Kenya’s economy is projected to grow 5.5 percent in 2023, compared to the 4.8 percent recorded in 2022, a government official said Tuesday.
Susan Koech, the deputy governor of the Central Bank of Kenya, told a forum in Nairobi, the capital of Kenya, that the growth will be driven by a rebound in the agriculture and services sector as well as government measures implemented to stimulate the manufacturing sector.
“The government has also put in place policy measures that continue to provide a strong foundation for macro-economic stability and long-term growth,” Koech said during the NCBA Bank 2024 Macroeconomic Outlook forum.
The event gathered senior government officials, bank executives and manufacturers to review ways to boost Kenya’s economic growth.
Koech observed that the East African nation’s economy is projected to expand by 6 percent in 2024 as the country has a well-diversified economy that is able to weather multiple shocks. She revealed that Kenya’s economic performance is also underpinned by its exports which are dominated by agricultural crops such as fresh flowers, tea and coffee.
According to Koech, the country’s export sector will remain vibrant as about 40 percent of Kenya’s exports are consumed by the African continent which is currently implementing the African Continental Free Trade Area.
She added that the private sector which is dominated by small and medium enterprises has also emerged as a significant player in economic growth.