June 18, 2024

Kenya’s public debt rises by 19.3% to hit Ksh9.6 trillion – Report

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Kenya's public debt rises by 19.3% to hit Ksh9.6 trillion – Report

The 2024 Economic Survey Report by the Kenyan National Bureau of Statistics (KNBS)has revealed that Kenya's public debt rose by 19.3 percent to Ksh9.6 trillion at the end of June 2023

The 2024 Economic Survey Report by the Kenyan National Bureau of Statistics (KNBS)has revealed that Kenya’s public debt rose by 19.3 percent to Ksh9.6 trillion at the end of June 2023.

In the report released on Monday, May 20, civil servants’ salaries rose to Ksh832.7 billion with the education sector contributing to the majority of government employment with 445,000 people employed in the sector. 

According to the 2024 Economic Survey report, national government revenue for the 2023/2024 financial year is expected to grow by 30.2 percent to Ksh3.0 trillion. 

On the other hand, county government revenue is expected to grow by 19 percent to Ksh512 billion.

The report also indicates that the national government expenditure is expected to increase by 26.6 percent to Sh4 trillion while county government expenditure is expected to increase by 35.4 percent to Ksh562.3 billion.

Meanwhile, the country’s exports grew by 15.4 percent to Ksh1 trillion while imports declined by 4.9 percent to Sh2.6 trillion.

The trade balance narrowed from a deficit of Sh1.62 trillion to Sh1.6 trillion and the export-import cover ratio improved from 35.1 percent to 38.6 percent.

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The major imported commodities during the period were petroleum products, industrial machinery, animal and vegetable oils, iron and steel, and unmilled wheat.

The survey revealed that tea, horticulture, clothing, coffee, and iron and steel were Kenya’s top export commodities in 2023.

Furthermore, the Economic Survey Report noted that commercial banks’ interest rates on loans and advances rose to 14.63 percent in December 2023, up from 12.67 percent in December 2022.

The annual overall inflation rate in 2023 remained at 7.7 percent and was mainly driven by high energy prices.

Additionally, Kenya’s GDP grew by 5.6% in 2023 from a revised growth of 4.9% in 2022 with all economic activities registering positive growths except mining and quarrying. 

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