KNBS to launch 2015 economic report Wednesday

April 28, 2015
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With the rebasing of GDP, Kenya's growth rate for 2013 was also been revised higher, to 5.7 percent growth in 2013 from an estimated 4.7 percent.
With the rebasing of GDP, Kenya’s growth rate for 2013 was also been revised higher, to 5.7 percent growth in 2013 from an estimated 4.7 percent.

, NAIROBI, Kenya, Apr 28 – The Kenya National Bureau of Statistics (KNBS) will on Wednesday launch the 2015 Economic Survey report.

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.

The data used for compilation of this report is collected through three major sources: administrative records, statistical surveys and censuses.

The report comes as the country’s Gross Domestic Product (GDP) rose by 25 percent to Sh4.76 trillion following the government’s rebasing (new formula to calculate GDP) of the economy from the previous Sh3.8 trillion (which was rebased in 2001).

The rebasing lifts average per capita income in Kenya to USD 1,246 (Sh111.26), effectively meaning that the country moves to lower middle income status.

With the rebasing of GDP, Kenya’s growth rate for 2013 was also been revised higher, to 5.7 percent growth in 2013 from an estimated 4.7 percent.

READ: Kenya moves to lower middle income status

According to the Economic Survey 2014, employment received a boost where over 742,000 jobs created in 2013 with 625,000 jobs created in the informal sector, while 116,000 of them were in the formal sector. The public sector generated 26,000 new jobs.

READ: 700, 000 new jobs were created last year – Waiguru

The growth of jobs in the public sector was mainly attributed to expansion of the devolved structures and employment of teachers.

The number of persons employed in county governments increased from 37,700 in 2012 to 41,700 last year.

On the other hand, job increase in the informal sector was due to expansion in areas that are labour intensive like wholesale, retail and trade, Information, Communication and Technology (ICT) and construction.

The 2014 survey indicated that the agriculture sector grew by 2.9 percent from 4.2percent in 2012. Apart from rice and wheat, most of the cereal crops like maize and beans recorded significant declines in production during the period under review.

However the year recorded notable increases in the output of processed milk products.

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