Kenya’s economy experienced a year-on-year growth of 5.0% in the first quarter of 2024, marking a slight decline from the 5.5% growth observed during the same period in the previous year, according to the Kenya National Bureau of Statistics (KNBS).
The growth was primarily driven by several key sectors, including agriculture, forestry and fishing, real estate, financial and insurance, information and communication, and accommodation and food services. The KNBS highlighted the continued vibrancy in agricultural production as a significant contributor to the economic expansion. “Similar to the first quarter of 2023, agricultural production was vibrant in the corresponding quarter of 2024, owing to favourable weather conditions that supported crop and animal production during the quarter,” the KNBS stated.
The reported growth rate for the first quarter of 2024 also follows a marginally higher growth of 5.1% recorded in the fourth quarter of 2023.
The consistency in the performance of agriculture, supported by favourable weather conditions, underscores its critical role in the country’s economic framework. Additionally, the contributions from the real estate and financial sectors reflect ongoing activities and investments in these areas.
The slight dip in growth from the previous year’s first quarter indicates a stable yet cautious economic progression, with various sectors sustaining their contributions to the overall economic landscape.
The KNBS continues to monitor the economic indicators closely, providing essential insights into the nation’s economic health and informing policy directions.
