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Kenya’s economic growth slows to 4.7%

Kenya’s economic growth slows to 4.7% year-on-year in the third quarter of 2022 according to the Kenya National Bureau of Statistics report.

Kenya’s economic growth slowed to 4.7% year-on-year in the third quarter of 2022, down from 9.3% in the same period a year earlier, the KNBS said on Friday.

The third quarter’s growth almost halved in comparison with the same period last year when Kenya’s economy rebounded from COVID-19 restrictions in East Africa’s largest economy.

Accommodation and food services and wholesale and retail trade contributed to the growth, while agriculture, forestry and fishing, and mining and quarrying contracted slightly.

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“Most sectors posted decelerated growths owing to the significantly high growth rates recorded in the third quarter of 2021 that signified recovery from the impact of the COVID-19 pandemic,” the statistics office said.

In the second quarter, the economy grew by 5.2%, compared with 11.0% in the same period a year earlier.

The finance ministry forecasts economic growth of an estimated 5.3% in 2022 and 6% in 2023.

Like other economies around the world, Kenya is experiencing a surge in prices of basic commodities, which has been worsened by the worst drought in four decades.

The current account deficit expanded by 5.5% to 193.4 billion shillings ($1.57 billion) in the third quarter of 2022, up from 183.4 billion shillings ($1.50 billion) in the corresponding quarter last year.

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