About Kenya and Key Financial Statistics

About Kenya and Key Financial Statistics

Overview of Economy:

Kenya is the economic and transport hub of East Africa. Kenya’s real GDP growth has averaged around 5% for the past several years. According to recently rebased national statistics, Kenya’s GDP for 2013 was $55.3 billion, placing Kenya among the low middle income countries with per capita income of $1,300. Agriculture remains the backbone of the Kenyan economy, contributing 25% of GDP. About 80% of Kenya’s population of roughly 42 million work at least part-time in the agricultural sector, including livestock and pastoral activities. Over 75% of agricultural output is from small-scale, rain-fed farming or livestock production. While Kenya has a growing entrepreneurial middle class, faster growth and poverty reduction is hampered by corruption and by reliance upon several primary goods whose prices have remained low. Inadequate infrastructure threatens Kenya's long-term position as the largest East African economy, although the KENYATTA administration has prioritized infrastructure development. International financial lenders and donors remain important to Kenya's economic growth and development, but Kenya has also successfully raised capital in the global bond market. Kenya issued its first sovereign bond offering in mid-2014, generating $2 billion at 6% interest; the funds are slated to be used for infrastructure projects. Nairobi has contracted with a Chinese company to begin construction of a new standard gauge railway, but the project allegedly has been beset by corruption and fraud. Unemployment is high at around 40%. The country has chronic budget deficits and is in the process of devolving some state revenues and responsibilities to the counties. Inflationary pressures and sharp currency depreciation peaked in early 2012 but have since abated following low global food and fuel prices and monetary interventions by the Central Bank. Recent terrorism in Kenya and the surrounding region threatens Kenya's important tourism industry.

Gross Domestic Product (In USD):

$133 billion (2014 est.)

$126.3 billion (2013 est.)

$119.5 billion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 30.3

% Industry: 19.4

% Services: 50.4

Composition of Labor Force by Occupation:

% Agriculture: 75

% Industry and services: 25

Per Capita Income:

$3,100 (2014 est.)

$2,900 (2013 est.)

$2,800 (2012 est.)

Exports:

$6.174 billion (2014 est.)

$5.803 billion (2013 est.)

Key Export Commodities:

tea, horticultural products, coffee, petroleum products, fish, cement

Export Partners:

Uganda 11.8%, US 7.7%, Netherlands 7.5%, Tanzania 7.4%, Zambia 5.7%, UK 5.6%, Egypt 4.4%, Pakistan 4.3%, UAE 4.1% (2014)

Imports:

$17.61 billion (2014 est.)

$16.02 billion (2013 est.)

Key Import Commodities:

machinery and transportation equipment, petroleum products, motor vehicles, iron and steel, resins and plastics

Import Partners:

China 23.4%, India 21.3%, US 7.6%, UAE 6%, Japan 4.5% (2014)

Inflation Rate (Consumer Price Index):

6.9% (2014 est.)

5.7% (2013 est.)

Exchange Rate to USD:

Kenyan shillings (KES) per US dollar -

87.921 (2014 est.)

87.921 (2013 est.)

84.53 (2012 est.)

88.811 (2011 est.)

79.233 (2010 est.)

Unemployment Rate:

40% (2013 est.)

40% (2001 est.)

S&P Rating:

Standard & Poor's Ratings:

• • AAA: The best quality borrowers, reliable and stable

  • AA: Quality borrowers, a bit higher risk than AAA

  • A: Economic situation can affect finance

  • BBB: Medium class borrowers, which are satisfactory at the moment

  • BB: More prone to changes in the economy

  • B: Financial situation varies noticeably

  • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings