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Economy of Kenya vs Malaysia compared: GDP & Debt

Updated on by Georank team

Kenya has a GDP of $124B compared to $422B for Malaysia, ranking 64/197 and 39/197 by economy size, respectively.

Kenya has $81.7B in government debt (68.3% of GDP), compared to $297B (70.1% of GDP) in Malaysia.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Kenya
GDP, current $

GDP, constant 2015 $
Malaysia
GDP, current $

GDP, constant 2015 $
Year GDP
Kenya Malaysia
Current $ Constant $ Current $ Constant $
1960 $791,265,459 $6,102,055,404 $1,916,229,477 $10,075,053,650
1961 $792,959,473 $5,627,642,874 $1,901,856,123 $10,840,555,622
1962 $868,111,401 $6,159,869,250 $2,001,489,602 $11,536,630,908
1963 $926,589,349 $6,700,603,529 $2,510,110,348 $12,383,281,584
1964 $998,759,334 $7,033,252,800 $2,674,423,922 $13,046,897,051
1965 $997,919,321 $7,174,557,472 $2,956,337,669 $14,049,533,277
1966 $1,164,519,674 $8,231,266,933 $3,143,517,944 $15,147,744,694
1967 $1,232,559,507 $8,507,938,914 $3,188,924,677 $15,732,015,397
1968 $1,353,295,459 $9,187,101,300 $3,330,371,551 $16,987,114,742
1969 $1,458,379,417 $9,918,323,314 $3,664,552,041 $17,817,535,563
1970 $1,603,447,359 $9,456,581,037 $3,864,145,667 $18,884,189,212
1971 $1,778,391,289 $11,553,473,096 $4,244,395,956 $20,779,153,503
1972 $2,107,279,157 $13,527,086,975 $5,043,347,250 $22,729,992,899
1973 $2,509,001,324 $14,324,722,508 $7,662,902,678 $25,389,647,919
1974 $2,969,958,812 $14,907,110,912 $9,496,204,302 $27,501,726,906
1975 $3,259,345,083 $15,038,621,918 $9,298,800,799 $27,722,034,465
1976 $3,474,542,392 $15,362,548,496 $11,050,234,599 $30,927,669,086
1977 $4,494,378,764 $16,814,892,774 $13,139,488,633 $33,325,509,326
1978 $5,303,735,111 $17,977,221,152 $16,358,079,862 $35,542,952,797
1979 $6,234,391,113 $19,346,227,179 $21,213,264,962 $38,865,898,972
1980 $7,265,315,820 $20,428,063,600 $24,488,224,677 $41,758,231,850
1981 $6,854,491,706 $21,198,925,608 $25,004,285,792 $44,657,131,817
1982 $6,431,579,357 $21,518,282,813 $26,804,493,635 $47,311,173,245
1983 $5,979,198,314 $21,799,967,946 $30,347,442,111 $50,269,176,995
1984 $6,191,437,070 $22,182,604,684 $33,942,897,422 $54,170,965,010
1985 $6,135,034,214 $23,136,581,312 $31,199,633,353 $53,615,577,054
1986 $7,239,126,568 $24,797,222,251 $27,734,111,400 $54,280,729,183
1987 $7,970,820,369 $26,269,459,979 $32,181,210,158 $57,098,947,793
1988 $8,355,380,879 $27,899,002,871 $35,272,109,220 $62,773,281,162
1989 $8,283,114,514 $29,207,563,409 $38,847,965,293 $68,460,289,887
1990 $8,572,359,038 $30,431,959,354 $44,024,585,240 $74,627,553,680
1991 $8,151,488,783 $30,869,676,465 $49,143,148,094 $81,751,102,498
1992 $8,209,120,763 $30,622,875,267 $59,167,550,163 $89,014,784,404
1993 $5,751,786,643 $30,731,034,422 $66,894,966,969 $97,822,746,879
1994 $7,148,148,564 $31,540,116,339 $74,478,356,958 $106,834,219,205
1995 $9,046,320,255 $32,929,842,157 $88,705,342,903 $117,335,045,631
1996 $12,045,865,396 $34,295,389,782 $100,855,393,910 $129,071,719,045
1997 $13,115,764,358 $34,458,259,247 $100,005,323,302 $138,523,307,833
1998 $14,093,998,844 $35,592,009,622 $72,167,498,981 $128,328,802,477
1999 $12,896,010,459 $36,412,543,752 $79,148,421,053 $136,205,126,471
2000 $12,705,350,098 $36,630,908,099 $93,789,736,842 $148,271,359,065
2001 $12,986,007,426 $38,015,522,174 $92,783,947,368 $149,038,923,296
2002 $13,147,736,899 $38,223,413,680 $100,845,526,316 $157,073,594,224
2003 $14,904,517,650 $39,344,305,939 $110,202,368,421 $166,165,798,104
2004 $16,095,337,094 $41,352,557,259 $124,749,473,684 $177,437,551,536
2005 $18,737,895,513 $43,795,114,732 $143,534,405,819 $186,898,768,709
2006 $25,825,512,284 $46,629,751,037 $162,692,258,307 $197,336,779,112
2007 $31,958,195,182 $49,824,229,273 $193,549,569,478 $209,766,600,384
2008 $35,895,153,328 $49,939,962,360 $230,811,614,370 $219,902,039,819
2009 $42,347,217,913 $51,591,446,860 $202,257,453,037 $216,573,759,299
2010 $45,405,615,064 $55,748,929,986 $255,017,638,456 $232,654,030,399
2011 $46,869,473,151 $58,603,891,851 $297,951,668,675 $244,970,531,974
2012 $56,396,704,672 $61,281,315,912 $314,443,047,642 $258,378,881,826
2013 $61,671,440,408 $63,608,687,383 $323,276,235,524 $270,506,469,604
2014 $68,285,796,514 $66,801,914,097 $338,066,095,097 $286,755,041,078
2015 $70,120,446,897 $70,120,446,897 $301,355,266,965 $301,355,266,965
2016 $74,815,144,164 $73,074,983,895 $301,256,033,870 $314,764,917,575
2017 $82,036,510,877 $75,879,571,212 $319,109,094,160 $333,061,328,477
2018 $92,202,979,985 $80,165,208,728 $358,788,845,713 $349,191,778,300
2019 $100,378,436,207 $84,264,984,851 $365,177,721,022 $364,602,265,936
2020 $100,657,505,751 $84,035,138,347 $337,456,163,961 $344,706,479,641
2021 $109,703,658,905 $90,413,816,677 $373,784,823,673 $356,134,704,342
2022 $114,448,978,153 $94,807,911,028 $407,605,841,348 $387,694,727,479
2023 $108,038,588,971 $100,075,318,171 $399,705,137,434 $401,479,163,711
2024 $124,498,691,699 $104,575,203,136 $421,972,102,254 $422,011,432,357

Economic indicators

Kenya Malaysia
Gross domestic product
$124B
2024
$422B
2024
GDP rank
64/197
2024
39/197
2024
GDP growth
15.2%
2023-2024
5.57%
2023-2024
GDP per capita
$2,206
2024
$11,867
2024
GDP per capita rank
152/197
2024
81/197
2024
GDP per capita, PPP
$6,619
2024
$38,729
2024
Government debt
$81.7B
2024
$297B
2024
Debt-to-GDP ratio
68.3%
2025
70.1%
2025
Government debt per person
$1,447
2024
$8,353
2024
Government debt per person rank
131/185
2024
63/185
2024
Average annual personal income after taxes
$2,811
2025
$9,650
2025
Market capitalization of domestic companies
$15B
2024
$449B
2024
Number of billionaires n/a
19
2025
Income share by richest 10%
30.1%
2022
30.9%
2021
Income share by poorest 10%
2.9%
2022
2.3%
2021
Government expenditure, % of GDP
23%
2025
23.1%
2025
Consumer prices inflation
4.49%
2023-2024
1.83%
2023-2024
Central bank interest rate
9.5%
2025
2.75%
2025
Unemployment rate
5.44%
2022
3.93%
2022
Population
58419239
36304998

GDP per capita in Kenya vs Malaysia

Kenya's GDP per capita is $2,206, ranking 152/197, compared to $11,867 in Malaysia, ranking 81/197. Adjusted for purchasing power (GDP per capita PPP), Kenya ranks 148th at $6,619, while Malaysia ranks 60th at $38,729.

Kenya
GDP per capita

GDP per capita, PPP
Malaysia
GDP per capita

GDP per capita, PPP
Year Current $
Kenya Malaysia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 $102.8 - $240.8 -
1961 $99.3 - $232.9 -
1962 $104.6 - $238.8 -
1963 $107.4 - $291.8 -
1964 $111.3 - $303 -
1965 $106.9 - $326 -
1966 $119.8 - $339 -
1967 $121.9 - $335 -
1968 $128.7 - $342 -
1969 $133.3 - $368 -
1970 $141 - $380 -
1971 $150.9 - $407 -
1972 $172.6 - $472 -
1973 $198.6 - $701 -
1974 $227.2 - $848 -
1975 $241.2 - $811 -
1976 $248.9 - $940 -
1977 $311 - $1,092 -
1978 $355 - $1,327 -
1979 $403 - $1,680 -
1980 $454 - $1,886 -
1981 $413 - $1,866 -
1982 $374 - $1,938 -
1983 $335 - $2,124 -
1984 $334 - $2,300 -
1985 $320 - $2,046 -
1986 $364 - $1,760 -
1987 $387 - $1,977 -
1988 $391 - $2,100 -
1989 $374 - $2,244 -
1990 $374 $1,729 $2,469 $6,887
1991 $345 $1,756 $2,679 $7,583
1992 $337 $1,728 $3,141 $8,224
1993 $229 $1,723 $3,462 $9,018
1994 $276.4 $1,754 $3,758 $9,806
1995 $340 $1,818 $4,363 $10,720
1996 $441 $1,875 $4,837 $11,709
1997 $467 $1,865 $4,679 $12,469
1998 $488 $1,895 $3,294 $11,398
1999 $434 $1,910 $3,528 $11,980
2000 $415 $1,907 $4,084 $13,027
2001 $411 $1,961 $3,944 $13,072
2002 $403 $1,940 $4,184 $13,656
2003 $443 $1,975 $4,465 $14,387
2004 $464 $2,066 $4,939 $15,416
2005 $523 $2,189 $5,556 $16,371
2006 $700 $2,330 $6,158 $17,426
2007 $840 $2,481 $7,169 $18,617
2008 $916 $2,459 $8,372 $19,480
2009 $1,048 $2,480 $7,191 $18,923
2010 $1,092 $2,635 $8,899 $20,193
2011 $1,096 $2,750 $10,217 $21,324
2012 $1,285 $2,847 $10,601 $22,639
2013 $1,371 $3,106 $10,714 $23,161
2014 $1,483 $3,359 $11,013 $24,307
2015 $1,489 $3,678 $9,649 $24,526
2016 $1,554 $3,917 $9,477 $25,286
2017 $1,667 $4,177 $9,863 $26,416
2018 $1,836 $4,412 $10,902 $27,794
2019 $1,960 $4,687 $10,920 $28,934
2020 $1,928 $4,793 $9,958 $27,475
2021 $2,061 $5,339 $10,903 $29,823
2022 $2,110 $5,883 $11,748 $34,366
2023 $1,952 $6,307 $11,379 $36,417
2024 $2,206 $6,619 $11,867 $38,729

Spending and national debt comparison

In 2024, Kenya's government spending was $28.5B, accounting for 23% of its GDP, while Malaysia's spent $101B, or 23.1% of GDP.

Debt-to-GDP ratio is 68.3% in Kenya and 70.1% in Malaysia, ranking 60/185 and 55/185, respectively.

Kenya
Government spending

Government debt
Malaysia
Government spending

Government debt
Year % of GDP
Kenya Malaysia
Government spending Government debt Government spending Government debt
1982 16.2% 26.9% - -
1983 14.6% 26.1% - -
1984 14.9% 25.6% - -
1985 15.6% 28.8% - -
1986 15.3% 31.3% - -
1987 15.5% 36.3% - -
1988 15.9% 33.9% - -
1989 16.3% 33.4% - -
1990 17.2% 37.6% 30.5% 74.1%
1991 16.4% 43% 27.4% 67.3%
1992 17.6% 41.2% 28.2% 59.1%
1993 18.9% 61.6% 24.6% 51.1%
1994 18.8% 57% 23.3% 43.7%
1995 17.3% 52.1% 22.6% 38.2%
1996 15.2% 40.5% 22.4% 32.8%
1997 15.6% 36% 21.2% 29.6%
1998 15.3% 38.5% 23.1% 33.6%
1999 13.7% 38.4% 24.6% 34.4%
2000 14.1% 43.1% 25.6% 32.5%
2001 14.9% 41.3% 28.2% 38.1%
2002 15.7% 42% 27.1% 39.5%
2003 16% 43.8% 28.1% 41.4%
2004 15.4% 40.8% 25.9% 42%
2005 16.2% 37.4% 24.5% 40.8%
2006 17.3% 37.1% 25.6% 39.7%
2007 18.1% 34.2% 25.9% 39.3%
2008 18.9% 34.3% 26.9% 39.4%
2009 20.3% 36% 30.9% 50.4%
2010 21.5% 36.7% 26.6% 51.2%
2011 20.1% 35.7% 27.1% 51.9%
2012 22.1% 37.6% 28.5% 53.8%
2013 23.2% 39.8% 27.8% 55.7%
2014 23.4% 41.3% 26% 55.4%
2015 23.8% 45.8% 24.7% 57%
2016 25.4% 50.4% 22.9% 55.8%
2017 25.2% 53.9% 22% 54.4%
2018 24.5% 56.4% 22.8% 55.6%
2019 24.4% 59.1% 23.6% 57.1%
2020 24.8% 68% 25% 67.7%
2021 24% 68.2% 24.5% 69.2%
2022 23.2% 67.8% 24.7% 65.5%
2023 22.6% 73% 24.9% 69.7%
2024 22.9% 65.6% 23.9% 70.4%
2025 23% 68.3% 23.1% 70.1%

Government deficit by year

In 2024, Kenya's government deficit, the difference between spending and revenue, was -$6.86B, equivalent to -5.51% of GDP. This compares to Malaysia's deficit of -$16.7B, or -3.95% of GDP.

Over the past 35 years, Kenya recorded a fiscal deficit in 32 of those years, while Malaysia ran a deficit in 27 years. On average, Kenya posted an annual deficit equal to -3.77% of GDP, compared to deficit of -2.07% of GDP for Malaysia.

Deficit/surplus
Kenya

Malaysia
Year Deficit/surplus, % of GDP
Kenya Malaysia
1982 -3.07% -
1983 -2.17% -
1984 -2.55% -
1985 -3.05% -
1986 -2.98% -
1987 -2.27% -
1988 -1.97% -
1989 -2.39% -
1990 -3.28% 0.15%
1991 -6.56% 1.6%
1992 -8.28% 1.81%
1993 -8.57% 3.44%
1994 -4.14% 5.45%
1995 -0.23% 3.1%
1996 -0.49% 3.27%
1997 -0.91% 4.84%
1998 -0.03% -0.63%
1999 0.84% -3%
2000 0.38% -6.05%
2001 -0.53% -4.36%
2002 -1.29% -3.96%
2003 -0.73% -4.6%
2004 0.5% -3.35%
2005 -0.19% -2.83%
2006 -0.43% -2.6%
2007 -0.95% -2.57%
2008 -1.95% -3.4%
2009 -3.12% -5.88%
2010 -3.67% -4.32%
2011 -3.64% -3.57%
2012 -5.29% -3.1%
2013 -5.25% -3.48%
2014 -5.75% -2.63%
2015 -6.68% -2.55%
2016 -7.47% -2.6%
2017 -7.4% -2.41%
2018 -6.94% -2.64%
2019 -7.42% -2.01%
2020 -8.13% -4.9%
2021 -7.2% -6.03%
2022 -6.06% -4.56%
2023 -5.69% -3.97%
2024 -5.51% -3.95%
2025 -5.38% -3.36%

Inflation comparison by year

Over the past 29 years, Kenya has recorded an average annual inflation rate of 8.41%, compared with 2.29% in Malaysia. In 2024, inflation was 4.49% in Kenya and 1.83% in Malaysia.

Inflation
Kenya

Malaysia
Year Inflation
Kenya Malaysia Kenya Malaysia
1996 8.86% 3.49%
1997 11.4% 2.66%
1998 6.72% 5.27%
1999 5.74% 2.74%
2000 9.98% 1.53%
2001 5.74% 1.42%
2002 1.96% 1.81%
2003 9.82% 1.09%
2004 11.6% 1.42%
2005 10.3% 2.98%
2006 14.5% 3.61%
2007 9.76% 2.03%
2008 26.2% 5.44%
2009 9.23% 0.58%
2010 3.96% 1.62%
2011 14% 3.17%
2012 9.38% 1.66%
2013 5.72% 2.11%
2014 6.88% 3.14%
2015 6.58% 2.1%
2016 6.3% 2.09%
2017 8.01% 3.87%
2018 4.69% 0.88%
2019 5.24% 0.66%
2020 5.41% -1.14%
2021 6.11% 2.48%
2022 7.66% 3.38%
2023 7.67% 2.49%
2024 4.49% 1.83%

Top exports between countries

Kenya
Export category Export value
Raw agricultural goods $9.08M
Metals $1.12M
Processed food, beverages & tobacco $1.08M
Textiles & consumer goods $579K
Machinery & equipment $290K
Chemicals & pharma $263K
Wood & paper products $134K
Raw materials & minerals $110K
Animal & marine products $45K
Precious metals & jewellery $10K
Malaysia
Export category Export value
Processed food, beverages & tobacco $1.09B
Chemicals & pharma $64.1M
Machinery & equipment $12.1M
Textiles & consumer goods $11.9M
Wood & paper products $10.9M
Raw materials & minerals $7.9M
Metals $5.11M
Animal & marine products $2.04M
Raw agricultural goods $699K
Miscellaneous $143K

Balance of trade

Kenya Malaysia
Current account balance
-$1.55B
2024
$7.15B
2024
Current account balance ranking
133/189
2024
25/189
2024
Current account balance, % of GDP
-1.24%
2024
+1.69%
2024
Goods imports
$22.2B
2024
$223B
2024
Goods exports
$12.5B
2024
$248B
2024
Service imports
$5.64B
2024
$56.4B
2024
Service exports
$8.04B
2024
$53.4B
2024
Imports of goods and services, % of GDP
19.2%
2024
66%
2024
Exports of goods and services, % of GDP
11.1%
2024
71.4%
2024

Economic freedom indices

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

Kenya Malaysia
Economic freedom 54.8 67.1
Economic freedom ranking 132/197 50/197
Property rights 41.8 66.3
Government integrity 31.5 51.1
Judicial effectiveness 48 66.2
Tax burden 77 83.9
Government spending 83.7 82.1
Fiscal health 25.1 48.1
Business freedom 58.9 76.6
Labor freedom 57.3 58.1
Monetary freedom 72.6 79.6
Trade freedom 56.6 83.4
Investment freedom 55 60
Financial freedom 50 50

Economic freedom by year comparison

The Economic Freedom Index for Kenya is 54.8, ranking 132/197, compared to 67.1 for Malaysia, ranking 50/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Kenya
Malaysia
Year Economic freedom index
Kenya Malaysia
1995 54.5 71.9
1996 56.4 69.9
1997 60.1 66.8
1998 58.4 68.2
1999 58.2 68.9
2000 59.7 66
2001 57.6 60.2
2002 58.2 60.1
2003 58.6 61.1
2004 57.7 59.9
2005 57.9 61.9
2006 59.7 61.6
2007 59.6 63.8
2008 59.3 63.9
2009 58.7 64.6
2010 57.5 64.8
2011 57.4 66.3
2012 57.5 66.4
2013 55.9 66.1
2014 57.1 69.6
2015 55.6 70.8
2016 57.5 71.5
2017 53.5 73.8
2018 54.7 74.5
2019 55.1 74
2020 55.3 74.7
2021 54.9 74.4
2022 52.6 68.1
2023 52.5 67.3
2024 53.6 65.7
2025 54.8 67.1

More economic indicators

Kenya Malaysia
Services, % of GDP
55.9%
2024
53.6%
2024
Industry, % of GDP
16.1%
2024
37.1%
2024
Agriculture, forestry, and fishing, % of GDP
21.3%
2024
8.16%
2024
GNI, Atlas method
$119B
2024
$415B
2024
GNI per capita, PPP
$6,520
2024
$37,500
2024
Total reserves including gold
$10.1B
2024
$116B
2024
Total reserves ranking
75/177
2024
24/177
2024
Net foreign direct investment
-$45.8M
2024
-$2.55B
2024
Net inflows of foreign direct investment
$463M
2024
$15.6B
2024
Net outflows of foreign direct investment
$418M
2024
$13B
2024
Servicing debt to the IMF, % of GNI
3.65%
2023
n/a
Poverty at national poverty lines
39.8%
2022
5.8%
2023
Gross capital formation, % of GDP
16.8%
2024
21.9%
2024

GDP per capita map

GDP per capita

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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.