Kenya Introduction Key Economic Facts Risk Assessment (Provided by Coface) Kenya is a country in Eastern Africa bordering the Indian Income Level (by per capita Lower Middle Income Country rating: B - Political and economic uncertainties Ocean and Lake Victoria. Neighboring countries include GNI): and an occasionally difficult business environment can Ethiopia, Somalia, South Sudan, Tanzania, and Uganda. Level of Development: Developing affect corporate payment behavior. Corporate default Unique Kenyan physiography, from GDP, PPP (current international $237.71 billion (2019) highlands to glaciers, supports abundant $): probability is appreciable. and varied wildlife of scientific and GDP growth (annual %): 5.37% (2019) Business Climate rating: A4 - The business environment economic value. The government system GDP per capita, PPP (current $4,521.48 (2019) is acceptable. Corporate financial information is sometimes is a republic; the chief of state and head international $): neither readily available nor sufficiently reliable. Debt of government is the president. Kenya has a mixed External debt stocks, total $34,217,072,395.40 (2019) collection is not always efficient and the institutional economic system which includes a variety of private (DOD, current US$): freedom, combined with centralized economic planning and Manufacturing, value added (% 7.54% (2019) framework has shortcomings. Intercompany transactions government regulation. Kenya of GDP): may thus run into appreciable difficulties in the acceptable is a member of the Common Current account balance (BoP, -$5.56 billion (2019) but occasionally unstable environments rated A4. current US$): Market for Eastern and Strengths Southern Africa (COMESA) and Inflation, consumer prices 4.69% (2018) • Seventh-largest African economy (2019), but the the East African Community (annual %): (EAC). Labor force, total: 24,728,107 (2020) biggest in East Africa, playing a pivotal role in the Unemployment, total (% of 2.65% (2020) East African Community, Africa's number-one total labor force) (modeled ILO estimate): common market Location: Eastern Africa Imports of goods and services $20.41 billion (2019) • Diversified agriculture (third-largest tea producer in Capital City: Nairobi (+3 GMT) (current US$): the world) and expanding services sector Chief of State: President Uhuru Kenyatta Exports of goods and services $11.49 billion (2019) (telecommunications and financial services) (current US$): Head of Govt.: President Uhuru Kenyatta • Mombasa is the third-largest port in Africa Currency: Kenyan shilling (KES) GDP Composition % Agriculture Services Industry Manufacturing • Hydrocarbon deposits discovered in the northwest Major Languages: <p>English (official), Kiswahili (official), numerous indigenous region of Turkana languages</p> • Fast-growing population and emerging middle class 34 43 Primary Religions: <p>Christian 85.5% (Protestant 16 8 • Continued execution of the president’s Big Four 33.4%, Catholic 20.6%, Evangelical 20.4%, African Instituted Churches *Although Manufacturing is included in the Industry figures, it is also separately Agenda, which is focused on food security, 7%, other Christian 4.1%), Muslim reported because it plays a critical role in economy. manufacturing employment, universal and affordable 10.9%, other 1.8%, none Rankings 1.6%, don't know/n access to health, and affordable housing o answer 0.2% (2019 Index Rank Weaknesses est.)</p> Corruption Perceptions Index 137 / 180 • Reliant on hydropower and rain-fed agriculture: Calling Code: 254 Global Competitiveness Index 95 / 141 sensitive to drought and flooding Voltage: 240 Global Enabling Trade Index 77 / 136 Global Services Location Index 39 / 55 • Weak public resources (17% of GDP) Key Websites Index of Economic Freedom 130 / 179 • Persistent bottlenecks due to lack of infrastructure Investment Promotion invest.go.ke International Logistics Performance Index (LPI) 68 / 160 and skills shortages Agency: Inward FDI Potential Index 124 / 139 • Terrorist risk in the north near Somalia; political, KOF Index of Globalization 131 / 185 social, and ethnic divisions Networked Readiness Index (NRI) 86 / 139 • Persistent corruption Open Budget Index 54 / 115 U.S. Embassy U.S. Embassy Nairobi United Nations Avenue Nairobi Country Memo Provided by: globalEDGE.msu.edu and EXPORT.GOV Kenya P. O. Box 606 Village Market 00621 Nairobi, Kenya Phone: 254 20 363-6000 Fax: 254 20 363-6157 https://ke.usembassy.gov Country Memo Provided by: globalEDGE.msu.edu and EXPORT.GOV.