Kenya quarterly gross domestic product third quarter 2023

Abstract

The country's real Gross Domestic Product (GDP) grew by 5.9 per cent in the third quarter of 2023, compared to 4.3 per cent in the corresponding quarter of 2022. This growth was mainly supported by a rebound in agricultural activities that had contracted in 2022. During the review quarter, Agriculture, Forestry, and Fishing activities’ Gross Value Added rose by 6.7 per cent compared to a contraction of 1.3 per cent in the third quarter of 2022 owing to favourable weather conditions that characterized the better part of 2023. In addition, the growth was also buoyed by significant growths in Financial and Insurance (14.7%), Information and Communication (7.3%) and Accommodation & Food Service (26.0%) activities. The substantial growth in Accommodation and Food activities was manifest in the significant increase in the number of visitor arrivals in the country. However, Transportation and Storage activities GVA decelerated from 5.1 per cent in the third quarter of 2022 to 2.8 per cent during the review period, partly attributable to high cost of petroleum fuels.

The macroeconomic indicators showed mixed performance during the quarter under review. Inflation eased from an average of 8.67 per cent recorded in the third quarter of 2022 to 6.93 per cent in the quarter under review.