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 Kenyan economy grew by 6.4% last year, notably higher than the 4.9% expansion recorded in 2017. Looking ahead, leading indicators point towards a slight slowdown in private sector activity this year, while poor weather conditions hold further downside risk to economic growth. The Kenyan government successfully issued another Eurobond in mid-May, shrugging off concerns over the country’s fiscal position. However, the fact that Kenyan authorities and the IMF seem to be making progress on a new support programme would have bolstered Kenya’s cause in this regard. (Source: Kenya Quarterly Update, published May 2019.)
Macroeconomic Data
(2018)
|
Fiscal Balance (as a % of GDP) |
-7.4 |
|
Consumer Price Index (% change y-o-y, avg) |
4.7 |
|
Current Account Balance (as a % of GDP) |
-5.0 |
|
Real GDP (annual % change) |
6.4 |
|
GDP per Capita, US$ |
1,724.0 |
|
Import Cover (months) |
4.6 |
|
Population, million |
51.0 |
| Total External Debt (as a % of GDP) |
31.0 |