His GDP figures are based on nominal prices, meaning market value of goods and services today. Consequently, the comparison of nominal GDP values in 2021 with that in 1963 or 2013 is deceptive. The nominal GDP has to be adjusted for inflation, and is called real GDP values. According to CBK reports, our real GDP in 2003 when President Kibaki took over was Sh1.055 trillion, and had increased to Sh3.5 trillion in 2013. Treasury also proposes to introduce 16 per cent VAT on bread and milk products that will impact very adversely on the ordinary Kenyans.

Source: Standard Digital June 06, 2021 21:00 UTC