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Kenya's economic growth on limp mode
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Top Stories
📉 Kenya’s Economy Slows Down to 4% amid Construction Slump
By Zainab Hafsah
Kenya's economic growth rates for Q3 since 2020 | SOURCE — KNBS
Kenya’s economy expanded by 4% in the third quarter of 2024, a slowdown from 6% recorded in the same period in 2023 and the slowest in four years, dragged by notable contractions in key sectors such as construction, mining, and quarrying.
The Kenya National Bureau of Statistics (KNBS) attributed the deceleration to a general decline in growth in most sectors with contractions in the construction, mining and quarrying sectors.
The growth, which compares to 4.6% recorded in the second quarter of 2024, was the slowest since the first quarter of 2021, below the central bank’s forecast of 5.2%.
Overall growth was supported by resilient performance from sectors including agriculture, forestry and fishing which expanded by 4.2% albeit slower than the 4.8% recorded in Q2 constrained by a decline in tea production.
The construction sector was hard hit, recording a 2% contraction compared to a 4% growth in 2023 and 2.9% in the second quarter of 2024, triggered by higher costs of building materials and government budget cuts towards construction projects.
The third quarter of 2024 was marked by spillover effects from the deadly protests in June through July, partly corrupting consumption and output levels. On the upside, the moderating inflation towards the target range coupled with the stable shilling during the period counterbalanced, buoying recovery in the sub-sectors.
In a post monetary policy meeting brief in December, Central bank Governor Dr. Kamau Thugge said the apex bank estimates overall GDP growth of 5.1% in 2024 and 5.5% in 2025.
Today's Poll
Are you optimistic that Kenya's economic growth will recover this year? |
Yesterday's Poll Results
Do you think the government should reform the ETA system or do away with it?
🟨⬜️⬜️⬜️⬜️⬜️ Reform it, it can work (25%)
🟩🟩🟩🟩🟩🟩 Get rid of it, it's pointless (75%)
⛓️ CMA to Tame Company Secretaries Serving Multiple Firms Concurrently
By Fred Obura
Company secretary
The Capital Markets Authority (CMA) will be seeking stakeholder input on how many listed companies a company secretary can serve at the same time, the regulator said in a recent report.
This follows an increased trend of Company Secretaries serving multiple organizations concurrently, which CMA says dilutes the quality of their work.
The Company Secretary’s role includes offering procedural and regulatory guidance, facilitating effective communication between firms and shareholders, coordinating governance audits and maintaining essential records such as the conflict-of-interest register.
The report also raises concern on compliance with the professional organizations among the company secretaries in contravention of the governance code. The code requires that the Board be assisted by a suitably qualified and competent company secretary who is in good standing with the Institute of Certified Secretaries (ICS).
💱 Kenya’s Exports to the EU Dipped in Q3 2024 as Trade Deficit Widened
By Brian Nzomo
Kenya's balance of payments in Q3 compared since 2022 | SOURCE — KNBS
Kenya exported goods worth KSh 37.96 billion to the European Union (EU) between July and September last year, a marginal dip from KSh 38.34 billion in the preceding quarter – according to the latest KNBS figures.
🔸In Q3 2023, total exports from Kenya to the EU stood at KSh 38.85 billion, signalling a -2.3% change.
🔸In turn, the value of goods imported from the EU fell from KSh 56.79 billion in Q2 2024 to KSh 54.64 billion in the quarter under review.
🔸Overall exports from Kenya in Q3 2024 were valued at KSh 282.41 billion compared to KSh 275.74 billion in Q2 2024, a 2.4% improvement.
🔸The total value of imports rose from KSh 659.5 billion in Q2 to KSh 675.8 billion in the next quarter.
🔸Agricultural exports remain invaluable to Kenya’s trade position, accounting for 44.1% of the domestic export earnings.
🛂 Africa’s Most Powerful Passports in 2025
By TKWS
How African passports rank globally
The Henley Passport Index, a global authority on passport rankings, has revealed its 2025 list of the most powerful passports worldwide.
Drawing on exclusive data from the International Air Transport Association (IATA) and extensive research, the index ranks 199 passports based on the number of destinations their holders can access without a prior visa.
🔸While African nations like Seychelles and Mauritius perform exceptionally well, a stark contrast remains between the continent’s most and least powerful passports.
🔸For example, war-torn nations such as Somalia and Sudan rank near the bottom, highlighting the impact of geopolitical instability on mobility.
🔸Kenya's passport strength was ranked 68th globally and the strongest in East Africa.
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