GDP in Kenya

Kenya GDP | Economic News & Forecasts

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  

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Kenya GDP Chart

Kenya GDP
Note: GDP, 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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