In-Depth Analysis
Kenya
East Africa’s most sophisticated economy has been able to put together a string of commendable growth performances in recent years. While economic growth has been broad-based and the Kenyan economy is relatively diversified when compared with most other African peers, the country’s public debt position continues to raise concern.
The latest data releases describe an economy in good health: real GDP growth remains strong, consumer price inflation has abated, while external balances have improved. Forex reserves remain at adequate levels and the shilling has shown remarkable resilience over the past few months. Despite this positive picture, there are some underlying issues that continue to temper optimism. The most prominent of these relates to the country’s fiscal position. Widespread fiscal slippages and the rapid increase in public debt have raised sustainability concerns. (Source: Kenya Quarterly Update, published February 2019.)
Macroeconomic Data
(2018)
|
Fiscal Balance (as a % of GDP) |
-6.1 |
|
Consumer Price Index (% change y-o-y, avg) |
5.3 |
|
Current Account Balance (as a % of GDP) |
-5.0 |
|
Real GDP (annual % change) |
5.7 |
|
GDP per Capita, US$ |
1,832.1 |
|
Import Cover (months) |
5.1 |
|
Population, million |
52.2 |
| Total External Debt (as a % of GDP) |
32.1 |