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Kenya Experiences An Unexpected 9.6% Increase In Revenue

It looks a bit like an economic miracle. Despite sluggish economic activity in the country, Kenya has managed to record significant inflows of foreign exchange. Activities were up 9.6%.

For the first half of the 2017/18 fiscal year, Kenya’s revenues increased by $ 61 million to $ 7.1 billion, up from $ 6.4 billion the previous year, the Kenyan treasury released on Tuesday. (KRA). According to the Kenya Revenue Authority, the revenue of the Ministry of Finance has increased by 10% to $ 6.5 billion.

“This growth is in line with the average growth of 3.5% of the Treasury’s revenue over three years (2014/15 to 2016/17). Overall growth of 9.6% was recorded in an economic climate depressed by the protracted election cycle that lasted most of the 2017 calendar year, “said a statement. KRA, John Njiraini.

Political problems have attempted to lower investor confidence and cause a drop in consumer spending, resulting in a low collection of consumption-related taxes.

But after the elections, KRA will focus on improving the business environment to provide the country with a better business climate.

The growth achieved in the first half of the year is due to investment efforts in technology and other reforms implemented in the past.

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