Money Markets
A tea estate in Kericho. Kenya's economy expanded by 6.2 per cent in the
second quarter of 2016 compared to 5.9 per cent, the Kenya National
Bureau of Statistics has announced. PHOTO | FILE
By BD REPORTER
Kenya's economy expanded by 6.2 per cent in the
second quarter of 2016 compared to 5.9 per cent at the same period last
year, the Kenya National Bureau of Statistics has announced.
The growth was largely driven by expansion in agriculture,
forestry and fishing, transportation and storage, real estate, and
wholesale and retail trade.
The economy also defied high commercial banks
interest rates which rose significantly to an average of 18.15 per cent
during the second quarter of 2016 compared to 15.57 per cent in the same
quarter of 2015.
The value of exports of horticultural crops grew by
47.1 per cent in the quarter under review from Sh17.7 billion in the
second quarter of 2015 to Sh26.0 billion.
Measured against the same quarter of 2015, the
current account deficit recorded an improvement of 6.1 per cent to stand
at Sh141.9 billion in the quarter under review.
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