Kenya’s Q3 GDP surges 5.9% on the wings of fruit exports
In the third quarter of 2023, Kenya’s real Gross Domestic Product (GDP) demonstrated robust growth, expanding by 5.9 percent compared
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Kenya GDP
World Bank extra billions to cover funding shortfall from failed Eurobond
The World Bank approved Kenya request to increase allocation under the Development Policy Operation framework (DPO) from $750 million to $1 billion to cover shortfalls after Kenya failed to raise a Eurobond. The green growth funds, set to be disbursed after the Banks board approved the funding this week will be keen in replenishing Kenya’s forex reserves that have come under debt repayment pressures and shilling volatility. World Bank said working closely with the International Monetary Fund (IMF) they determined Kenya needed access to additional funding given the country was unable to raise money through the Eurobond that has led to a buildup of financing…
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Govt likely to review fuel tax, PWC
Tax experts see the government walking back on the proposed increase in fuel tax after consultations with stakeholders, a trend seen over the past few years when the tax faced huge opposition on the impact of higher petroleum prices on cost of living. In a bid to increase the revenue collection, the Government has proposed in the Finance Bill, an increase in the rates of various tax heads such as Value Added Tax (“VAT”) on petroleum products, which has been increased from 8 percent to 16 percent. Value added tax on fuel introduced over a decade ago has been a very contentious tax that has…
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Port of Mombasa activity declines as cargo traffic drops
The number of ships docking at the Port of Mombasa decreased by 4.5 percent to 1,561 in 2022 reflecting decreased activity in Kenya’s transport sector during the year. The slowdown in the sector’s growth was partly on account of a decline in total cargo throughput at the Port of Mombasa by 1.9 percent to stand at 33.74 million metric tonnes in 2022. The latest data from the Kenya National Bureau of Statistics shows that import cargo traffic went down by 2.3 percent to 26.7 million metric tonnes in the year under focus when the country’s real GDP expanded by 4.8 percent on shrinking agricultural output….
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Kenya economic growth halves on poor agriculture output
Maize, wheat milk output fell last year dragging down agriculture growth for the second consecutive year and reducing Kenya’s number one economic sector to just 21.2 percent of gross domestic product (GDP). Latest Kenya National Bureau of Statistics (KNBS) data shows the economy grew by 4.8 percent in 2022, down from 7.6 percent with only four sectors expanding by double digits compared to seven in 2021. Maize was the most affected, dropping 34 percent to 150,800 tonnes from 228,400 metric tonnes while marketed wheat dropped by 60,000 tonnes and milk by 47.6 million liters. Tea production took a marginal hit while coffee, sugarcane and cotton…
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