Kenya’s economy has expanded by 5.3 per cent in the first quarter of 2023, compared to a 6.2 per cent growth in the corresponding quarter of 2022, KNBS report shows.
The experts believe that the growth was largely supported by a rebound in agricultural activities.
During the first quarter of 2023, export earnings increased by 9.4 per cent to Ksh 233.0 billion. This was a faster growth compared to a 2.1 per cent increase in the imports on free on board (f.0.b) basis, to Ksh 536.6 billion.
The report further shows that the improved earnings from tea, iron and steel, titanium ores and concentrates boosted the growth in exports.
Decelerated growth in imports is attributed to the decline in imports of industrial machinery; and iron and steel.