Kenya's economy projected to grow by 5.5 per cent in 2023

The growth in 2022 was primarily supported by the services sector, particularly transport and storage, financial and insurance, information and communication, and accommodation and food services.

He exuded confidence that the economy is expected to rebound and expand by 5.5 percent in 2023, driven by broad-based private sector growth, including the continued strong performance of the services sector, recoveries in agriculture, and ongoing public sector investments.

Despite the inflation rate remaining above the 7.5 per cent upper target since June 2022, the macroeconomic environment remains generally stable.

The tight monetary policy stance, along with expected improved agricultural production, is projected to drive inflation towards the 5 percent target.

He said the growth outlook over the medium term will be strengthened by the implementation of the strategic priorities under the Government's Bottom-Up Economic Transformation Agenda (BETA).

The fiscal policy aims to undertake a growth-friendly fiscal consolidation to preserve debt sustainability.