Kenyas economic growth dropped to four per cent in the three months to September 2024 even as the reducing inflation and strengthening of the shilling failed to spur consumption.
New data released by Kenya National Bureau of Statistics shows that the economy shrunk by two per cent form six per cent growth reported in a similar period in 2023.
According to KNBS director population and social statistics Abdulkadir Awes, the decelerated growth was largely due to a general decline in growth in most sectors of the economy.
The growth was constrained by contractions in Construction and Mining and Quarrying activities.
“Construction activities contracted by 2.0 per cent while Mining and Quarrying posted a contraction of 11.1 per cent in the quarter under review,” said Awes.Kenya National Bureau of Statistics reported that the country’s GDP grew by 4.0% in Q3 of 2024 while in Q3 of 2023 growth stood at 6.0%.
Since 2021, the 4 per cent is the lowest recorded Q3 Gross Domestic Product growth post Covid-19.