• KNBS reports that most sectors of the economy posted decelerated growth compared to the same period last year
• The growth was slowed by declines in activities of the agriculture, forestry and fishing, and mining and quarrying sectors.
As the Christmas and New Year celebrations end, it is prudent that Kenyans remember to cut down on January spending given schools will reopen this month.
The country’s economic situation doesn't look very promising, if the report by Kenya National Bureau of Statistics is anything to go by.
The report shows the economy expanded by 4.7 per cent in third quarter of 2022 compared to 2021's 9.3 per cent.
KNBS reported that most sectors of the economy posted decelerated growth compared to the same period last year, when the country was just recovering from the effects of Covid-19 lockdowns.
The growth was slowed by declines in agriculture, forestry and fishing, and mining and quarrying sectors.
This is an indicator of bumpy road ahead as we begin 2023. Now that school openings have been pushed to January 23, it is wise for parents to save whatever little is left of the festive season spending to go into education kitty.
The schools, on their part, should exercise some leniency and work payment plans that allow parents pay fees without constraint.
And as a long-term solution, Kenyans should learn to plan ahead for our holidays and save before hand to avoid unnecessary financial constraints.