(Ecofin Agency) - The slowing growth is the result of poor harvests and soaring commodity prices as the country faces its worst drought in more than four decades.

Kenya's economy grew by just 4.7 percent in the third quarter of 2022, down from 9.3 percent in the same period of 2021, according to data released Friday, Dec. 30, by the Kenya National Bureau of Statistics (KNBS)

According to the source, accommodation/food services and wholesale/retail trade were the main drivers of the economic growth during the period (Between July 1 and September 30, 2022).

For the fourth consecutive quarter, the agriculture sector contracted, dragging down growth as Kenya is experiencing a severe drought, which decimated crops and left more than 5 million people food insecure.

"Most sectors posted decelerated growths owing to the significantly high growth rates recorded in the third quarter of 2021 that signified recovery from the impact of the COVID-19 pandemic," the bureau explained.

Soaring commodity prices have also led to high inflation, which heavily weighed on economic growth. The current account deficit widened by 5.5 percent year-on-year to KSh193.4 billion (US$1.57 billion) in the third quarter of 2022.

Let's note that in the second quarter of 2022, the country's economy grew by 5.2% compared to 11% during the same period in 2021.

For 2022, authorities were eying a 5.3% growth and for 2023, they target a 6% growth.