This is a comprehensive country economic report created by JETRO analyzing the latest economic trends, trade and investment environment, and economic relations with Japan in Kenya, East Africa's largest economy. The annual report provides detailed analysis of the country's economic structure and development potential based on Kenyan government statistics, international organization data, and local research.
Regarding economic overview, Kenya's real GDP growth rate for 2024 was 5.6%, showing steady recovery from the COVID-19 pandemic. Nominal GDP is approximately billion with GDP per capita at about ,300, representing the second-largest economy in the East African region after South Africa. The industrial structure comprises services at about 50%, agriculture at about 22%, manufacturing at about 18%, and construction at about 10%, indicating a service-led economy.
Trade trends show total trade volume (exports and imports combined) for 2024 at about billion, an 8.3% increase from the previous year. Major exports are tea (22% of total exports), horticultural products (18%), and coffee (8%), primarily agricultural products, with main export destinations being European Union (35%), East African Community countries (28%), and Asia (24%). Imports are dominated by petroleum products (20%), machinery (15%), and chemicals (12%), with major import sources being China (18%), India (12%), and United Arab Emirates (10%).
Regarding the investment environment, Kenya has established its position as East Africa's business hub with numerous multinational companies' regional headquarters located there. In the World Bank's Doing Business ranking, Kenya ranks 56th out of 190 countries, receiving relatively favorable evaluation among African countries. Investment incentive systems including Export Processing Zones (EPZ) and Special Economic Zones (SEZ) are established, actively promoting investment attraction in manufacturing and IT-related industries.