) |
| Imports 2021 | $22.001 billion (2021 est.) |
| Exports (partners) | US 10%, Uganda 9%, Pakistan 7%, Netherlands 7%, Rwanda 6% (2022) |
| Comodities Exports force | tea, cut flowers, garments, coffee, titanium ore (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $314.491 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $297.938 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $284.129 billion (2021 est.) |
| GDP (official exchange rate) | $108.039 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $5,700 (2023 est.) |
| Real GDP per capita 2022 | $5,500 (2022 est.) |
| Real GDP per capita 2021 | $5,300 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 21.8% (2023 est.) |
| Industry | 16.9% (2023 est.) |
| Services | 55.4% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 76.9% (2023 est.) |
| Government consumption | 11.9% (2023 est.) |
| Investment in fixed capital | 17.2% (2023 est.) |
| Investment in inventories | -0.9% (2023 est.) |
| Exports of goods and services | 11.7% (2023 est.) |
| Imports of goods and services | -20.4% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 5.68% (2023 est.) |
| Unemployment rate 2022 | 5.81% (2022 est.) |
| Unemployment rate 2021 | 5.69% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 12.2% (2023 est.) |
| Male | 8.1% (2023 est.) |
| Female | 16.3% (2023 est.) |
All Important Facts about Kenya
Want to know more about Kenya? Check all different factbooks for Kenya below.
