Robust growth faces challenges from fiscal consolidation and high debt

C3

SENSITIVE RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Updated in November 2024.

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Form of state Presidential Republic
Head of government William Ruto (President)
Next elections 2027 (presidential and legislative)
  • GDP growth is driven by a thriving services sector, especially ITC and finance, and agriculture
  • Trade gateway to the East African market
  • The administration has embarked on an ambitious program to accelerate foreign investment, rationalize infrastructure spending, optimize subsidies and redress structural imbalances
  • Public debt surged from 40% to 68% of GDP in ten years, with half in foreign currency, while prohibitive financing conditions pose liquidity risks
  • Elevated political risk due to increased poverty, social tensions, radicalization and security issues
  • Vulnerable to external risks such as regional security and climate change
(% of total, 2023)
(% of total, annual 2023)
The Allianz Trade Collection Complexity Score provides a simple assessment of how easy it is to collect debt around the world. The 2022 edition covers 49 countries that represent nearly 90% of global GDP and 85% of global trade.

Trade structure by destination/origin

(% of total, 2022)

Exports Rank Imports
Uganda 12.4%
1
19.7% China
United States 8.4%
2
10.8% India
Netherlands 8.3%
3
8.6% United Arab Emirates
Pakistan 7.2%
4
5.7% Saudi Arabia
United Kingdom 6.5%
5
4.7% Malaysia

Trade structure by product

(% of total, 2022)

Exports Rank Imports
Coffee, tea, cocoa, spices, and manufactures thereof 22.3%
1
19.3% Petroleum, petroleum products and related materials
Crude animal and vegetable materials, n.e.s. 11.7%
2
7.0% Iron and steel
Vegetables and fruits 9.1%
3
6.0% Cereals and cereal preparations
Articles of apparel & clothing accessories 5.4%
4
5.8% Road vehicles
Gold, non-monetary (excluding gold ores and concentrates) 5.2%
5
5.0% Fixed vegetable oils and fats, crude, refined or fractionated