Kenya's economic growth fell by 0.9 per cent
Business
By
Fred Kagonye
| Jul 04, 2023
KNBS Director General Macdonald G. Obudho speaking during the 2022 Kenya Demographic & Health Survey key indicators report on 17th January 2023. [Wilberforce Okwiri, Standard]
Kenya's economic growth fell by 0.9 per cent in 2023 to record a 5.3 per cent growth in the first quarter compared to 6.2 per cent in 2022.
This is according to a statement by the Kenya National Bureau of Statistics (KNBS) Director General Macdonald G. Obudho.
The growth was largely supported by a rebound in agricultural activities.
The KNBS report shows that exports in the first quarter of 2023 increased by 9.4 per cent to Sh233 billion compared to 2.1 per cent in 2022 to Sh536.6 billion.
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Kenya had improved earnings from tea, iron and steel, titanium ores and concentrates boosting the growth in exports.
Decelerated growth in imports is attributed to the decline in imports of industrial machinery; and iron and steel.