Public Management

Kenya: GDP jumps to 6.8% in Q1-2022

Kenya: GDP jumps to 6.8% in Q1-2022
Monday, 04 July 2022 16:48

During the period, Kenya’s economic growth was mainly driven by a strong recovery in the accommodation and food services, transport, construction, and ICT sectors. 

Kenya's economy grew by 6.8 percent in the first quarter of 2022 compared with 2.7 percent in the same period of 2021, according to data released on Friday, July 1, by the National Bureau of Statistics. 

This year-on-year growth was mainly due to recovery in most economic activities that contracted significantly in the first quarter of 2021, due to covid-19, the bureau informed in its release. 

The pace of economic activity accelerated in the accommodation and food services sector, which grew 56.2 percent in the first quarter of 2022, compared with a 33 percent contraction a year earlier. The growth was contributed by an increase in the number of tourists amid eased coronavirus restrictions.  Tourist arrivals through the Jomo Kenyatta International Airport and Moi International Airport increased by 85.1 percent in the first three months of 2022, to 225,321 visitors.

The transportation sector also grew by 8.1 percent in the first quarter of 2022 compared to a 7.9 percent contraction in the same period last year. Other key sectors such as construction, real estate, and information and communication technologies also grew "faster" during the first three months of the year. 

However, the agricultural sector, which accounts for about 33% of Kenya's GDP, contracted between January 1 and March 30, 2022, due to insufficient rainfall, while rising commodity prices following the war in Ukraine led to increased inflation. In 2021, Kenya's economy grew by 7.5 percent, the highest rate in the past 11 years. For 2022 however, the government expects growth to slow to 6 percent, mainly due to poor weather conditions.  

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
South Africa’s Happy Pay raises $5 million to expand BNPL services Funds to boost partnerships, technology, and fraud prevention...
Boston Consulting Group estimates Africa’s creative exports could reach $140–150 billion by 2030. The sector currently generates $59...
Ivory Coast outlined eight budget priorities focused on reforms, performance, and revenue mobilization. Authorities aim to complete the IMF-backed...
(SOUTHBRIDGE) - SouthBridge Investments announced its selection, for the second time, as an Emerging Impact Manager (EIM) in the ImpactAssets 50® (IA 50)...
Most Read
01

Telecel Ghana to boost network investment by 150% in 2026 Expansion targets capacity, reliabi...

Telecel Ghana plans 150% investment increase in MTN-dominated market
02

Namibia and Russia agreed to expand cooperation across energy, mining, and agriculture. Both coun...

Namibia and Russia Expand Economic Cooperation Across Key Sectors
03

Four years after Russia’s 2022 invasion of Ukraine, the fertilizer market is facing a new shock as m...

Hormuz Tensions Rattle Fertilizer Markets, Adding Pressure to Global Food Supply
04

Cameroon signs MoUs for $1.5 billion waste-to-energy projects Plans target waste treat...

Cameroon Signs $1.5 Billion Waste-to-Energy MoUs Amid Urban Sanitation Strain
05

Côte d’Ivoire raises 110bn CFA francs, meeting full target Investor demand hits 291bn CFA fra...

Côte d’Ivoire Raises $193 Million as Banks Drive Demand for Short-Term Bills
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.