Economic Survey: Kenya's GDP contracts by 0.3pc
Thursday September 09 2021
The National Treasury Cabinet Secretary Ukur Yatani during the launch of the 2021 Economic Survey Report on September 9, 2021. PHOTO | JEFF ANGOTE | NMG
The Kenya National Bureau of Statistics has released the annual Economic Survey 2021 after a four-month delay.
The report capturing the performance of the economy and the jobs market is usually released in late April or early May, ahead of the budget reading.
However, this year, the statistics agency did not release the data, prompting Parliament to probe the delay.
KNBS had earlier cited the late submission of data by some of the respondents in economic sectors.
Here are highlights of the report as read by Treasury CS Ukur Yatani on Thursday.
- Kenya GDP contracted by 0.3pc in 2020, hit by the economic fallout of Covid-19, compared to 5pc growth in 2019.
- GDP jumps to Ksh10.75 trillion ($97.8 billion) after rebasing of the economy to 2016 base year from 2009.
- The economy is projected to grow by 6pc this year helped by the manufacturing sector
Sectors
Sectors that recorded growth:
- Agriculture, forestry and fishing grew by 4.8 percent.
- Construction sector up 11.8 per cent compared to a 5.6 per cent growth in 2019.
- Cement consumption increased by 20.3 percent.
- Financial sector recorded a growth of 5.6 percent compared to 6.9 percent rise in 2019
- Total domestic credit grew by 18.6 percent after government borrowed Ksh1.36 trillion ($12.4 billion) as at December 2020, compared to Ksh900.4 billion ($8.2 billion) in similar period in 2019.
- Private sector credit expanded by 8.4 per cent to Ksh2.89 trillion ($26.3 billion) in 2020