According to the Kenya National Bureau of Statistics (KNBS) Economic Survey 2023, the sector’s growth decreased to 2.7% in 2022 from 7.3% in 2021. This presents a hazy image of the industry’s participants and the government’s lofty goal to have it contribute up to 20% of the GDP and provide at least one million jobs yearly by 2030.
According to official government data, Kenya’s manufacturing industry continued to grow slowly in 2022 as a result of high production costs and rising competition from low-cost imports.
Due to the fact that it was an election year, there was less economic activity since investors continued to be cautious. High manufacturing costs, fierce rivalry from imported goods, and the shilling’s devaluation versus the major trade currencies all continued to be important obstacles for the industry.
