Economy of Kenya

Economy Outlook

Kenya’s rebased GDP per capita for 2013 is estimated at US$ 1,269 compared to the previous estimates of US$ 994 for the same year which represents 27.7 percent increase. This implies that Kenya can now be categorized as a middle-income country as its GDP per capita is well above the World Bank’s benchmark of US$ 1,036. The new GDP estimates will improve international perception of the country and its credit ratings. Kenya’s economy is now ranked as the 9th largest in Africa and 4th largest in Sub Saharan Africa.

The new GDP estimates demonstrate that economy grew by 5.7 percent in 2013 compared with 4.5 percent in 2012. This growth was broad-based and was driven by expansion in agriculture, forestry and fishing, manufacturing, wholesale and retail trade, financial and insurance activities and information and communication.

The economy is estimated to have expanded by 5.8 percent in the second quarter of 2014 compared to 7.2 percent recorded during a similar quarter of 2013. Overall inflation decreased to 6.6 percent in September 2014 from 8.4 and 7.7 percent in August and July 2014 respectively. The macroeconomic outlook remains favorable although risks remain.

Key Exports Imports

Kenya is the 107th largest export economy in the world and the 76th most complex economy according to the Economic Complexity Index (ECI). In 2015, Kenya exported $5.25B and imported $17.6B, resulting in a negative trade balance of $12.3B. In 2015 the GDP of Kenya was $63.4B and its GDP per capita was $3.09k.

SOURCE:  The Observatory of Economic Complexity

Rank Exports Imports
1. Tea Petroleum products
2. Horticulture Industrial Machinery
3. Articles of Apparel and clothing accessories Road Motor Vehicles
4. Coffee, unroasted Iron and Steel
5. Iron and Steel Plastic in primary & non-primary forms
6. Tobacco and tobacco manufactures Animal/vegetable fats & Oils
7. Essential oils Crude Petroleum
8. Articles of plastics Medicinal and Pharmaceutical Products
9. Soda Ash Chemical Fertilizers
10. Cement

Source: Kenya National Bureau of Statistics