Kenya’s economy grows 5.9 percent in third quarter

Wpid Money Growth

Kenya’s economy expanded by 5.9 percent in the third quarter of 2023, compared to a 4.3 percent growth in the corresponding quarter of 2022, the government statistical agency said on Friday.

The Kenya National Bureau of Statistics (KNBS) said in a report that the growth was supported by a rebound of agriculture, forestry, and fishing sectors, which registered an increase of 6.7 percent compared to a 1.3 percent contraction in the corresponding period of 2022.

“The improved performance was attributed to favorable weather conditions that characterized the first three quarters of 2023,” the KNBS report said.

According to the statistics agency, the manufacturing sector grew by 2.6 percent in the third quarter of 2023 compared to 1.8 percent in the corresponding quarter of 2022.

The KNBS noted that the expansion of the industrial sector was mainly supported by increases in the processing of dairy and tea products.

The statistics agency said the growth of the transportation and storage sector was mostly supported by the expansion of transport services, including railway, port activities, and air transportation.

“The number of passengers using the standard gauge railway increased by 13.9 percent, from 615,760 in the third quarter of 2022 to 701,132 in the review period,” it added.

Send your news stories to Follow News Ghana on Google News


Please enter your comment!
Please enter your name here