Kenya’s Economic Growth Slows In The Second Quarter Of 2024

Kenya’s economy expanded by 4.6% year-on-year in the second quarter of 2024, down from 5.6% in the corresponding quarter of the previous year, the national statistics office said on Wednesday.

The second quarter of 2023 gross domestic product data was revised upward from a previous figure of 5.0%.
The Kenyan statistics office attributed second-quarter growth to the robust performance of sectors including agriculture, forestry & fishing, real estate, financial and insurance activities, and wholesale and retail.

However, the mining, quarrying and construction sectors saw a contraction, the statistics office said in its statement.
Kenya’s finance ministry has projected a 5.2% economic growth for 2024, a slight decrease from 5.6% in the previous year.
At the end of the second quarter, nationwide protests against proposed tax increases resulted in disruption and violence in major cities.

President William Ruto subsequently scrapped the tax measures, but demonstrations persisted into the third quarter, with protesters calling for better governance, an end to corruption and better service delivery.

Reuters/Patience Ameh