Kenya's Macroeconomic Analysis:
Nominal GDP of USD 107.9 billion in 2023.
Nominal GDP of USD 114.3 billion in 2022.
GDP per capita of USD 2,257 compared to the global average of USD 10,589.
GDP per capita of USD 2,094 compared to the global average of USD 10,589.
Average real GDP growth of 4.6% over the last decade.
Average real GDP growth of 4.5% over the last decade.
Sector Analysis
In 2021, services accounted for 61% of overall GDP, manufacturing 7%, other industrial activity 10%, and agriculture 22%. Looking at GDP by expenditure, private consumption accounted for 76% of GDP in 2021, government consumption 12%, fixed investment 20%, and net exports -8%.International trade
In 2021, manufactured products made up 30% of total merchandise exports, mineral fuels 1%, food 48%, ores and metals 6% and agricultural raw materials 15%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 63% of total merchandise imports, mineral fuels 18%, food 16%, ores and metals 1% and agricultural raw materials 2%, with other goods accounting for 0% of the total. Total exports were worth USD 7 billion in 2022, while total imports were USD 19 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 4.5% in the decade to 2022. To read more about GDP growth in Kenya, go to our dedicated page.
Fiscal policy
Kenya's fiscal deficit averaged 6.7% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 4.0% in the decade to 2022. For more information on Kenya's unemployment click here.
Inflation
Inflation averaged 6.5% in the decade to 2022. Go to our Kenya inflation page for extra insight.
Monetary Policy
Kenya's monetary policy rate ended 2022 at 8.75%, down from 11.00% a decade earlier. See our Kenya monetary policy page for additional details.
Exchange Rate
From end-2012 to end-2022 the shilling weakened by 30.2% vs the U.S. dollar. For more info on the shilling, click here.
Economic situation in Kenya
Annual economic growth is forecast to have risen in Q3. Domestically, lower inflation and a faster increase in remittances inflows likely aided household budgets. In addition, goods exports climbed close to 20%. That said, mass protests in the quarter likely capped the upturn. Shifting to Q4, our panel expects a further uptick in GDP growth. Domestic demand is likely benefiting from softer inflation in October–November than in Q3, which prompted the Central Bank to slash rates by a cumulative 150 basis points in Q4. Moreover, survey data hints at healthy private-sector activity through November. In other news, the government axed two deals with Adani Group totaling around USD 2.6 billion, following a U.S. indictment of the latter on bribery charges; the decision bodes ill for investment but eases the threat of renewed public unrest.Kenya Economic Forecasts
Projections out to 2034.48 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 16 expert analysts.
Want to get insight on the economic outlook for Kenya in the coming years? FocusEconomics collects projections out to 2034 on 48 economic indicators for Kenya from a panel of 16 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Kenya economy. To download a sample report on the Kenya's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.