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Economy of Kenya vs Malaysia compared: GDP & Debt

Updated on by Georank team

Kenya has a GDP of $120B compared to $422B for Malaysia, ranking 64/197 and 38/197 by economy size, respectively.

Kenya has $81B in government debt (67.3% of GDP), compared to $296B (70.1% of GDP) in Malaysia.

Kenya vs Malaysia GDP by year

Kenya
Malaysia
1x
Year GDP, current $
Kenya Malaysia
2024 $120,339,557,906 $422,227,005,429
2023 $107,500,884,685 $399,949,418,753
2022 $114,448,978,153 $407,830,525,990
2021 $109,703,658,905 $373,784,553,030
2020 $100,657,505,751 $337,456,163,961
2019 $100,378,436,207 $365,177,721,022
2018 $92,202,979,985 $358,788,845,713
2017 $82,036,510,877 $319,109,094,160
2016 $74,815,144,164 $301,256,033,870
2015 $70,120,446,897 $301,355,266,965
2014 $68,285,796,514 $338,066,095,097
2013 $61,671,440,408 $323,276,235,524
2012 $56,396,704,672 $314,443,047,642
2011 $46,869,473,151 $297,951,668,675
2010 $45,405,615,064 $255,017,638,456
2009 $42,347,217,913 $202,257,453,037
2008 $35,895,153,328 $230,811,614,370
2007 $31,958,195,182 $193,549,569,478
2006 $25,825,512,284 $162,692,258,307
2005 $18,737,895,513 $143,534,405,819
2004 $16,095,337,094 $124,749,473,684
2003 $14,904,517,650 $110,202,368,421
2002 $13,147,736,899 $100,845,526,316
2001 $12,986,007,426 $92,783,947,368
2000 $12,705,350,098 $93,789,736,842
1999 $12,896,010,459 $79,148,421,053
1998 $14,093,998,844 $72,167,498,981
1997 $13,115,764,358 $100,005,323,302
1996 $12,045,865,396 $100,855,393,910
1995 $9,046,320,255 $88,705,342,903
1994 $7,148,148,564 $74,478,356,958
1993 $5,751,786,643 $66,894,966,969
1992 $8,209,120,763 $59,167,550,163
1991 $8,151,488,783 $49,143,148,094
1990 $8,572,359,038 $44,024,585,240
1989 $8,283,114,514 $38,847,965,293
1988 $8,355,380,879 $35,272,109,220
1987 $7,970,820,369 $32,181,210,158
1986 $7,239,126,568 $27,734,111,400
1985 $6,135,034,214 $31,199,633,353
1984 $6,191,437,070 $33,942,897,422
1983 $5,979,198,314 $30,347,442,111
1982 $6,431,579,357 $26,804,493,635
1981 $6,854,491,706 $25,004,285,792
1980 $7,265,315,820 $24,488,224,677
1979 $6,234,391,113 $21,213,264,962
1978 $5,303,735,111 $16,358,079,862
1977 $4,494,378,764 $13,139,488,633
1976 $3,474,542,392 $11,050,234,599
1975 $3,259,345,083 $9,298,800,799
1974 $2,969,958,812 $9,496,204,302
1973 $2,509,001,324 $7,662,902,678
1972 $2,107,279,157 $5,043,347,250
1971 $1,778,391,289 $4,244,395,956
1970 $1,603,447,359 $3,864,145,667
1969 $1,458,379,417 $3,664,552,041
1968 $1,353,295,459 $3,330,371,551
1967 $1,232,559,507 $3,188,924,677
1966 $1,164,519,674 $3,143,517,944
1965 $997,919,321 $2,956,337,669
1964 $998,759,334 $2,674,423,922
1963 $926,589,349 $2,510,110,348
1962 $868,111,401 $2,001,489,602
1961 $792,959,473 $1,901,856,123
1960 $791,265,459 $1,916,229,477

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

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

GDP per capita in Kenya vs Malaysia by year

Kenya
GDP per capita

GDP per capita, PPP
Malaysia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Kenya Malaysia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $2,132 $6,644 $11,874 $38,779
2023 $1,943 $6,317 $11,386 $36,467
2022 $2,110 $5,883 $11,755 $34,420
2021 $2,061 $5,339 $10,903 $29,823
2020 $1,928 $4,793 $9,958 $27,475
2019 $1,960 $4,687 $10,920 $28,934
2018 $1,836 $4,412 $10,902 $27,794
2017 $1,667 $4,177 $9,863 $26,416
2016 $1,554 $3,917 $9,477 $25,286
2015 $1,489 $3,678 $9,649 $24,526
2014 $1,483 $3,359 $11,013 $24,307
2013 $1,371 $3,106 $10,714 $23,161
2012 $1,285 $2,847 $10,601 $22,639
2011 $1,096 $2,750 $10,217 $21,324
2010 $1,092 $2,635 $8,899 $20,193
2009 $1,048 $2,480 $7,191 $18,923
2008 $916 $2,459 $8,372 $19,480
2007 $840 $2,481 $7,169 $18,617
2006 $700 $2,330 $6,158 $17,426
2005 $523 $2,189 $5,556 $16,371
2004 $464 $2,066 $4,939 $15,416
2003 $443 $1,975 $4,465 $14,387
2002 $403 $1,940 $4,184 $13,656
2001 $411 $1,961 $3,944 $13,072
2000 $415 $1,907 $4,084 $13,027
1999 $434 $1,910 $3,528 $11,980
1998 $488 $1,895 $3,294 $11,398
1997 $467 $1,865 $4,679 $12,469
1996 $441 $1,875 $4,837 $11,709
1995 $340 $1,818 $4,363 $10,720
1994 $276.4 $1,754 $3,758 $9,806
1993 $229 $1,723 $3,462 $9,018
1992 $337 $1,728 $3,141 $8,224
1991 $345 $1,756 $2,679 $7,583
1990 $374 $1,729 $2,469 $6,887
1989 $374 - $2,244 -
1988 $391 - $2,100 -
1987 $387 - $1,977 -
1986 $364 - $1,760 -
1985 $320 - $2,046 -
1984 $334 - $2,300 -
1983 $335 - $2,124 -
1982 $374 - $1,938 -
1981 $413 - $1,866 -
1980 $454 - $1,886 -
1979 $403 - $1,680 -
1978 $355 - $1,327 -
1977 $311 - $1,092 -
1976 $248.9 - $940 -
1975 $241.2 - $811 -
1974 $227.2 - $848 -
1973 $198.6 - $701 -
1972 $172.6 - $472 -
1971 $150.9 - $407 -
1970 $141 - $380 -
1969 $133.3 - $368 -
1968 $128.7 - $342 -
1967 $121.9 - $335 -
1966 $119.8 - $339 -
1965 $106.9 - $326 -
1964 $111.3 - $303 -
1963 $107.4 - $291.8 -
1962 $104.6 - $238.8 -
1961 $99.3 - $232.9 -
1960 $102.8 - $240.8 -

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

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

Kenya's GDP per capita is $2,132, ranking 154/197, compared to $11,874 in Malaysia, ranking 79/197. Adjusted for purchasing power (GDP per capita PPP), Kenya ranks 149th at $6,644, while Malaysia ranks 60th at $38,779.

Economic indicators

Kenya Malaysia
Gross domestic product
$120B
2024
$422B
2024
GDP rank
64/197
2024
38/197
2024
GDP growth
4.72%
2023-2024
5.11%
2023-2024
GDP per capita
$2,132
2024
$11,874
2024
GDP per capita rank
154/197
2024
79/197
2024
GDP per capita, PPP
$6,644
2024
$38,779
2024
GDP per capita PPP rank
149/197
2024
60/197
2024
Government debt
$81B
2024
$296B
2024
Debt-to-GDP ratio
67.3%
2024
70.1%
2024
Government debt per person
$1,436
2024
$8,322
2024
Government debt per person rank
133/185
2024
62/185
2024
Average annual personal income after taxes
$3,229
2026
$11,005
2026
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
23.3%
2024
23.9%
2024
Consumer prices inflation
4.49%
2023-2024
1.83%
2023-2024
Central bank interest rate
9.25%
2025
2.75%
2025
Unemployment rate
5.44%
2022
3.93%
2022
Population
58955623
36512221

Spending and national debt comparison by year

Kenya
Spending

Debt
Malaysia
Spending

Debt
1x
Year % of GDP
Kenya Malaysia
Government spending Government debt Government spending Government debt
2024 23.3% 67.3% 23.9% 70.1%
2023 22.7% 73.4% 24.9% 69.7%
2022 23.2% 67.8% 24.6% 65.5%
2021 24% 68.2% 24.5% 69.2%
2020 24.8% 68% 25% 67.7%
2019 24.4% 59.1% 23.6% 57.1%
2018 24.5% 56.4% 22.8% 55.6%
2017 25.2% 53.9% 22% 54.4%
2016 25.4% 50.4% 22.9% 55.8%
2015 23.8% 45.8% 24.7% 57%
2014 23.4% 41.3% 26% 55.4%
2013 23.2% 39.8% 27.8% 55.7%
2012 22.1% 37.6% 28.5% 53.8%
2011 20.1% 35.7% 27.1% 51.9%
2010 21.5% 36.7% 26.6% 51.2%
2009 20.3% 36% 30.9% 50.4%
2008 18.9% 34.3% 26.9% 39.4%
2007 18.1% 34.2% 25.9% 39.3%
2006 17.3% 37.1% 25.6% 39.7%
2005 16.2% 37.4% 24.5% 40.8%
2004 15.4% 40.8% 25.9% 42%
2003 16% 43.8% 28.1% 41.4%
2002 15.7% 42% 27.1% 39.5%
2001 14.9% 41.3% 28.2% 38.1%
2000 14.1% 43.1% 25.6% 32.5%
1999 13.7% 38.4% 24.6% 34.4%
1998 15.3% 38.5% 23.1% 33.6%
1997 15.6% 36% 21.2% 29.6%
1996 15.2% 40.5% 22.4% 32.8%
1995 17.3% 52.1% 22.6% 38.2%
1994 18.8% 57% 23.3% 43.7%
1993 18.9% 61.6% 24.6% 51.1%
1992 17.6% 41.2% 28.2% 59.1%
1991 16.4% 43% 27.4% 67.3%
1990 17.2% 37.6% 30.5% 74.1%
1989 16.3% 33.4% - -
1988 15.9% 33.9% - -
1987 15.5% 36.3% - -
1986 15.3% 31.3% - -
1985 15.6% 28.8% - -
1984 14.9% 25.6% - -
1983 14.6% 26.1% - -
1982 16.2% 26.9% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1982–1997, retrieved 2026-02-20).

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

In 2024, Kenya's government spending was $28B, accounting for 23.3% of its GDP, while Malaysia spent $101B, or 23.9% of GDP.

Debt-to-GDP ratio is 67.3% in Kenya and 70.1% in Malaysia, ranking 64/185 and 58/185, respectively.

Government deficit by year

Deficit/surplus
Kenya

Malaysia
1x
Year Deficit/surplus, % of GDP
Kenya Malaysia
2024 -5.77% -3.95%
2023 -5.71% -3.97%
2022 -6.06% -4.56%
2021 -7.2% -6.03%
2020 -8.13% -4.9%
2019 -7.42% -2.01%
2018 -6.94% -2.64%
2017 -7.4% -2.41%
2016 -7.47% -2.6%
2015 -6.68% -2.55%
2014 -5.75% -2.63%
2013 -5.25% -3.48%
2012 -5.29% -3.1%
2011 -3.64% -3.57%
2010 -3.67% -4.32%
2009 -3.12% -5.88%
2008 -1.95% -3.4%
2007 -0.95% -2.57%
2006 -0.43% -2.6%
2005 -0.19% -2.83%
2004 0.5% -3.35%
2003 -0.73% -4.6%
2002 -1.29% -3.96%
2001 -0.53% -4.36%
2000 0.38% -6.05%
1999 0.84% -3%
1998 -0.03% -0.63%
1997 -0.91% 4.84%
1996 -0.49% 3.27%
1995 -0.23% 3.1%
1994 -4.14% 5.45%
1993 -8.57% 3.44%
1992 -8.28% 1.81%
1991 -6.56% 1.6%
1990 -3.28% 0.15%
1989 -2.39% -
1988 -1.97% -
1987 -2.27% -
1986 -2.98% -
1985 -3.05% -
1984 -2.55% -
1983 -2.17% -
1982 -3.07% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1982–1989, retrieved 2026-02-20).

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

In 2024, Kenya's government deficit, the difference between spending and revenue, was $6.94B, equivalent to 5.77% 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 3.78% of GDP, compared to deficit of 2.07% of GDP for Malaysia.

Inflation comparison by year

Inflation
Kenya

Malaysia
1x
Year Consumer prices inflation
Kenya Malaysia
2024 4.49% 1.83%
2023 7.67% 2.49%
2022 7.66% 3.38%
2021 6.11% 2.48%
2020 5.41% -1.14%
2019 5.24% 0.66%
2018 4.69% 0.88%
2017 8.01% 3.87%
2016 6.3% 2.09%
2015 6.58% 2.1%
2014 6.88% 3.14%
2013 5.72% 2.11%
2012 9.38% 1.66%
2011 14% 3.17%
2010 3.96% 1.62%
2009 9.23% 0.58%
2008 26.2% 5.44%
2007 9.76% 2.03%
2006 14.5% 3.61%
2005 10.3% 2.98%
2004 11.6% 1.42%
2003 9.82% 1.09%
2002 1.96% 1.81%
2001 5.74% 1.42%
2000 9.98% 1.53%
1999 5.74% 2.74%
1998 6.72% 5.27%
1997 11.4% 2.66%

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

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

Over the past 28 years, Kenya has recorded an average annual inflation rate of 8.39%, compared with 2.25% in Malaysia. In 2024, inflation was 4.49% in Kenya and 1.83% in Malaysia.

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
134/190
2024
26/190
2024
Current account balance, % of GDP
-1.29%
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
23.1%
2024
66%
2024
Exports of goods and services, % of GDP
17.1%
2024
71.3%
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 55.5 68
Economic freedom ranking 128/197 51/197
Property rights 40.2 62.7
Government integrity 32.7 52.9
Judicial effectiveness 47 63.4
Tax burden 76.3 83.5
Government spending 84.1 82
Fiscal health 36.2 62.5
Business freedom 61.5 79.6
Labor freedom 56.5 55.4
Monetary freedom 75.1 80.8
Trade freedom 52 83
Investment freedom 55 60
Financial freedom 50 50

Economic freedom comparison by year

Kenya
Malaysia
1x
Year Economic freedom index
Kenya Malaysia
2026 55.5 68
2025 54.8 67.1
2024 53.6 65.7
2023 52.5 67.3
2022 52.6 68.1
2021 54.9 74.4
2020 55.3 74.7
2019 55.1 74
2018 54.7 74.5
2017 53.5 73.8
2016 57.5 71.5
2015 55.6 70.8
2014 57.1 69.6
2013 55.9 66.1
2012 57.5 66.4
2011 57.4 66.3
2010 57.5 64.8
2009 58.7 64.6
2008 59.3 63.9
2007 59.6 63.8
2006 59.7 61.6
2005 57.9 61.9
2004 57.7 59.9
2003 58.6 61.1
2002 58.2 60.1
2001 57.6 60.2
2000 59.7 66
1999 58.2 68.9
1998 58.4 68.2
1997 60.1 66.8
1996 56.4 69.9
1995 54.5 71.9

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

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

The Economic Freedom Index for Kenya is 55.5, ranking 128/197, compared to 68 for Malaysia, ranking 51/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Kenya Malaysia
Services, % of GDP
55.3%
2024
53.7%
2024
Industry, % of GDP
16.5%
2024
37%
2024
Agriculture, forestry, and fishing, % of GDP
22.5%
2024
8.13%
2024
GNI, Atlas method
$118B
2024
$414B
2024
GNI per capita, PPP
$6,540
2024
$37,450
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
4.79%
2024
n/a
Poverty at national poverty lines
39.8%
2022
5.8%
2023
Gross capital formation, % of GDP
16.8%
2024
22%
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/kenya/malaysia | 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 (1982–1997, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (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.