GDP in Kenya
Kenya - GDP
Economy expands at an over-decade high in 2021
The economy lost steam in the final quarter of 2021, with GDP expanding 7.4% year on year. The result came in below the prior quarter’s 9.3% increase. The outturn brought overall growth for 2021 to 7.5%, as the economy recovered from the pandemic-induced 0.3% contraction in 2020. 2021’s result marked the strongest growth since 2010.
The final quarter’s slowdown was largely due to the all-important agricultural sector’s output declining an annual 1.2% in Q4 (Q3: +0.6% yoy). Additionally, manufacturing activity slowed in the period (Q4: +4.9% yoy; Q3: +10.2% yoy), and activity in the construction sector also decelerated in the final quarter of 2021 (Q4: +6.0% yoy; Q3: +6.7% yoy). Meanwhile, the accommodation and restaurants sector posted a 118.6% expansion, which was below Q3’s 127.5% growth. These all more than offset stronger growth in mining and quarrying, which came in at 34.5% in Q4 (Q3: +16.4% yoy).
Meanwhile, GDP grew 3.0% in seasonally-adjusted quarter-on-quarter terms in Q4, accelerating from the prior period’s 1.0% expansion. The result marked the strongest print since Q4 2020.
FocusEconomics Consensus Forecast panelists see GDP growth at 5.0% in 2022, which is down 0.1 percentage points from last month’s estimate. Panelists forecast GDP growth to come in at 5.1% in 2023.
Kenya - GDP Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, annual variation in %) | 5.7 | 5.9 | 4.8 | 6.3 | 5.4 |
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: Inflation rises further in May
June 14, 2022
Consumer prices rose 0.78% month on month in May on a seasonally-adjusted basis, down from April’s 1.69% increase.
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Kenya: PMI falls in May as elevated inflation weighs on demand
June 6, 2022
The S&P Global Purchasing Managers’ Index (PMI) came in at 48.2 in May, down from April's 49.5.
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Kenya: Central Bank surprises markets and delivers first rate hike in May
May 30, 2022
At its 30 May meeting, the Monetary Policy Committee (MPC) of the Central Bank of Kenya delivered the first rate hike since July 2015 and increased its Central Bank Rate by 50 basis points to 7.50%.
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Kenya: PMI falls into contractionary territory in April
May 6, 2022
The Purchasing Managers’ Index (PMI)—produced by Stanbic Bank and S&P Global—fell to a three-month low of 49.5 in April from March's 50.5.
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Kenya: Economy expands at an over-decade high in 2021
May 5, 2022
The economy lost steam in the final quarter of 2021, with GDP expanding 7.4% year on year.
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