|Current President||Uhuru Kenyatta|
|Population as at 2023||47.6 Million People|
|Year of Independence:||1963|
|Official Languages/National Languages:||English |
|Currency:||Kenyan Shilling (KES)|
|Time Zone:||East Africa Time (GMT+3)|
|Public Debt in 2023:||Domestic Debt: KES 3.7 Trillion |
External Debt: KES 4.0 Trillion
Total Debt: KES 7.7 Trillion
|GDP in 2023 est.:||KES 11.7 Trillion or $106.04 Billion|
|GDP Growth in 2023 est.:||6.1%|
|GDP Per Capital in 2023:||KES 234,000 or $2,129|
|Inflation Rate 2023:||5.71%|
|Net Worth (based on GDP):||KES 11.7 Trillion or $106.04 Billion|
|Last Updated:||December 2023|
Quick Facts About Kenya
Kenya is the world’s 48th largest country in terms of total land area. On the other hand, Kenya is the 29th most populated country, with a population of more than 47.6 million people according to the 2019 census.
The capital city of Kenya is Nairobi which also happens to be the largest city in the country, whereas Mombasa is the country’s oldest city and first capital city. Kisumu City is the 3rd largest city and the inland port for Lake Victoria, Africa’s largest lake by area and world’s largest tropical lake.
Nakuru and Eldoret are two other significant urban places that have highly contributed to the economic growth in Kenya.
Kenya is bordered to the northwest by South Sudan, to the north by Ethiopia, to the east by Somalia, to the west by Uganda, to the south by Tanzania, and to the southeast by the Indian Ocean.
Kenya’s Economy Growth
The growth of an economy for any country determines the direction the country is taking. This is essential in the determination of the future expectations of the position of the country in terms of the living standards as well as the improvements in infrastructure, business developments, and its attractiveness to external investors to the country.
To enhance sustainable economic growth, Kenya made several significant economic and political reforms through the passage of the new constitution in the year 2010. This was to enhance social development, economic growth as well as political stability.
Despite this, the economy is still challenged by several factors that have dragged the economy growth. Some of the challenges faced include;
- Climate Change
- Weak Private Sector Investment
- Vulnerability on the economy from external and internal shocks
How has Economy Grown in Kenya
According to World Bank, Kenya became one of the fastest-growing economies following an average economic growth rate of 5.7% in the period between 2015 to 2019. This has been boosted by the stability in the macroeconomic environment, resilient services sector, and positive investor confidence.
Covid-19 and Locust Infestation Effects on the Economy
In 2020, however, Kenya’s economy was hit hard by the COVID-19 shock that affected demand and supply from both the external and internal fronts. This followed the movement restrictions in different counties in the countries as well as movement to and out of Kenya.
Covid-19 severely affected some of Kenya’s economic sectors such as Education and Tourism that were fully inoperative.
Furthermore, following the regional locust infestation in early 2020, some regions in Kenya were highly affected including the North-Eastern part of Kenya.
In 2021, there has been a significant recovery of Kenya’s economy with the opening of some of the sectors in Kenya. Though there is still no full recovery in the country, significant growth has been evident.
The country is still aligning itself from the shocks in meeting its long-term development agenda of Vision 2020 and the president’s development priority bid ‘The Big Four Agenda’ which prioritizes universal healthcare, food security, affordable housing and manufacturing.
Kenya Net Worth in 2023
Kenya is the largest economic, transport, and financial hub of East Africa. In the last decade, the GDP growth has been more than 5% making it one of the largest growing countries.
Kenya has been ranked to be a Lower Middle Country due to its per capita GDP crossing on the World Bank Threshold.
Though it has a great potential in economic growth following the growing entrepreneurial middle class with steady growth, the growth has been highly impaired by corruption and weak governance. Unemployment and under-employment have also been key in affecting the growth of the economy and hence its net worth.
Kenya’s net worth is estimated to be about KES 11.7 Trillion or $106.04 Billion. This is based on the GDP of the country following the non-disclosure of the total assets of the country which would be essential in the determination of the country’s net worth. Nevertheless, the net worth of the country would be much way higher than the GDP considering the number of assets the country assets compared to its liabilities.
As of 2020, Kenya was the largest economy in Sub-Saharan Africa coming after Nigeria and South Africa.