Skip to content
Investment

Economic Growth: 3Q24 GDP Growth Slows To 4.0% From 6.0% In 3Q23

BY Soko Directory Team · January 13, 2025 12:01 pm

The Kenya National Bureau of Statistics (KNBS) published the 3Q24 GDP Report, highlighting that the Kenyan economy grew by 4.0% during the period.

This represents a 60bps and 200bps decline compared to the 4.6% growth in 2Q24 and 6.0% in 3Q23, respectively. It also marks the slowest quarterly growth since 4Q22. See below a chart showing the evolution of Kenya’s GDP

Growth was driven by agriculture (4.2%), real estate (5.5%), and transport & storage (5.2%), though slower than 2Q24 and 3Q23 performances, except for transport, boosted by increased light diesel consumption due to lower prices. Construction and mining were the only sectors that reported a contraction.

The services sector remains the dominant force in the economy c.60% followed by the primary sector, with the industrial sector lagging. This composition underscores significant growth and investment potential in non-service sectors, which face persistent challenges such as elevated input costs.

Unlocking these opportunities will require targeted strategies to address these underlying inefficiencies and enhance competitiveness.

Read Also: Government Borrowing in FY24/25: A Closer Look at Progress And Market Dynamics

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

Trending Stories
Related Articles
Explore Soko Directory
Soko Directory Archives