Mary Onyia
Amid economic crisis, the National Bureau of Statistics (NBS) said that the country’s Gross Domestic Product, GDP, grew by 3.46 percent in real terms for the third quarter of 2024, higher than the 2.54 percent recorded for similar quarter in the previous year of 2023, and 3.19 percent for the second quarter of 2024.
NBS ascribed the growth primarily to the strong performance of the services sector, which contributed 53.58% to the overall GDP. This sector, comprises of industries like telecommunications, finance, and trade.
These figures are increasing even as issues such as high inflation, unemployment and currency devaluation continue to negatively impact on the economic health of the country.
However, despite the economic woes, the NBS’s report indicates there might be light at the end of the tunnel, signaling that the economy may be recovering from recent setbacks.
Experts suggest that for sustained economic growth, government will have to tackle with greater commitment the issues of job creation, insecurity in the land in order to encourage massive food production as well as attracting both local and foreign investments in the country among others.