Skip to content
Headlines

Kenyan Economy Grows 5.6% In 2023

BY Soko Directory Team · May 21, 2024 08:05 am

According to the Kenya National Bureau of Statistics 2024 Economic Survey Report released today, Kenya’s GDP grew by 5.6% in 2023, up from a revised 4.9% in 2022.

The agriculture sector’s growth of 7% in 2023, a significant improvement from the 2.3% contraction in 2022, was supported by favorable weather conditions.

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.

Read Also: Kenyan Economy Expanded By 5.4% In 2Q23 Thanks To Agriculture

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.

The Cabinet Secretary, of National Treasury and Economic Planning, Prof. Njuguna Ndung’u, said the report provides details that are of practical use to policymakers, researchers, and research institutes looking to invest in the business community.

Speaking at the launch in Nairobi on Monday, the CS added that the document also indicates data on outcomes, policy failures, and the measures that would be taken during the period.

“The most important thing is not only to understand the data but also to appreciate its outcome and suggest some improvement,” he said.

Prof. Ndung’u noted that Kenyans have great expectations, particularly at this time when the nation is seeking ways to improve economic recovery while stakeholders are moving into a position to protect the economic growth transformation.

CS acknowledged the importance of the economic survey, saying that it has been adopted as a basis for measuring the economic performance of critical indicators for critical sectors that have been aligned with the Medium-Term for the years 2023–2027 borrowed from Vision 2030.

Read Also: Advanced Features In Forex Trading Apps For Enhancing User Experience

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

Trending Stories
Investment Your Investment Plan For 2025: Mansa X (19.53%) vs. Oak Fund (29.38%) – 2024 Performance, Which Should You Invest In? Steve Biko Wafula
Entrepreneur's Corner When the Days Grow Quiet: Why Men Must Plan For Their Old Age Steve Biko Wafula
Entrepreneur's Corner 15 Reasons Why You NEED NCBA Now: The Bank Fueling Ambition And Entrepreneurship In Kenya Steve Biko Wafula
Entrepreneur's Corner New Year, New Financial Goals With NCBA: Why Financial Literacy Is The Real Resolution Soko Directory Team
Government and Policy HELB Opens Loans And Bursary Application For Students, How To Apply Getrude Mathayo
Related Articles
Headlines Jubilee Health Insurance Launches Its First Center of Excellence, Agency Office; Empowering Agents To Bridge Kenya’s Healthcare Gap Soko Directory Team
Government and Policy TSC Announces JSS Vacancies, Requirements And How To Apply Getrude Mathayo
Entrepreneur's Corner 15 Reasons Why You NEED NCBA Now: The Bank Fueling Ambition And Entrepreneurship In Kenya Steve Biko Wafula
Government and Policy HELB Opens Loans And Bursary Application For Students, How To Apply Getrude Mathayo
Entrepreneur's Corner New Year, New Financial Goals With NCBA: Why Financial Literacy Is The Real Resolution Soko Directory Team
Explore Soko Directory
Banking Blogging Commodity Watch Did you know Entertainment Entrepreneur's Corner Feature Government and Policy Headlines Investment Lifestyle Market News Money Opinion Press Releases Stock Watch Technology
Soko Directory Archives