Kenya: Economic Conditions

Kenya's economy faces persistent twin deficits: a current account deficit of 9.2 percent in 2014 - expected to ease to 7.7 percent in 2015, according to the IMF - and a budget deficit in 2015 of 7.6 percent. Kenya now ranks 8th among African countries by general government net debt, which has risen from 34 percent in 2007 to 47 percent in 2015.

Kenya is a net importer of crude oil and petroleum products, which only aggravated its trade balance as oil prices climbed to and remained at more than $100 per barrel from 2011 through midyear 2014. The Government aspires, however, to increase its leadership in the region through its port, pipeline, and rail expansion plans in addition to becoming a crude oil producer, which could all help to increase revenue and further diversify the economy, assuming sustained growth in pillar industries like agriculture. The country's primary exports are tea, coffee, and vegetables and other agricultural products. Agriculture accounts for about 20 percent of Kenya's economy by gross value added. 

Sources: IMF World Economic Outlook (WEO), April 2015, National Accounts Main Aggregates Database, 1970-2013, Merchandise trade matrix, imports and exports of total all products, annual, 1995-2013, Merchandise trade matrix - detailed products, imports and exports in thousands of dollars, annual, 1995-2013, 2014

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