The Lower Eastern Times Opening The Third Eye
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In 2023, Kenya’s GDP surged to Ksh.15.1 trillion, marking a growth of 5.6 percent compared to 4.9 percent in 2022, as per the latest data from the Kenya National Bureau of Statistics (KNBS).
This increase pushed Kenya’s GDP per capita to $2,097. Key contributors to this growth included industries like agriculture, forestry, and fishing at 19.8 percent, financial and insurance activities at 16.6 percent, real estate at 13.3 percent, and transportation and storage at 10.6 percent.
Despite this growth, the informal sector continued to surpass the formal sector in job creation, with a 4.5 percent increase in new jobs in 2023 compared to a 4.1 percent growth in formal employment. The manufacturing sector led in new job opportunities, creating 340,600 jobs, followed by agriculture at 302,400.
Wholesale and retail trade, along with motor vehicle repair shops, contributed 270,700 new jobs, and the construction industry saw 226,300 new jobs created.
However, despite being the leading sector in job creation, manufacturing experienced a decline in output, dropping to 2.8 percent from 3.7 percent in 2022.
This downturn was evident in the sector’s export value, particularly in apparel exports to the U.S., which decreased from Ksh.56.7 billion in 2022 to Ksh.50.8 billion in 2023. The sector’s demand for credit also increased significantly, reaching Ksh.639 billion in 2023 compared to Ksh.528.9 billion in 2022.
The tourism sector, on the other hand, saw remarkable progress in 2023, with tourist arrivals reaching 2.08 million, up from 1.5 million in 2022. Bed occupancy rose by 23.2 percent to 8.6 million, with 53.5 percent being occupied by Kenyans.
Additionally, there was a 34 percent increase in global tourist arrivals and an 11 percent increase in local conferences.
