Trading; Kenya economic status weakens, GDP drops as Kenyan Shilling

 Kenya economic status weakens, GDP drops as Kenyan Shilling. PHOTO | BANA

Kenya shilling drops against the dollar this year by 2 per cent. Kenya Shilling traded at 99.87 last year July 2018 and August 2019 traded at 103.51.

Kenya GDP drops by 1.5 per cent compared to the last year 2018. Increase of unemployment in Kenya increases as more than 15 companies closed doors and 10 more retrenchment its workers.

Dubbed ‘Kenya Social Protection and Job Programmes Public Expenditure Review’, shows the country's job creation has failed to keep pace with new job entrants. 

According to the report, nine million individuals are expected to enter the labour force in a decade between 2015 and 2025, further pushing up the country’s unemployment rate which stood at 9.3 per cent last year, according to Kenya Economic Survey 2019.

Latest companies to retrench it workers include; Bidco, Airtel, Telkom, East Africa Portland Cement, Savanna Cement, Sony Sugar, Mumias Sugar and Eveready East Africa.