FX.co ★ Kenya GDP Growth Quickens to 1-Year High

Kenya's economy experienced a notable growth of 5.1% year-on-year during the fourth quarter of 2024, marking the strongest performance in a year. This follows a revised 4.2% increase in the preceding quarter. The agricultural sector, which accounts for over 20% of the national GDP, saw an acceleration in growth to 4.3%, up from 4% previously. On a seasonally adjusted basis, the GDP advanced by 1.8% in the fourth quarter, reaching the highest quarterly growth rate in eight quarters, following a revised 1.2% increase in the third quarter. Overall, the annual GDP growth for 2024 settled at 4.7%, representing the slowest expansion rate since 2020, compared to a revised growth of 5.7% in 2023. This deceleration can be attributed to challenges such as political unrest and flood-induced damages, impacting both infrastructure and the agricultural sector.