Commerce

926,100 jobs created in 2021 as economy grows 7.5pc

Thursday, May 5th, 2022 18:41 | By
Economy. Photo/Courtesy

The economy grew by 7.5 per cent in 2021 as compared to a negative growth of 0.3 percent in 2020, the Kenya National Bureau of Statistics (KNBS) has revealed.

Subsequently, at least 926,100 jobs were created even as the country recovered from the effects of the Covid-19 pandemic.

According to the KNBS economic survey released on Thursday, May 5, 2022, Kenya recorded steady growth in all sectors except agriculture, which recorded negative growth of 0.2 per cent. Tea, coffee, maize, and wheat, recorded negative growth while sugarcane, rice and cut flowers recorded positive growth.

“Our economy has picked and we are growing at that high rate. The world has grown by 5.9 per cent while Kenya has grown by 7.5 per cent,” KNBS managing director Macdonald Obudho said.

The manufacturing sector grew by 6.9 per cent compared to a negative 0.4 per cent growth in 2020. Total sales to the Export Processing Zoned (EPZ) increased by 21.5 per cent to Ksh98.7 billion in 2021 while the number of persons in formal manufacturing employment increased by 6.7 per cent to 338,000.

The construction sector grew by 6.6 per cent compared to a growth of 10.1 per cent in 2020. Cement consumption increased by 23.0 per cent to 9.1 million tonnes.

The total length of paved and national roads increased by 2.3 per cent to 21,800 kilometres in 2021

Total volume of petroleum products imported rose by 12.0% per cent to 6.4 million tonnes in 2021. On the other hand, the total capacity of electricity installed increased by 4.2 per cent.

Obudho predicts that the country’s macroeconomic environment could remain stable despite the likelihood of a rise in inflation, weakening of the Kenya shilling against major trading currencies and a significant rise in energy prices.

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