Kenya: Country fact sheet
- Content Type
- Country Data and Maps
- Economist Intelligence Unit
- No abstract is available.
- Summary, Economy, Background, Fact sheet
- Political Geography
Annual data 2020 a Historical averages (%) 2016-20 Population (m) 53.8 b Population growth 2.3 GDP (US$ bn; market exchange rate) 96.3 Real GDP growth 4.4 GDP (US$ bn; purchasing power parity) 240.3 Real domestic demand growth 4.1 GDP per head (US$; market exchange rate) 1,790 Inflation 6.0 GDP per head (US$; purchasing power parity) 4,468 Current-account balance (% of GDP) -5.9 Exchange rate (av) KSh:US$ 106.45 b FDI inflows (% of GDP) 1.4 aEconomist Intelligence Unit estimates. bActual.
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Background: Kenya was a one-party state under the Kenya African National Union until 1991, and voters remained loyal to the party until 2002, when Mwai Kibaki and the National Rainbow Coalition won a landslide victory. Mr Kibaki won a second term in December 2007, by a narrow margin over Raila Odinga of the Orange Democratic Movement. However, allegations of vote-rigging sparked the worst intercommunal violence since independence. Following African-led mediation, the two sides signed a power-sharing deal and formed a grand coalition government. Uhuru Kenyatta (Jubilee Coalition) won the largely peaceful general election in 2013, beating Mr Odinga, the main opposition candidate. The 2017 presidential election gave Mr Kenyatta a 54.2% to 44.9% margin of victory over Mr Odinga in their second consecutive battle, before the Supreme Court annulled the result owing to irregularities. The rerun-boycotted by the opposition-secured Supreme Court approval, handing Mr Kenyatta a second term. A rapprochement in March 2018 between Mr Kenyatta and Mr Odinga brought post-election tensions to an end and improved the outlook for political stability.
Political structure: Kenya is a constitutional democracy with a bicameral parliament and an executive president directly elected by voters. The 2010 constitution, passed following a referendum, introduced new checks and balances, including the devolution of some powers to 47 new counties and the Senate (the upper house of parliament), and new institutions.
Policy issues: The government remains committed to pro-market reforms, including trade liberalisation, privatisation, public-private partnerships and deregulation, in order to improve the business environment, boost growth and reduce poverty. The completion of important infrastructure projects, such as a new railway, will facilitate the process. However, progress will be uneven and subject to delay because of public-sector capacity constraints and institutional turf wars. Kenya will continue to adopt IMF-style policy reforms that are focused on strengthening fiscal and monetary policy.
Taxation: Corporation tax is 30% for resident companies and 37.5% for non-resident companies, but the inclusion of labour and other taxes adds a further 7-8 percentage points in each case. The standard rate of value-added tax (VAT) is 16%.
Foreign trade: Kenya has a relatively diverse export profile, led by tea and horticultural products, and maintains close trade links with fellow members of the Common Market for Eastern and Southern Africa (Comesa) and, especially, the East African Community (EAC). Kenya's import profile is also diverse, with the Middle East and Asia accounting for about 60%.
Major exports 2019 % of total Major imports 2019 % of total Tea 23.3 Industrial supplies 36.1 Horticulture 14.0 Machinery & other capital equipment 17.2 Coffee 3.9 Transport equipment 11.2 Fish & fish preparations 0.3 Food & beverages 10.4 Leading markets 2019 % of total Leading suppliers 2019 % of total Uganda 10.7 China 20.7 US 8.7 India 9.8 Netherlands 8.1 Saudi Arabia 7.2 Pakistan 7.6 Japan 5.5
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