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The Finance Bill 2024 deals a blow to the automotive industry
A female staff working as an Assembly Technician in the Trim Station, Line 1 (light and medium trucks) of Associated Vehicle Assemblers Limited in Mitirini, Mombasa.
According to the Economic Survey 2024, the number of newly registered motor vehicles, and motorcycles declined by 16.7 percent to 195,656 in 2023 from 234,879 in 2022. This points out to a potential decline in discretionary spending by the citizenry that led to lower acquisitions of motor vehicles and motorcycles.
The Economic Survey, however, quips that manufacturing, agriculture; forestry and fishing, and wholesale and retail trade; and repair of motor vehicles and motorcycles were the leading industries in the provision of wage employment in the private sector accounting for 15.9, 14.1 and 12.6 percent of the total private sector employment, respectively, in 2023.
