The Kenya National Bureau of Statistics (KNBS) recently released the 2024 Economic Survey, highlighting a year of significant economic growth and resilience. The report shows that Kenya’s Real Gross Domestic Product (GDP) expanded by 5.6% in 2023, up from 4.9% in 2022. This growth was driven by strong performances across various sectors, including agriculture, manufacturing, and services.
The Agriculture, Forestry, and Fishing sector saw a notable recovery, growing by 6.5% in 2023 after a contraction the previous year. This rebound was largely due to favorable weather conditions throughout the year. The Manufacturing sector also showed improvement, with increased production and exports.
In terms of employment, the survey reported the creation of 848,200 new jobs in 2023, despite economic challenges. However, average earnings in the private sector declined by 2.5% due to cost-cutting measures by firms.
The report also highlights the government’s efforts in stabilizing the economy, including the successful Eurobond buyback, which helped to boost investor confidence. The Nairobi Securities Exchange (NSE) and the Kenya Shilling both performed exceptionally well, with the shilling appreciating by 17.2% and the NSE posting a 50.4% growth in dollar returns.
Overall, the 2024 Economic Survey paints a positive picture of Kenya’s economic landscape, showcasing growth, job creation, and strategic government interventions that have contributed to economic stability and investor confidence.
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