In Summary
Kenya’s economy grew by 4.9 per cent in 2017, recording the
slowest margin in five years amid prolonged electoral process and
adverse weather.
That pace of growth falls far below
the 5.9 per cent recorded in 2016, data released today by the Kenya
National Bureau of Statistics (KNBS) indicate.
The
last time Kenya recorded growth below five per cent was in 2012, also an
election year, when the economy expanded by 4.5 per cent.
“The
slowdown in the performance of economy was partly attributable to
uncertainty associated both a prolonged electioneering period coupled
with adverse effects of weather,” said Treasury and Planning Secretary
Henry Rotich.
The KNBS data shows that agriculture, which accounted for 31.5
per cent of the 2017 GDP grew by only 1.6 per cent compared with 5.1 per
cent in 2016.
All the segments except cut flowers
shrunk during the period. Export earnings from cut flower grew by 16.1
per cent to hit Ksh82.2 billion ($819.9 million) in 2017.
On the flip side, sugarcane deliveries to factories dropped by
33.3 per cent, from 7.2 million tonnes in 2016 to 4.8 million tonnes
last year.
Inflation
Kenyans
also had to contend with steady build-up in inflationary pressure on
the back of rising oil and food prices through 2017. The KNBS data shows
inflation rose to an average of 8 per cent last year, up from 6.3 per
cent the previous year.
“We have lined up several
interventions, which together with continuing political stability, good
rains and macro-economic environment will lead to better economic
performance in 201`8,” said Mr Rotich.
“Inflation is expected to ease in 2018 supported by lower food prices due to good rains and improved agriculture,” he added.
No comments :
Post a Comment