Economic Survey » Capital News
NAIROBI, Kenya, May 20 – The Government says the Kenyan economy has recorded a significant bounce back after it reported a GDP growth rate of 5.6 percent in 2023, up from a revised 4.9 percent.
A newly released 2024 Economic Survey Report shows the growth was primarily driven by a 19 percent expansion in Agriculture, Forestry, and Fishing.
The report indicates that formal employment in the manufacturing sector grew by 2.7 percent to 363,200 jobs in 2023.
The survey also notes that the inflation rate remained within set targets during the period under review, while Foreign Direct Investments increased.
National Treasury and Planning however says it is concerned about measures needed to protect this recovery.
The survey which was conducted by the Kenya National Bureau of Statistics, also highlights a widening inequality gap between the richest and poorest countries worldwide, reversing a 20-year trend of convergence.
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