Kenya Market Report
Kenya serves as the gateway to the East African market and is the economic, commercial, financial, and logistics hub of the region. In addition Kenya has the strongest industrial base in the East Africa region. Kenya has built strong bilateral and multilateral trade rela-
tionships and is a member of the East African Community (EAC), the Common Market for Eastern and Southern Africa (COMESA), and the Africa Continental Free Trade Area (AfCFTA). In July 2022, the United States and Kenya announced their intention to negotiate a Strategic Trade and Investment Partnership (STIP) and are hoping to complete negotiations by the end of 2024.
Te services sector is increasingly becoming an engine of
economic growth. In the decade to 2021, services activity drove about 70 per cent of the total increase in economic output and, of the 10 fastest-growing sectors from 2012 to 2021, all except construction were services. However the agricultural sector is still the backbone of the economy, contributing approximately 33 per cent of Kenya’s Gross Domestic Product (GDP). Te agri- culture sector employs more than 40 per cent of the total population and 70 per cent of the rural population although ag- ricultural productivity has stagnated somewhat in recent years. Unfortunately, Kenya continues to face significant challenges
which have been exacerbated by COVID-19, as well as corruption and economic inequality. Despite these issues in 2021 the economy staged a strong re-
covery after COVID supported by rebounds in industry and, es- pecially, services, growing at 7.5 per cent. Kenya’s GDP is projected to grow between 5.3 and 5.5 per cent in 2024, driven by growth in the services sector and household consumption. In addition Kenya’s real GDP expanded at an estimated 5.4 per cent in 2023 from 4.8 per cent in 2022 while the agricultural sector experienced a stronger than expected rebound after two years of drought. However, according to the World Bank a number of key de-
velopment challenges still include poverty, inequality and youth unemployment. Poor living conditions and the high cost of living has led to dissatisfaction with the government especially amongst younger voters. Overall inflation has remained high as well. Te young have become increasingly angry with the lack of oppor- tunities. Although the overall unemployment in Kenya is at 12.7 per cent, the youth (15-34 year olds), who form 35 per cent of the Kenyan population, have the highest unemployment rate of 67 per cent.
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Capital: Nairobi Total Area:
580,
367sq.km Population: 58,246,378 Median age: 21.2 years Religions:
Christian 85.5 per cent (Protestant 33.4 per cent, Catholic 20.6 per cent, Evangelical 20.4 per cent, African Instituted Churches 7 per cent, other Christian 4.1 per cent), Muslim 10.9 per cent, other 1.8 per cent, none 1.6 per cent, don't know/no answer 0.2 per cent (2019 est.) Languages: English (official), Kiswahili (official), numerous indigenous languages Currency: The Kenyan shilling Government type: Presidential Republic Chief of State: President William Ruto (since 13 September 2022) Head of Government: President William Ruto (since 13 September 2022) Elections: President and Deputy President directly elected on the same ballot by majority vote nationwide and at least 25 per cent of the votes cast in at least 24 of the 47 counties; failure to meet these thresholds requires a runoff between the top two candidates; election last held on 9 August 2022 (next to be held on 10 August 2027) Unemployment: 5.6% Tourism: 2.3 million
Te services sector is increasingly becoming an engine of economic growth. In the decade to 2021, services activity drove about 70 per cent of the total increase in economic output and, of the 10 fastest- growing sectors from 2012 to 2021, all except construction were services.
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