Kenya’s economy recorded a year-on-year growth of 4.6% in the second quarter of 2024, down from 5.6% during the same period in the previous year, according to the national statistics office’s report released on Wednesday. Notably, the gross domestic product (GDP) data for the second quarter of 2023 was revised upward from an earlier estimate of 5.0%.
The statistics office attributed the growth in the second quarter to strong performances in sectors such as agriculture, forestry and fishing, real estate, financial and insurance activities, and wholesale and retail. However, the mining, quarrying, and construction sectors experienced contractions.
The Ministry of Finance has projected a slightly lower economic growth of 5.2% for 2024, compared to 5.6% in 2023.
Towards the end of the second quarter, widespread protests erupted in response to proposed tax increases, leading to disruptions and violence in major cities. In light of the unrest, President William Ruto scrapped the proposed tax measures. Nevertheless, protests continued into the third quarter, with demonstrators demanding improved governance, an end to corruption, and better service delivery.
