The Lower Eastern Times Opening The Third Eye
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In the third quarter of the year up to September, Kenya’s economy exhibited a robust 5.9% growth, according to the Kenya National Bureau of Statistics (KNBS). This marks an improvement compared to the 4.3% real Gross Domestic Product (GDP) recorded during the same period the previous year. The growth was primarily driven by a resurgence in agricultural activities, which had contracted in the preceding year.
The Gross Value Added in Agriculture, Forestry, and Fishing activities saw a notable increase of 6.7%, in contrast to a 1.3% contraction in the third quarter of 2022. The National Bureau of Statistics attributes this growth to favorable weather conditions prevalent for most of 2023.
Additionally, the economic upswing was supported by substantial expansions in the Financial and Insurance sectors at 14.7%, Information and Communication at 7.3%, and Accommodation & Food Service activities at 26%. The latter was propelled by a rise in visitor arrivals to the country.
Meanwhile, the Consumer Price Index indicates a year-on-year inflation rate decrease of 0.6%, reaching 6.6% in December 2023. Specific food items, such as carrots, kale (“Sukuma-wiki”), mutton/goat meat, and beef with bones, experienced price increases of 14.5%, 6.2%, 5.1%, and 3.6%, respectively. Conversely, mangoes, potatoes, sifted maize flour, and fortified maize flour saw price declines.
Despite reductions in petrol and diesel prices, the Transport Index rose by 0.5%, attributed to increased country bus fares on specific routes.
