Kenyan Leaders Murkomen, Chirchir, and Mvurya Hit Bottom Ranks in Q3 2023 Economic Snapshot- Treasury Report
In the Medium Term 2024 Budget Policy Statement, the National Treasury noted that various economic sectors experienced growth below 3 percent in the third quarter of 2023.
Some of the sectors that exhibited poor performance were overseen by Cabinet Secretaries Salim Mvurya in Mining, Kipchumba Murkomen in Transport, Zachariah Njeru in Water, and Davis Chirchir in Energy.
Significantly, the Treasury observed that even in a difficult context, the Kenyan economy exhibited resilience, surpassing the global and Sub-Saharan average in terms of growth performance.
“This growth was primarily underpinned by a rebound in agricultural activities which grew by an average of 7.0 percent in the first three quarters of 2023 compared to a contraction of 1.8 percent during the same period in 2022,” the Policy Statement revealed.
“All economic sectors recorded positive growth rates in the first three quarters of 2023, though the magnitudes varied across activities.”
The Mining and Quarrying sectors, overseen by Mvurya, experienced minimal growth at 1.1 percent. This marks a significant decline from the notable 5.2 percent growth posted in the previous quarter (Q2).
The domains of Electricity and Water, overseen by Chirchir and Njeru, experienced the second-lowest growth, registering a quarterly growth rate of 1.9 percent.
Under Kipchumba Murkomen’s leadership, the Transport and Storage sector experienced a growth of 2.8 percent.
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The sectors that demonstrated outstanding performance were Accommodation and Restaurant, showing a growth of 26 percent, followed by Financial and Insurance with a 14.7 percent increase, and Information and Communication with a 7.3 percent rise.
The sectors of Agriculture, Forestry, and Fishing also experienced a notable expansion, recording a growth rate of 6.7 percent.
The sectors of Wholesale and Retail trade, as well as Accommodation and Food Services, overseen by Alfred Mutua, experienced a 26 percent increase in growth, attributed to the resurgence of tourism following the pandemic.
On why ICT under Eliud Owalo had huge growth, the National Treasury stated, “It was driven by increases in wireless internet and fibre-to-home subscriptions.”
Conversely, the National Treasury, headed by Njuguna Ndung’u, saw a 14.7 percent expansion. This was driven by robust growth in private-sector credit, elevated investment yields, and higher returns on deposits from commercial banks.
“The strong performance was reflected in enhanced production, especially of food crops that led to a significant increase in exports of tea, coffee, vegetables, and fruits,” Treasury commented on the exponential growth of the agriculture sector.
Kenyan Leaders Murkomen, Chirchir, and Mvurya Hit Bottom Ranks in Q3 2023 Economic Snapshot- Treasury Report
