Economic growth in Kenya slowed to 5.2 percent y/y in 2Q22 from 6.8 percent y/y in 1Q22.
While the reading represented the slowest pace of growth since 1Q21, it was better than the Bloomberg consensus expectation of a more pronounced deceleration to 5.0 percent y/y. That said, it was the fourth straight quarter that growth has slowed as the worst drought in decades and election-related uncertainty weighed on output.
Agriculture, Kenya’s biggest economic sector and employer, contracted for a third quarter, while there was a broad-based loss in momentum in sectors such as accommodation and restaurants, other services, and real estate, partly due to election-related uncertainty.
