•Highlights of the country’s economic performance in 2020
•Highlights of Social Sector Statistics
•Revision and Rebasing of National accounts
National accounts are a set of macroeconomic statistics which are key in understanding the workings of an economy. They are crucial for macroeconomic analysis, important for decision making in economic planning and are also used for international comparability. They provide information on the economic transactions between different economic agents in an economy and with the rest of the world. Compilation of these accounts is based on the System of National Accounts (SNA), which is the internationally agreed standard set of recommendations on how to compile measures of economic activity in accordance with strict accounting conventions based on economic principles. The SNA manual provides various concepts, definitions, classifications and accounting rules that guide the national accounts compilation process in such a manner that provides for international comparison.
World real GDP contracted by 4.2 per cent in 2020 compared to a growth of 2.7 per cent
in 2019. The contraction was mainly attributed to slowdown in economic activities due to
emergence of the Coronavirus Disease 2019 (COVID-19). Real GDP in Advanced Economies
is estimated to have contracted by 5.8 per cent in the period under review compared to 1.7
per cent growth in 2019. This was due to accelerated collapse in economic activity driven by
sharp declines in demand and supply of services. Sub Saharan Africa economies contracted
by 1.9 per cent in 2020 compared to a real GDP growth of 3.2 per cent in 2019. East African
Community (EAC) real GDP contracted by 0.2 per cent in 2020 compared to a growth of 6.2
per cent recorded in 2019.
National accounts are a set of macroeconomic statistics which are key in understanding the workings of an economy and crucial for macroeconomic analysis and decision making. They provide information on the economic transactions between different economic agents in an economy and also with the rest of the world and are used for international comparison. Evidently, economies are dynamic in nature: they grow, they shrink, they add new sectors, new products and new technologies, and consumer behavior and tastes change over time.
In 2017, the Kenya National Bureau of Statistics initiated the process of revising and rebasing the National Accounts. The main objectives of the revision were to further implementation of recommendations of the international 2008 System of National Accounts (2008 SNA), change the base year from 2009 to 2016, and revise the annual and quarterly National Accounts over the same period.