Kenya’s real gross domestic product grew by 5.6% last year, up from 4.9% in 2022, according to the latest data from the Kenya National Bureau of Statistics (KNBS).
The 2024 Economic Survey Report by KNBS highlights that the agriculture, fisheries, and forestry sectors drove this growth with a 19.8% increase, followed by the financial and insurance sector at 16.6%, real estate at 13.3%, and transportation and storage at 10.6%.
Good rains and subsidized fertilizer helped the agriculture sector rebound with a 7% growth in 2023, after contracting by 0.3% in 2021 and 2.3% in 2022.
Tea production saw an increase, with earnings rising from Kes.156.7 billion in 2022 to Kes. 176.3 billion in 2023.
Maize production increased to Kes.11.3 billion from Kes.7.9 billion, while sugarcane and milk production rose to Kes.34.1 billion and Kes.41 billion, respectively.
However, coffee earnings declined by Kes.7.4 billion to Kes.19.9 billion.
Kenya’s trade balance reportedly narrowed to Kes. 1.6 trillion as exports surged by 15.4% to a record Kes.1 trillion, up from Kes. 873.1 billion in 2022, while imports rose by 4.9% to Kes.2.6 trillion from Kes.2.5 trillion.
Tea exports were the highest earners at Kes.188.7 billion, followed by horticulture at Kes. 187.4 billion. Other top exports included apparel and clothing (Kes.45.5 billion), coffee (Kes.34.6 billion), and iron and steel (Kes.32.3 billion).
Kenya’s top imports were petroleum products (Kes606 billion), industrial machinery (Kes.289.8 billion), animal and vegetable oils/fats (Kes.139.1 billion), iron and steel (Kes.120.8 billion), and unmilled wheat (Kes. 93.8 billion).
Uganda was Kenya’s top export destination, purchasing goods worth Kes.126.3 billion, followed by Pakistan at Kes.78.9 billion.
Kenya also exported goods worth Kes.76.3 billion to the Netherlands, Kes.69.3 billion to Tanzania, and Kes. 64.3 billion to the United States.
In 2023, China was the leading source of imports with goods valued at Kes.459 billion, followed by the UAE with Kes.411 billion, India with Kes.269.2 billion, Saudi Arabia with Kes.145.2 billion, and Malaysia with Kes.120.5 billion.
