Kenya Quarterly Gross Domestic Product Second Quarter 2024

Abstract

The country’s real GDP expanded by 4.6 per cent in the second quarter of 2024 compared to a growth of 5.6 per cent in the corresponding quarter of 2023. The growth, albeit slower than the corresponding quarter of 2023, was to a considerable extent supported by Agriculture, Forestry & Fishing (4.8%), Real Estate (6.0%), Financial & Insurance Activities (5.1%), and Wholesale & Retail (4.4%). Additionally, the economy benefitted from robust performances in other sectors of the economy, such as Accommodation & Food Services (26.6%), Information & Communication (7.2%), and Professional, Administrative & Support Services (6.8%). However, the growth was somewhat hampered by contractions in the Mining & Quarrying and Construction sectors during the quarter under review. Mining & Quarrying contracted by 2.7 per cent during the quarter under review. Similarly, the Construction sector also contracted by 2.9 per cent, compared to a growth of 2.7 per cent in the second quarter of 2023.

The macroeconomic indicators showed mixed performance during the quarter under review. Inflation rate slowed to an average of 4.87 per cent in the second quarter of 2024 from 7.94 per cent in the corresponding quarter of 2023, mainly due to lower prices of transportation and food and non-alcoholic beverages.