Press Release - Kenya's real GDP growth accelerated to 5.6% in 2023, surpassing the previous year's growth of 4.9%. However, GDP growth in 2024 is expected to slow down to 5.0%.
Nairobi — Kenya 's real GDP growth accelerated to 5.6% in 2023, surpassing the previous year's growth of 4.9%. However, GDP growth in 2024 is expected to slow down to 5.0%. This is according to the latest Kenya Economic Update launched today, which adds that the 2023 growth was driven by the recovery of the agriculture sector, following improved weather conditions, and the services sector, with tourism and financial services contributing the most.
The KEU projects a GDP growth of 5.2% on average during 2024-26, underpinned by favorable weather conditions for the agricultural sector, a recovery of industry, and the resilience of services. The outlook assumes adequate rainfall, government staying on the fiscal consolidation path, and the continuous implementation of the government's structural reform agenda. The report projects that the private sector will play a stronger role in Kenya's medium-term recovery.
The report notes that Kenya is proactively utilizing all channels on the global, continental, and regional level to enhance its role in the global economy and increase regional and international trade integration. Its aspirations extend beyond export growth, aiming to convert this growth into job opportunities.
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