|Publisher||Controller of Budget, Kenya|
|Year of Publication||2014|
|Description||The first quarter of the financial year 2013/2014 recorded low absorption of funds, mainly attributed to MDAs re-organization that saw the number of Ministries reduced from forty two to eighteen. This was further aggravated by the delay in the appointment of accounting officers in the relevant ministries and the operationalization of bank accounts for the restructured ministries. Towards the end of the first half of the FY 2013/2014, MDAs started executing their respective activities as scheduled in their individual work plans. This saw some notable expenditure recorded for both the recurrent and the development budget items.
Official data from the Kenya National Bureau of Statistics (KNBS) shows that the Kenyan economy expanded by 4.4 per cent during the third quarter of 2013 compared to 4.5 per cent recorded over the same period in 2012. The average inflation rate for the period July to December 2013 rose to 7.2 per cent from 4.96 per cent recorded in the same period in 2012. This average was slightly above the target range of 5 to 7 per cent for the FY 2013/2014. The Kenyan shilling remained stable against the major currencies and traded against the US Dollar at between Kshs. 86.90 in the month of July 2013 and Kshs. 86.30 in the month of December 2013.