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Kenya : Economy grows 5 percent in 2023

Kenya’s economy grew 5 percent in 2023, up from 4.8 percent in 2022 despite continued challenges, the World Bank said in a report released o the World Bank’s 28th edition of Kenya Economic Update (KEU), the improved growth was buoyed by a strong rebound in the agriculture sector in 2023 which had faced a persistent and severe drought and a moderate growth in the services sector.

The Bank projects that the real gross domestic product (GDP) will grow between 4.5 percent and 5.2 percent in 2024. It says improved investor confidence and credit to the private sector — helped by reduced domestic borrowing by the government — will strengthen private investment over the medium term.

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