- Kenya’s GDP Expands 6.3% in 2018 as Agriculture Spurs Growth
East Africa’s largest economy Kenya grew by 6.3 percent in 2018 as agriculture, manufacturing and transport sectors bolstered economic productivity.
The economy rebounded from 4.7 percent recorded in 2017, the country’s slowest growth in half a decade.
However, improved weather condition and political atmosphere aided growth and new investment, especially in the agriculture and manufacturing sectors.
The agricultural sector, which accounts for about one-third of the economy, grew by 6.6 percent, the highest in five years, Economic Survey 2019 report released on Thursday shows.
Transport and storage services sector expanded at 8.8 percent, again the highest in five years.
The manufacturing sector grew by 4.2 percent in 2018, up from 0.5 percent recorded a year ago.
The construction sector, however, grew at a slower pace of 6.6 percent against the 8.5 percent in 2017.
While the financial sector grew from 2.8 percent achieved in 2017 to 5.6 percent in 2018.
Kenya is one of the fastest growing economies in Africa but its performance is usually determined by its weather condition as the economy depends largely on agriculture.
Still, at 6.3 percent growth rate or US$98.264 billion GDP size, the economy expanded at its fastest pace since 2010 when the economy grew by 8.4 percent to US$40 billion.
