Kenya’s Debt Soars by 19.3%: Hits Record Ksh9.6 Trillion- Report
The 2024 Economic Survey Report, published by the Kenyan National Bureau of Statistics (KNBS), has disclosed that Kenya’s public debt escalated by 19.3 percent, reaching Ksh9.6 trillion by the close of June 2023.
As unveiled in the report on Monday, May 20, the salaries of civil servants climbed to Ksh832.7 billion, with the education sector contributing significantly to government employment, employing 445,000 individuals.
According to the 2024 Economic Survey report, national government revenue for the financial year 2023/2024 is anticipated to surge by 30.2 percent, amounting to Ksh3.0 trillion. Conversely, county government revenue is projected to grow by 19 percent, totaling Ksh512 billion.
The report also outlines that national government expenditure is forecasted to rise by 26.6 percent, reaching Sh4 trillion, while county government expenditure is expected to escalate by 35.4 percent, hitting Ksh562.3 billion.
In parallel, the nation’s exports saw a 15.4 percent increase, totaling Ksh1 trillion, while imports experienced a 4.9 percent decline, reaching Sh2.6 trillion.
The trade balance saw a reduction from a deficit of Sh1.62 trillion to Sh1.6 trillion, with the export-import cover ratio witnessing enhancement from 35.1 percent to 38.6 percent.
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During this period, primary imported commodities comprised petroleum products, industrial machinery, animal and vegetable oils, iron and steel, and unmilled wheat.
The survey divulged that in 2023, Kenya’s top export commodities were tea, horticulture, clothing, coffee, and iron and steel.
Moreover, the Economic Survey Report highlighted an increase in commercial banks’ interest rate on loans and advances to 14.63 percent in December 2023, up from 12.67 percent in December 2022.
The annual overall inflation rate remained steady at 7.7 percent in 2023, primarily influenced by soaring energy prices.
Additionally, Kenya’s GDP exhibited growth of 5.6% in 2023, an improvement from a revised growth of 4.9% in 2022, with all economic sectors experiencing positive growth, except for mining and quarrying.
Kenya’s Debt Soars by 19.3%: Hits Record Ksh9.6 Trillion- Report
