Nipate
Forum => Kenya Discussion => Topic started by: RVtitem on September 30, 2014, 01:23:55 AM
-
http://www.businessdailyafrica.com/Housing-boom-lifts-Kenya-to-league-of-mid-income-nations/-/539552/2469450/-/item/0/-/nnlj9z/-/index.html
Kenya’s lucrative real estate sector has rapidly expanded to become the fourth biggest contributor to the country’s wealth, a review of national data that is expected to catapult East Africa’s biggest economy to middle-income status shows.
The updated national accounts, set to be unveiled this morning by Planning secretary Anne Waiguru, show that the contribution of real estate sector to Kenya’s gross domestic product (GDP) has more than doubled to 10.6 per cent from the previous 4.9 per cent.
Stellar growth over the past 10 years saw the real estate industry dislodge the retail sector as the fourth largest contributor to the economy even as traditional sectors such as agriculture, wholesale and financial services continued to diminish.
Kenya’s GDP — the market value of all goods and services that a country produces in a year — is expected to grow by a fifth to reach Sh4.5 trillion ($51.3 billion) from an estimated Sh3.8 trillion in 2013 with the release of fresh data technically known as rebasing.
-
This is a disaster.
-
Some one will need to explain how those numbers merge with the sorry overall poverty stats here:
One in every three Kenyan households has someone who sometimes “goes to sleep hungry” because they cannot afford a meal, a new study has revealed.
Most Kenyans also feel that things are generally going wrong, a finding which should get Jubilee strategists thinking about how to get their positive message out more and to ensure it is believed.
(https://fbcdn-sphotos-g-a.akamaihd.net/hphotos-ak-xap1/v/t1.0-9/10447140_10203857464975369_7963365217627266090_n.jpg?oh=dbe46f6f22891794f671db6c5f1a61c6&oe=548A9679&__gda__=1422696492_74d01ee063179ed255d99dd8e6a82a26)
The report, which was released on Friday by Ipsos, showed that even salaried Kenyans were feeling the pinch as the cost of living rises and incomes stagnate.
The report shows that 43 per cent of Kenyans earn less than Sh10,000 while 31 per cent earn less than Sh25,000.
Only four per cent earn more than Sh40,000.
With 93 per cent of Kenyan adults earning Sh40,000 and below, the report confirmed a recent analysis by Standard Bank that estimated the number of low-income households in Kenya at 92 per cent.
High cost of living, insecurity and unemployment were cited in that order as the most serious problems facing the country.
http://www.nation.co.ke/news/Kenyans-Food-Hunger-Ipsos-Survey/-/1056/2459244/-/3p62k7/-/index.html
-
I believe this GDP is still understated given it doesn't capture informal economy. For instance in retail sector..it would only capture super markets and other formal retail chain..but doesn't capture the dukas around the country.
-
The real estate is a money sink. It is not any productive to our society in absolute terms.
-
That must be new economics being taught these days. There is no better indicator than real estate[consumption of cement] in a developing economy. It something else for a developed economy though frankly since time immorial real estate has always been an indicator of maendeleo tupu.
Look at China..it's real estate and construction industry is so huge..some thing it's probably half the economy....we need to get there.
The real estate is a money sink. It is not any productive to our society in absolute terms.
-
This is a disaster.
Why? Care to explain?
-
Housing and land are both riddled with inflation. They keep sucking money from productive areas such as manufacturing, agriculture et al. County governments should control and prioritize real estate in some way...it cant go on the way it is now. Monies has to be diverted real growth areas.
-
Wacha wewe. Inflation kitu gani? Wacha watu wakule.
Times are good. Dont tell it to those who are in it already because they will shoot you.
They will take the money made from one area and invest it in more property, and prices keep going UP! And suddenly, nobody can afford any of them, so they look elsewhere - Malawi??
Wamechukua pesa wakakimbia where its cheaper.
Inflation kitu gani?
Housing and land are both riddled with inflation. They keep sucking money from productive areas such as manufacturing, agriculture et al. County governments should control and prioritize real estate in some way...it cant go on the way it is now. Monies has to be diverted real growth areas.