NAIROBI, May 3 (Reuters) - Kenya's economy grew 4.8% in
2022, down from 7.6% a year earlier, as a severe drought hurt
agricultural output, the statistics office said on Wednesday.
Like other countries in East Africa, Kenya is emerging from
the worst drought in four decades that has pushed up the price
of basic commodities.
It is also feeling the effects of a weaker local currency and increased public debt load.
The Kenya National Bureau of Statistics (KNBS) said in its
2023 Economic Survey that Agriculture, Forestry and Fishing
contracted 1.6% in 2022 from a 0.4% contraction a year earlier.
"This was attributed to drought conditions that
characterised the period under review," it said of the sector,
which made up 21% of overall gross domestic product (GDP).
In September last year, the finance ministry forecast 2022
growth of 5.5%.
The KNBS said some of the key sectors that contributed to
last year's growth were financial and insurance, information and
communication, and transportation and storage.
(Reporting by George Obulutsa
Editing by Alexander Winning)
george.obulutsa.thomsonreuters.com@reuters.net))
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.