Kenya’s economy grew by 5.3 per cent last year according to the Economic Survey 2015 released Wednesday. This is a slow-down from the 5.7 per cent in 2013.
According to the survey, the growth from the demand side was mainly driven by an increase in private consumption and an increase in private final consumption and a rapid growth in capital investment.
“From the supply side, the major drivers of the economy were agriculture, forestry and fishing, construction, wholesale and retail trade, education and finance and insurance. However, accommodation and food services–hotels and restaurants–sector contracted for second year in a row. The number of persons employed outside small-scale agriculture and pastoralist activities rose from 13.5 million to 14.3 million.
The economy gave rise to 799,700 new jobs, representing a 5.9 per cent growth. However, new jobs created in the modern sector declined from 134,200 to 106,300 in 2014. “This deceleration was mainly due to the decreased activities in the agricultural sector and reduced absorption of employees in the counties,” the report adds.
The Economic Survey is an annual publication by Kenya National Bureau of Statistics ( KNBS). The report provides details on the state of the country’s economy and highlights the economic performance and key social and governance statistics over a period of five years with emphasis on the last two years.
This publication provides the necessary evidence in support of progress made by the country in facilitating the population to access Government services. In addition, the report informs the budgeting, planning, monitoring and policy formulation process.
