Kenya’s gross domestic product (GDP) has grown to Ksh10.75 trillion from Ksh10.256 trillion in 2019, after rebasing of the economy to 2016 base year from 2009, Treasury CS Ukur Yatani has said.
Yatani was speaking during the launch of 2021 Economic Survey, where he revealed that at least 740,000 lost their jobs to Covid-19 pandemic as the number of employed people fell to 17.4 million from 18.1 million at the end of 2020.
Wage employment in the private sector declined, while wage employment in the public sector increased. Informal sector employment contracted.
A total of 2.9 million jobs were recorded in the formal sector in 2020.
According to the report, credit advanced to the manufacturing sector rose by 11.8 percent to Ksh80.5 billion.
The construction sector recorded a growth of 11.8 percent compared to 5.6 percent growth in 2019, as a result increasing cement consumption in the year under review.
Earnings from Tourism declined by 43.9 percent to Ksh91.7 billion.