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Kenya’s Economic Growth Declines To 4.7% Yearly In The Third Quarter Of 2022

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Kenya’s economic growth dropped to 4.7% on yearly basis in the third quarter of 2022, down from 9.3% in the same period in the previous year, the statistics agency said on Friday.

In comparison with the same period last year, when Kenya’s economy recovered from COVID-19 limitations in East Africa’s largest economy, the third quarter’s growth practically halved.

Factors that contributed to economic growth include accommodation, food services, wholesale and retail trade, whereas agriculture, forestry and fishing, and mining and quarrying slipped down slightly.

“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 statistics office said.

In the second quarter, the economy went up by 5.2%, compared with 11.0% in the same period in the previous year.

The finance ministry forecasts economic growth of an estimated 5.3% in 2022, and 6% in 2023.

Kenya is witnessing an increasing cost of basic commodities, which has been deteriorated by the worst drought in forty years.

The current account deficit expanded by 5.5% to 193.4 billion shillings ($1.57 billion) in the third quarter of 2022, up from 183.4 billion shillings ($1.50 billion) in the corresponding quarter last year.

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