Economy growth slowed to 4.7% in 2024 amid floods and protests - CS Mbadi

Treasury CS John Mbadi reading the Budget Policy Statement in Parliament on June 12, 2025./SCREENGRAB

Kenya’s economy recorded slower growth in 2024, expanding by 4.7% compared to 5.7% in 2023, Treasury Cabinet Secretary John Mbadi announced on Wednesday.

The decline in growth was largely attributed to two major disruptions: widespread flooding in the second quarter and anti-finance bill protests in the third quarter, both of which significantly affected economic activity across the country.

“The economy remained resilient, but the slowdown in 2024 reflects the adverse effects of climate-related shocks and civil unrest,” Mbadi said during an economic briefing.

“Floods damaged infrastructure and disrupted production, while the protests affected business operations, particularly in urban areas.”

Despite the dip, Mbadi noted that the broader economy still showed strength, recording an average growth rate of 5.2% across 2023 and 2024.

"The economy is expected to sustain a growth momentum in 2025/26, with growth projected at 5.3% per year," Mbadi said.

Most sectors posted positive performance in 2024, with the exception of construction and mining, which contracted.

The drop in growth highlights Kenya’s vulnerability to both natural disasters and political instability, analysts say, even as the country continues to recover from the global economic shocks of recent years.

The National Treasury is expected to outline new measures to cushion the economy from future disruptions when it presents the 2025/2026 budget later this month