GDP in Kenya
Kenya - GDP
Growth picks up pace in Q4 2019
The economy gained traction in the final quarter of 2019, with growth accelerating to 5.5% year-on-year from the revised 5.2% in Q3 (previously reported: +5.1% year-on-year), according to Kenya’s Statistical Institute (KNBS). Taking the year as a whole, GDP growth came in at 5.4% in 2019, which was down from 2018’s 6.3%.
The fourth quarter’s upturn was largely driven by a pick-up in output growth in the all-important agricultural sector—accounting for about a third of GDP—which accelerated to 4.0% from Q3’s 2.4%. Moreover, activity in the wholesale and retail sales sector also quickened in Q4, growing 6.4% (Q3: +6.1% yoy), as did activity in the transport and storage sector, which accelerated to 9.2% (Q3: +8.1 yoy) amid low global oil prices and continued projects in the development of transportation infrastructure. Meanwhile, output in the manufacturing sector lost pace, easing to 2.3% in Q4 from 3.2% in the previous quarter, while activity in the construction sector ebbed to 5.7% (Q3: + 6.6% yoy).
Looking ahead, growth is seen slowing markedly this year as the fallout from the Covid-19 pandemic takes its toll on the economy. Global confinement measures will cripple the tourism sector and exports. Meanwhile, the threat of a second wave of locust swarms poses a further downside risk to agricultural production.
FocusEconomics Consensus Forecast panelists see GDP growth at 1.9% in 2020, which is down 3.1 percentage points from last month’s estimate. Panelists forecast GDP growth accelerating to 5.6% in 2021.
Kenya - GDP Data
| 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, annual variation in %) | 5.4 | 5.7 | 5.9 | 4.9 | 6.3 |
Kenya GDP Chart
Source: Kenya National Bureau of Statistics
Kenya Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 12.20 | 0.0 % | Dec 31 |
| Exchange Rate | 101.4 | 0.05 % | Jan 01 |
| Stock Market | 0.4 | 0.0 % | Jan 07 |
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Economic News
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Kenya: Private sector PMI falls further in April
May 6, 2020
The Purchasing Managers’ Index (PMI)—produced by IHS Markit and Stanbic Bank Kenya—dropped for the fourth month straight in April to 34.8 from 37.5 in March.
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Kenya: Inflation slows in April
April 30, 2020
Consumer prices rose 0.86% over the previous month in April, up from March’s 0.19% rise.
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Kenya: Central Bank cuts rate to further cushion economy
April 29, 2020
At its 29 April meeting, the Monetary Policy Committee (MPC) of Kenya’s Central Bank cut the Central Bank rate by 25 basis points to 7.00%—the lowest point since September 2011.
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Kenya: Growth picks up pace in Q4 2019
April 28, 2020
The economy gained traction in the final quarter of 2019, with growth accelerating to 5.5% year-on-year from the revised 5.2% in Q3 (previously reported: +5.1% year-on-year), according to Kenya’s Statistical Institute (KNBS).
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Kenya: Authorities unveil stimulus measures; financing needs heighten
April 24, 2020
The government announced a series of relief measures worth around 2.0% of GDP at the end of March, aiming to mitigate the economic fallout from the Covid-19 pandemic.
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