July 20, 2024

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Kenya’s Economy Slows By 0.5pc to 5pc in Q1 of 2024

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Nairobi — The Kenyan economy slowed by 0.5 percent to 5 percent in quarter one of this year, weighed down by decelerating growth in the construction as well as transportation and storage sectors.

The latest Kenya National Bureau of Statistics (KNBS) Quarterly Gross Domestic Product Report shows that growth in the construction sector dropped to 0.1 percent in the three months to March 2024, down from a growth of 3 percent during a similar period in 2023.

“Cement consumption declined by 12.7 per cent to stand at 1,949.9 thousand metric tonnes from 2,234.2 thousand metric tonnes in the corresponding period of 2023,” KNBS says in the quarterly report.

“The quantity of imported bitumen decreased from 25,482.6 metric tonnes recorded in the first quarter of 2023 to 17,237.8 metric tonnes in the period under review,” it adds.

Similarly, transportation and storage sectors slowed to 3.8 percent compared to 6.6 percent during the review period.

“Electricity and Water Supply sector recorded a decelerated growth of 2.4 per cent in the first quarter of 2024 compared to a growth of 3.7 per cent in the corresponding quarter of 2023.”

However, agriculture, forestry, and fishing activities grew by 6.1 percent, followed by real estate (6.6 percent), financial and insurance (7 percent), information and communication (7.8 percent), and accommodation and food services (28 percent).

“Similar to the first quarter of 2023, agricultural production was vibrant in the corresponding quarter of 2024, owing to favourable weather conditions that supported crop and animal production during the quarter,” the report continues.

By  Capital FM.

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