Kenya Quarterly Gross Domestic Product Third Quarter 2015

Abstract

Provisional estimates of Gross Domestic Product (GDP) show that the country's economy expanded by 5.8 per cent during the third quarter of 2015 compared to 5.2 per cent recorded during a similar quarter of 2014 as shown in Figure 1. The growth was mainly supported by strong expansions in Agriculture; Construction; Financial and Insurance; Wholesale and Retail Trade; and Transport and Storage. Activities of the Construction industry recorded the fastest growth of 14.1 per cent followed by Mining and Quarrying, Electricity Supply and Financial and Insurance with growths of 12.5 per cent, 11.0 per cent and 10.1 per cent, respectively. Accommodation and Food Services (Hotels and Restaurants) continued on the decline that started last year.

During the quarter, most of the macroeconomic indicators remained relatively stable. Inflation eased to an average of 6.14 per cent from 7.54 per cent recorded in the corresponding quarter of 2014 mainly due to decrease in transportation costs in line with the global fall of oil prices. Globally, Murban ADNOC crude oil prices halved to average at US$ 51.05 per barrel during the quarter under review compared to US$ 103.9 in the same quarter of 2014. Domestically, the retail prices for light diesel declined by 20.0 per cent over the same period.