The government will intensify efforts to formalize and support Micro, Small and Medium Enterprises (MSMEs) through enhanced access to credit, especially via the Hustler Fund.
The Cabinet Secretary for National Treasury and Economic Planning John Mbadi said MSMEs played a critical role in job creation, and lauded the informal sector for creating employment to total of 703,000 in 2024 out of the 782,000 created that year.
Mbadi was speaking during the official launch of the 2025 Economic Survey Report held at the Kenyatta International Convention Centre (KICC), Nairobi, a comprehensive document that provides statistical insights into Kenya's economic performance in 2024 and outlines key trends shaping the nation's development trajectory. He said the economic survey is vital in planning as it provides reliable data which is crucial in policymaking, noting that no meaningful economic policy whether fiscal, monetary, or climate-related can be crafted without robust statistics. "This report serves as a compass for policy makers, researchers, investors, and the general public to understand and navigate our economic landscape," stated Mbadi. The CS acknowledged that while the government had projected a growth rate of at least 5.3 percent for the 2024/25 financial year, actual performance fell short due to the 2024 finance protests and climate induced disasters which included the prolonged drought and recent floods.
According to the survey report, in 2024, Kenya's real Gross Domestic Product grew by 4.7 percent compared to a revised growth of 5.7 percent in 2023.The growth albeit slower than the previous year was to a large extent supported by activities in agriculture, forestry and fishing of 4.6 percent, financial and insurance activities 7.6 percent, transport and storage 4.4 percent and real estate at 5.3 percent.
