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Economy of Ethiopia vs Kenya compared: GDP & Debt

Updated on by Georank team

Ethiopia has a GDP of $150B compared to $120B for Kenya, ranking 60/197 and 64/197 by economy size, respectively.

Ethiopia has $48.9B in government debt (32.7% of GDP), compared to $81B (67.3% of GDP) in Kenya.

Ethiopia vs Kenya GDP by year

Ethiopia
Kenya
1x
Year GDP, current $
Ethiopia Kenya
2024 $149,740,297,953 $120,339,557,906
2023 $135,874,093,202 $107,500,884,685
2022 $123,140,304,666 $114,448,978,153
2021 $109,070,960,372 $109,703,658,905
2020 $98,676,811,061 $100,657,505,751
2019 $91,834,517,113 $100,378,436,207
2018 $83,337,901,072 $92,202,979,985
2017 $76,366,081,767 $82,036,510,877
2016 $68,475,871,210 $74,815,144,164
2015 $62,103,418,182 $70,120,446,897
2014 $55,612,228,234 $68,285,796,514
2013 $47,648,276,605 $61,671,440,408
2012 $43,310,721,414 $56,396,704,672
2011 $31,952,763,089 $46,869,473,151
2010 $29,933,790,334 $45,405,615,064
2009 $32,437,389,116 $42,347,217,913
2008 $27,066,912,635 $35,895,153,328
2007 $19,707,616,773 $31,958,195,182
2006 $15,280,861,835 $25,825,512,284
2005 $12,401,139,454 $18,737,895,513
2004 $10,131,187,261 $16,095,337,094
2003 $8,623,691,300 $14,904,517,650
2002 $7,850,809,498 $13,147,736,899
2001 $8,231,326,016 $12,986,007,426
2000 $8,242,349,618 $12,705,350,098
1999 $7,892,973,532 $12,896,010,459
1998 $8,013,274,132 $14,093,998,844
1997 $8,803,539,988 $13,115,764,358
1996 $8,761,215,548 $12,045,865,396
1995 $7,855,205,207 $9,046,320,255
1994 $7,100,806,754 $7,148,148,564
1993 $9,051,043,870 $5,751,786,643
1992 $10,754,799,037 $8,209,120,763
1991 $13,799,799,324 $8,151,488,783
1990 $12,478,943,895 $8,572,359,038
1989 $11,762,932,007 $8,283,114,514
1988 $11,181,119,718 $8,355,380,879
1987 $10,790,001,558 $7,970,820,369
1986 $10,094,328,898 $7,239,126,568
1985 $9,717,392,687 $6,135,034,214
1984 $8,298,309,581 $6,191,437,070
1983 $8,781,664,427 $5,979,198,314
1982 $7,899,988,841 $6,431,579,357
1981 $7,507,663,567 $6,854,491,706
1980 $7,012,585,454 $7,265,315,820
1979 $6,586,048,398 $6,234,391,113
1978 $6,014,961,435 $5,303,735,111
1977 $5,651,840,585 $4,494,378,764
1976 $4,943,806,093 $3,474,542,392
1975 $4,577,047,854 $3,259,345,083
1974 $4,577,209,966 $2,969,958,812
1973 $4,070,570,550 $2,509,001,324
1972 $3,520,252,938 $2,107,279,157
1971 $3,224,280,835 $1,778,391,289
1970 $3,045,354,455 $1,603,447,359
1969 $2,768,987,372 $1,458,379,417
1968 $2,619,948,865 $1,353,295,459
1967 $2,461,762,003 $1,232,559,507
1966 $2,324,466,416 $1,164,519,674
1965 $2,159,998,591 $997,919,321
1964 $1,984,129,186 $998,759,334
1963 $1,825,058,828 $926,589,349
1962 $1,747,566,307 $868,111,401
1961 $1,680,859,514 $792,959,473
1960 $1,610,511,694 $791,265,459

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/ethiopia/kenya | CC BY

GDP per capita in Ethiopia vs Kenya by year

Ethiopia
GDP per capita

GDP per capita, PPP
Kenya
GDP per capita

GDP per capita, PPP
1x
Year Current $
Ethiopia Kenya
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $1,134 $3,288 $2,132 $6,644
2023 $1,056 $3,061 $1,943 $6,317
2022 $982 $2,845 $2,110 $5,883
2021 $893 $2,588 $2,061 $5,339
2020 $830 $2,407 $1,928 $4,793
2019 $793 $2,242 $1,960 $4,687
2018 $740 $2,095 $1,836 $4,412
2017 $696 $2,005 $1,667 $4,177
2016 $642 $1,858 $1,554 $3,917
2015 $598 $1,633 $1,489 $3,678
2014 $550 $1,485 $1,483 $3,359
2013 $484 $1,253 $1,371 $3,106
2012 $452 $1,179 $1,285 $2,847
2011 $343 $1,098 $1,096 $2,750
2010 $331 $996 $1,092 $2,635
2009 $369 $899 $1,048 $2,480
2008 $316 $845 $916 $2,459
2007 $237.1 $770 $840 $2,481
2006 $189.3 $693 $700 $2,330
2005 $158.2 $625 $523 $2,189
2004 $133.2 $558 $464 $2,066
2003 $116.8 $493 $443 $1,975
2002 $109.6 $509 $403 $1,940
2001 $118.5 $509 $411 $1,961
2000 $122.3 $474 $415 $1,907
1999 $120.7 $450 $434 $1,910
1998 $126.5 $436 $488 $1,895
1997 $143.4 $461 $467 $1,865
1996 $147.3 $453 $441 $1,875
1995 $136.5 $409 $340 $1,818
1994 $127.7 $391 $276.4 $1,754
1993 $168.5 $384 $229 $1,723
1992 $207.4 $343 $337 $1,728
1991 $277.6 $383 $345 $1,756
1990 $262.1 $417 $374 $1,729
1989 $256.4 - $374 -
1988 $253.2 - $391 -
1987 $254.1 - $387 -
1986 $246 - $364 -
1985 $243.9 - $320 -
1984 $214.2 - $334 -
1983 $232.7 - $335 -
1982 $215.3 - $374 -
1981 $212.7 - $413 -
1980 $203.7 - $454 -
1979 $192.4 - $403 -
1978 $178.3 - $355 -
1977 $170.4 - $311 -
1976 $152 - $248.9 -
1975 $144.3 - $241.2 -
1974 $147.9 - $227.2 -
1973 $134.9 - $198.6 -
1972 $119.8 - $172.6 -
1971 $112.7 - $150.9 -
1970 $109.4 - $141 -
1969 $102.3 - $133.3 -
1968 $99.5 - $128.7 -
1967 $96.1 - $121.9 -
1966 $93.2 - $119.8 -
1965 $88.9 - $106.9 -
1964 $83.8 - $111.3 -
1963 $79.2 - $107.4 -
1962 $77.8 - $104.6 -
1961 $76.7 - $99.3 -
1960 $75.3 - $102.8 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/ethiopia/kenya | CC BY

Ethiopia's GDP per capita is $1,134, ranking 171/197, compared to $2,132 in Kenya, ranking 154/197. Adjusted for purchasing power (GDP per capita PPP), Ethiopia ranks 175th at $3,288, while Kenya ranks 149th at $6,644.

Economic indicators

Ethiopia Kenya
Gross domestic product
$150B
2024
$120B
2024
GDP rank
60/197
2024
64/197
2024
GDP growth
7.61%
2023-2024
4.72%
2023-2024
GDP per capita
$1,134
2024
$2,132
2024
GDP per capita rank
171/197
2024
154/197
2024
GDP per capita, PPP
$3,288
2024
$6,644
2024
GDP per capita PPP rank
175/197
2024
149/197
2024
Government debt
$48.9B
2024
$81B
2024
Debt-to-GDP ratio
32.7%
2024
67.3%
2024
Government debt per person
$370
2024
$1,436
2024
Government debt per person rank
172/185
2024
133/185
2024
Average annual personal income after taxes
$1,946
2026
$3,229
2026
Market capitalization of domestic companies n/a
$15B
2024
Income share by richest 10%
24.8%
2021
30.1%
2022
Income share by poorest 10%
3.5%
2021
2.9%
2022
Government expenditure, % of GDP
9.54%
2024
23.3%
2024
Consumer prices inflation
21%
2023-2024
4.49%
2023-2024
Central bank interest rate n/a
9.25%
2025
Unemployment rate
3.94%
2021
5.44%
2022
Population
139917664
58955623

Spending and national debt comparison by year

Ethiopia
Spending

Debt
Kenya
Spending

Debt
1x
Year % of GDP
Ethiopia Kenya
Government spending Government debt Government spending Government debt
2024 9.54% 32.7% 23.3% 67.3%
2023 10.8% 38.7% 22.7% 73.4%
2022 12.7% 46.9% 23.2% 67.8%
2021 13.8% 53.8% 24% 68.2%
2020 14.5% 53.7% 24.8% 68%
2019 15.4% 54.7% 24.4% 59.1%
2018 16.1% 58.4% 24.5% 56.4%
2017 18% 55.3% 25.2% 53.9%
2016 17.9% 51.8% 25.4% 50.4%
2015 17.3% 50.7% 23.8% 45.8%
2014 17.5% 44.2% 23.4% 41.3%
2013 17.8% 44.1% 23.2% 39.8%
2012 16.6% 39.4% 22.1% 37.6%
2011 18.2% 44.6% 20.1% 35.7%
2010 18.5% 39.4% 21.5% 36.7%
2009 17.1% 30% 20.3% 36%
2008 18.8% 56.1% 18.9% 34.3%
2007 20.5% 55.7% 18.1% 34.2%
2006 22.1% 79.6% 17.3% 37.1%
2005 22.9% 78.2% 16.2% 37.4%
2004 23.1% 103.1% 15.4% 40.8%
2003 27% 103.7% 16% 43.8%
2002 24.9% 107.4% 15.7% 42%
2001 22.4% 97.3% 14.9% 41.3%
2000 25.6% 93.6% 14.1% 43.1%
1999 25.8% 94.3% 13.7% 38.4%
1998 20.4% 86% 15.3% 38.5%
1997 17.3% 77.4% 15.6% 36%
1996 18.2% 129% 15.2% 40.5%
1995 16.9% 142.3% 17.3% 52.1%
1994 17.1% 150.7% 18.8% 57%
1993 13.4% 136.9% 18.9% 61.6%
1992 13.8% 85.4% 17.6% 41.2%
1991 16.8% 89.3% 16.4% 43%
1990 20.3% 91.6% 17.2% 37.6%
1989 24% 84.7% 16.3% 33.4%
1988 21.6% 84.3% 15.9% 33.9%
1987 18.4% 82.3% 15.5% 36.3%
1986 19.8% 75.7% 15.3% 31.3%
1985 19.7% 67.7% 15.6% 28.8%
1984 18.8% 65.4% 14.9% 25.6%
1983 21.3% 55.2% 14.6% 26.1%
1982 16.4% 48.8% 16.2% 26.9%
1981 14.2% 30.6% - -
1980 13.5% 18.5% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1997, retrieved 2026-02-20).

GeoRank.org/economy/ethiopia/kenya | CC BY

In 2024, Ethiopia's government spending was $14.3B, accounting for 9.54% of its GDP, while Kenya spent $28B, or 23.3% of GDP.

Debt-to-GDP ratio is 32.7% in Ethiopia and 67.3% in Kenya, ranking 150/185 and 64/185, respectively.

Government deficit by year

Deficit/surplus
Ethiopia

Kenya
1x
Year Deficit/surplus, % of GDP
Ethiopia Kenya
2024 -1.99% -5.77%
2023 -2.6% -5.71%
2022 -4.16% -6.06%
2021 -2.77% -7.2%
2020 -2.76% -8.13%
2019 -2.53% -7.42%
2018 -3.03% -6.94%
2017 -3.24% -7.4%
2016 -2.3% -7.47%
2015 -1.95% -6.68%
2014 -2.58% -5.75%
2013 -1.93% -5.25%
2012 -1.17% -5.29%
2011 -1.61% -3.64%
2010 -1.32% -3.67%
2009 -0.93% -3.12%
2008 -2.88% -1.95%
2007 -3.57% -0.95%
2006 -3.79% -0.43%
2005 -4.12% -0.19%
2004 -2.65% 0.5%
2003 -5.59% -0.73%
2002 -5.76% -1.29%
2001 -3.76% -0.53%
2000 -8.88% 0.38%
1999 -8.23% 0.84%
1998 -3.51% -0.03%
1997 -1.7% -0.91%
1996 -3.81% -0.49%
1995 -2.68% -0.23%
1994 -5.23% -4.14%
1993 -4% -8.57%
1992 -4.78% -8.28%
1991 -5.83% -6.56%
1990 -6.66% -3.28%
1989 -4.33% -2.39%
1988 -3.48% -1.97%
1987 -3.54% -2.27%
1986 -3.98% -2.98%
1985 -4.71% -3.05%
1984 -3.69% -2.55%
1983 -7.59% -2.17%
1982 -3.6% -3.07%
1981 -2.19% -
1980 -2.56% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-02-20).

GeoRank.org/economy/ethiopia/kenya | CC BY

In 2024, Ethiopia's government deficit, the difference between spending and revenue, was $2.98B, equivalent to 1.99% of GDP. This compares to Kenya's deficit of $6.94B, or 5.77% of GDP.

Over the past 43 years, Ethiopia recorded a fiscal deficit in 43 of those years, while Kenya ran a deficit in 40 years. On average, Ethiopia posted an annual deficit equal to 3.7% of GDP, compared to deficit of 3.55% of GDP for Kenya.

Inflation comparison by year

Inflation
Ethiopia

Kenya
1x
Year Consumer prices inflation
Ethiopia Kenya
2024 21% 4.49%
2023 30.2% 7.67%
2022 33.9% 7.66%
2021 26.8% 6.11%
2020 20.4% 5.41%
2019 15.8% 5.24%
2018 13.8% 4.69%
2017 10.7% 8.01%
2016 6.63% 6.3%
2015 9.57% 6.58%
2014 6.89% 6.88%
2013 7.46% 5.72%
2012 23.6% 9.38%
2011 33.2% 14%
2010 8.15% 3.96%
2009 8.48% 9.23%
2008 44.4% 26.2%
2007 17.2% 9.76%
2006 12.3% 14.5%
2005 9.97% 10.3%
2004 3.33% 11.6%
2003 13.7% 9.82%
2002 0.68% 1.96%
2001 -8.24% 5.74%
2000 0.66% 9.98%
1999 7.94% 5.74%
1998 0.89% 6.72%
1997 2.4% 11.4%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/ethiopia/kenya | CC BY

Over the past 28 years, Ethiopia has recorded an average annual inflation rate of 13.6%, compared with 8.39% in Kenya. In 2024, inflation was 21% in Ethiopia and 4.49% in Kenya.

Top exports between countries

Ethiopia
Export category Export value
Raw agricultural goods $31M
Machinery & equipment $28.7M
Textiles & consumer goods $3.08M
Metals $1.91M
Raw materials & minerals $354K
Animal & marine products $159K
Chemicals & pharma $71K
Wood & paper products $55K
Processed food, beverages & tobacco $21K
Precious metals & jewellery $17K
Kenya
Export category Export value
Chemicals & pharma $47.2M
Raw materials & minerals $14.3M
Processed food, beverages & tobacco $9.71M
Metals $8.78M
Raw agricultural goods $8.7M
Machinery & equipment $7.94M
Animal & marine products $4.5M
Textiles & consumer goods $4.2M
Wood & paper products $3.67M
Miscellaneous $2.73M

Balance of trade

Ethiopia Kenya
Current account balance
-$3.79B
2024
-$1.55B
2024
Current account balance ranking
160/190
2024
134/190
2024
Current account balance, % of GDP
-2.53%
2024
-1.29%
2024
Goods imports
$19.6B
2024
$22.2B
2024
Goods exports
$5.58B
2024
$12.5B
2024
Service imports
$5.51B
2024
$5.64B
2024
Service exports
$7.61B
2024
$8.04B
2024
Imports of goods and services, % of GDP
11.9%
2024
23.1%
2024
Exports of goods and services, % of GDP
5.54%
2024
17.1%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Ethiopia Kenya
Economic freedom 48.1 55.5
Economic freedom ranking 171/197 128/197
Property rights 22.1 40.2
Government integrity 33.2 32.7
Judicial effectiveness 19.1 47
Tax burden 78.6 76.3
Government spending 96.4 84.1
Fiscal health 84.3 36.2
Business freedom 44.5 61.5
Labor freedom 37.8 56.5
Monetary freedom 53.7 75.1
Trade freedom 57.4 52
Investment freedom 30 55
Financial freedom 20 50

Economic freedom comparison by year

Ethiopia
Kenya
1x
Year Economic freedom index
Ethiopia Kenya
2026 48.1 55.5
2025 48.1 54.8
2024 47.9 53.6
2023 48.3 52.5
2022 49.6 52.6
2021 51.7 54.9
2020 53.6 55.3
2019 53.6 55.1
2018 52.8 54.7
2017 52.7 53.5
2016 51.5 57.5
2015 51.5 55.6
2014 50 57.1
2013 49.4 55.9
2012 52 57.5
2011 50.5 57.4
2010 51.2 57.5
2009 53 58.7
2008 52.5 59.3
2007 53.6 59.6
2006 50.9 59.7
2005 51.1 57.9
2004 54.5 57.7
2003 48.8 58.6
2002 49.8 58.2
2001 48.9 57.6
2000 50.2 59.7
1999 46.7 58.2
1998 49.2 58.4
1997 48.1 60.1
1996 45.9 56.4
1995 42.6 54.5

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/ethiopia/kenya | CC BY

The Economic Freedom Index for Ethiopia is 48.1, ranking 171/197, compared to 55.5 for Kenya, ranking 128/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Ethiopia Kenya
Services, % of GDP
37.5%
2024
55.3%
2024
Industry, % of GDP
25.4%
2024
16.5%
2024
Agriculture, forestry, and fishing, % of GDP
34.8%
2024
22.5%
2024
GNI, Atlas method
$146B
2024
$118B
2024
GNI per capita, PPP
$3,280
2024
$6,540
2024
Total reserves including gold
$3.78B
2024
$10.1B
2024
Total reserves ranking
109/177
2024
75/177
2024
Net foreign direct investment
-$4.02B
2024
-$45.8M
2024
Net inflows of foreign direct investment
$4.02B
2024
$463M
2024
Net outflows of foreign direct investment
$0
2024
$418M
2024
Servicing debt to the IMF, % of GNI
0.91%
2024
4.79%
2024
Poverty at national poverty lines
33.1%
2021
39.8%
2022
Gross capital formation, % of GDP
20.6%
2024
16.8%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/ethiopia/kenya | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1980–1997, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2023–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.