Strong potential for post Covid-19 economic rebound

C3

SENSITIVE RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

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GDP USD 95.503bn (World ranking 65, World Bank 2019)
Population 52.574 mn (World ranking 27, World Bank 2019)
Form of state Republic
Head of government Uhuru Kenyatta
Next elections August 2022, presidential and legislative
  • Large domestic market (population 45mn and member of a regional trading bloc, East African Community, which is expanding and offering good business opportunities.
  • Vibrant horticultural and tourism sectors, although the latter is volatile, subject to domestic political stability and regional security concerns.
  • Regional energy sector has significant potential (including offshore gas fields), with direct (exploitable reserves within Kenya’s territory) and indirect (inputs through Kenyan ports and exports from them) benefits.
  • Strategic importance: regional economic hub.
  • Poor record in terms of political party and individual rivalries and ethnic, tribal and religious divides, which spilled over into violence in 2008. Despite a relatively successful election process in March 2013, these fault lines remain in place.
  • Regional uncertainties (including Somalia, piracy and terrorist activity).
  • Classified as a lower-middle income economy by the World Bank, with associated need to maintain aid and other external assistance flows.
  • Chequered relationship with the IFIs and wider donor community, partly reflecting perceptions of corruption.
  • Twin deficits in fiscal and current accounts.

Trade structure by destination/origin

(% of total)

Exports Rank Imports
Uganda 10.7%
1
20.8% China
United States 8.7%
2
9.9% India
Netherlands 8.1%
3
9.5% United Arab Emirates
Pakistan 7.6%
4
7.2% Saudi Arabia
United Kingdom 6.7%
5
5.5% Japan

Trade structure by product

(% of total)

Exports Rank Imports
Coffee, tea, cocoa, spices, and manufactures thereof 23%
1
19.3% Petroleum, petroleum products and related materials
Live trees and other plants, bulb, roots, flowers 11%
2
9.5% Machinery and mechanical appliances
Mineral fuels, mineral oils and related products 7.74%
3
7.36% Electrical machinery and equipment
Articles of apparel & clothing accessories 4%
4
7% Road vehicles
Edible vegetables 3.85%
5
5.32% Iron and steel
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