The GDP in the second quarter only straddled to 4.6%, showing a slight fall compared to the corresponding quarter of 2023, which recorded a 5.6% growth.
According to the reports by the Kenya National Bureau of Statistics (KNBS), the growth was a result of measly performance in the mining and quarrying sector, which contracted 2.7% in Q2.
The construction sector positively deviated during the quarter in review, contracting 2.9% growth from 2.7% in the corresponding quarter of 2023.
Information & communications, professional, administrative & support services, and real estate were the major multisectoral players, contracting 7.2%, 6.8%, and 6.0%, respectively.
Additionally, agriculture, forestry & fishing, financial and insurance activities, and wholesale & retail boosted the GDP as well, presenting a record stellar performance of 4.8%, 5.1%, and 4.4%, in that order.
However, accommodation & food services contributed 26.6% to the growth of the economy compared to a record high of 42.8% in the second quarter of 2023.
Transportation and storage, similarly, recorded a paltry growth of 3.6%, which is marginal from 4.6% in the same period of the quarterly in 2023. The slow growth in the sector was a reflection of a decreasing demand in passenger mobility in road, railway, and air transport subsectors.
The electricity & water supply sectors also appear to have scampered a bit, presenting a sluggish growth of 1.0% from 2.8% in the corresponding quarter of 2024.
The slower growth in electricity & water supply is attributed to the decline in total electricity generation, which slumped to 3,041.5 million kWh from 3, 088.6 kWh in the previous second quarter of 2023.
The manufacturing sector steadily recorded it’s highest pick of 3.2% in the second quarter of 2024, from 1.5% in the respective quarter of 2023, signalling a robust rebound in the multifaceted sector.
