Only the banking sector recorded faster growth in the first quarter of 2024, reflecting the hefty profits lenders raked in from the high interest rates they charged and increased borrowing by businesses cash-starved businesses.
Data from the Kenya National Bureau of Statistics (KNBS) shows that all other economic sectors posted slower growth in the first three months of 2024 compared to the same period last year, pointing to a tough operating environment characterised by increased defaults owing to the expensive cost of money.
