Kenya's economic expansion has decelerated significantly in the second quarter of 2024, with the GDP growth rate hitting 3.60%, according to the latest data updated on October 2, 2024. This represents a noticeable decline from the 5.00% growth recorded in the first quarter of the year.
The quarter-over-quarter comparison highlights the severity of this slowdown. While the first quarter saw a year-on-year GDP increase from the previous period, the second quarter's figures demonstrate a marked reduction in economic momentum. Analysts attribute this downtrend to various internal and external factors that have impacted investment, consumer spending, and industrial production.
Given these latest developments, policymakers and investors are keenly watching for governmental measures and potential stimuli to reinvigorate the economy. The sharp drop in GDP growth underscores the need for strategic interventions to steer Kenya back onto a robust growth trajectory.
