Consumption in Kenya

Kenya Consumption | Economic News & Forecasts

Kenya - Consumption

Economic growth continues to lose momentum in Q3 2022

Economic growth lost further steam in the third quarter of 2022, with GDP growth waning to 4.7% year on year. The result, which came in below the 5.2% increase recorded in the prior quarter, was the softest since Q1 2021. Conversely, underlying momentum strengthened at a quicker pace; the economy expanded 0.9% in seasonally adjusted quarter-on-quarter terms, above the 0.6% expansion tallied in the previous quarter.

The moderation in annual growth was partially due to an unfavorable base effect, as the economy grew 9.3% in the same quarter a year ago. Construction sector growth moderated during the quarter (Q3: +4.3% yoy; Q2: +5.8% yoy), as did the transport and storage sector (Q3: +4.8% yoy; Q2: +7.1% yoy). Additionally, manufacturing activity growth softened, waning to 2.4% in Q3, down from the prior quarter’s 3.6% increase. Lastly, the mining and quarrying sector posted a 2.2% contraction in July–September, which was a sharp contrast to the 22.6% expansion clocked in the previous three months. More positively, the all-important agricultural sector contracted at a softer 0.6% annually in Q3 (Q2: -1.4% yoy), largely on improved fruit, coffee and cane production. Furthermore, growth in the accommodation and restaurant sector accelerated in the third quarter to 22.9% (Q2: +22.0% yoy).

FocusEconomics Consensus Forecast panelists see GDP growth at 4.8% in 2023, which is unchanged from last month’s estimate. Our panelists forecast GDP growth to come in at 5.1% in 2024.

Kenya - Consumption Data

2015   2016   2017   2018   2019  
Consumption (annual variation in %)-     -     -     -     -     

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Note: Private consumption, annual variation in %.
Source: Kenya National Bureau of Statistics

Kenya Facts

Value Change Date
Bond Yield12.200.0 %Dec 31
Exchange Rate101.40.05 %Jan 01
Stock Market0.40.0 %Jan 07

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