The East African market was poised for growth in 2022, mainly driven by development in the private sector, the resumption of services and industry, the slowdown in the Covid-19 infection rates, regional integration and an initial recovery in agricultural production. The digital transformation also worked to spur the region’s economic transformation by driving job creation and innovation in different industries.
However the regional economies experienced a slow down in 2022 due to the macro economic factors indicated in the chairman’s statement. The year in review also saw NMG launch new consumer experience campaigns and events, test novel initiatives, offer unrivalled content across platforms, collaborate across departments and enter strategic partnerships that drove our business agenda. As a result, we saw growth in revenue in the regional offices, backed by the re-opening of the Ugandan economy and increased creative supplements and events in Tanzania. The Kenyan market also ramped up its revenue-generating initiatives, including increased event ticketing sales via Kenyabuzz
The economies of East Africa largely contracted with the growth in Kenya decelerating more than earlier estimates from 7.6% in 2021 to 4.8% in 2022; Uganda’s GDP was at 4.6% in 2022 compared to 6.0% in 2021 and Rwanda’s GDP shrunk from 10% in 2021 to 6.9% in 2022. Tanzania’s economy marginally grew from 4.3% in 2021 to 4.6% in 2022. This was caused by commodity price shocks resulting from drought and war, decreased disposal incomes and reduced spending by private sector during the elections.