Kenya Economic Dashboard — KIPPRA Policy Data Center

GDP Growth Rate

5.4^%

▲ +0.3pp from Q2 2024

KNBS · Q3 2024

Fiscal Deficit (% GDP)

5.7^%

▼ Narrowing from 6.1% FY22/23

National Treasury · FY2023/24

Inflation Rate

5.9^%

▼ Down 3.1pp over 12 months

KNBS · December 2024

Revenue-to-GDP Ratio

14.9^%

— Below SSA average of 18.2%

National Treasury / IMF · FY2023/24

KIPPRA Intelligence: Kenya's Q3 2024 GDP growth of 5.4% represents a positive signal, with services (6.1%) and industry (5.8%) leading the recovery. However, the revenue-to-GDP ratio of 14.9% remains 3.3 percentage points below the Sub-Saharan African average, the primary structural fiscal vulnerability. Read KIPPRA's full fiscal analysis →

Kenya GDP Growth Rate (%), 2015–2024

Annual GDP growth rate compared to the Sub-Saharan African average. Source: Kenya National Bureau of Statistics, IMF World Economic Outlook.

Kenya GDP Growth

SSA Average

Sources: Kenya National Bureau of Statistics (KNBS) Quarterly GDP Estimates; IMF World Economic Outlook (October 2024); KIPPRA calculations. Note: 2019 data adjusted for KNBS rebasing.

Fiscal Deficit (% of GDP), FY2015–FY2024

National budget deficit as share of GDP. Source: National Treasury.

Source: National Treasury Budget Highlights and KIPPRA fiscal analysis. COVID-19 impact visible in FY2019/20.

Revenue Composition, FY2023/24

National government revenue by source. Source: National Treasury.

Income Tax38%

VAT28%

Excise Duty14%

Import Duty11%

Other Revenue9%

Source: Kenya Revenue Authority Annual Report FY2023/24; National Treasury Budget Documents.

Fiscal Position Summary — FY2023/24

Revenue Performance

KES 2.69T

Total national government revenue

Revenue vs Target93.2%

Revenue-to-GDP14.9%

Target: 18.2% (SSA Average)

Expenditure Profile

KES 3.67T

Total national government expenditure

Recurrent Expenditure71%

Development Expenditure29%

Target: ≥ 30% development expenditure

Public Debt Position

KES 10.6T

Total public debt stock (June 2024)

Debt-to-GDP Ratio71%

Domestic Debt Share52%

IMF DSA threshold: 70% (exceeded)

Kenya vs Peer Economies — Key Fiscal Indicators, 2023

Comparison with comparable Sub-Saharan African economies. Source: IMF World Economic Outlook 2024.

Country	GDP Growth (%)	Revenue-to-GDP (%)	Fiscal Deficit (% GDP)	Debt-to-GDP (%)	Inflation (%)
🇰🇪 Kenya	5.4	14.9	5.7	71	5.9
🇷🇼 Rwanda	7.2	20.8	7.2	68	4.8
🇺🇬 Uganda	5.4	14.0	4.8	50	5.2
🇹🇿 Tanzania	5.2	17.3	3.4	42	3.8
🇬🇭 Ghana	3.2	19.2	4.8	90	8.2
SSA Average	3.8	18.2	5.2	60	16.4

Source: IMF World Economic Outlook (October 2024); World Bank Macro Poverty Outlook; KIPPRA compilation.

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