This archive report was first published on 28 April 2020.
Kenya's economy experienced a slowdown in 2019, with a growth rate of 5.4 percent, down from 6.3 percent in 2018, as announced by National Treasury Cabinet Secretary Ukur Yatani.
Released on Tuesday in Nairobi, the Economic Survey 2020 highlighted the impact of the slowdown in various sectors, including agriculture, building and construction, and manufacturing.
Agriculture, which accounts for over a third of the national GDP, slowed down to 3.6 percent in 2019, compared to 6 percent in the previous year.
The building and construction sector contracted to 6.4 percent in 2019, a decline from the 6.9 percent growth recorded in 2018, largely due to reduced activity on the Standard Gauge Railway (SGR) project.
Similarly, the manufacturing sector, a key driver of the Big Four Agenda, slowed down to 3.2 percent in 2019, from 5.3 percent in the previous year.
However, the financial and insurance sectors posted improved growth, with a 6.6 percent increase in 2019, up from 5.3 percent in 2018.
According to Mr. Yatani, the economy is expected to grow at a slower pace of between 1.8 percent and 2.5 percent in 2020, due to the impact of the Covid-19 pandemic, down from an earlier forecast of 6 percent.
