KENYA RECORDS ECONOMIC GROWTH OF 4.8 PCT IN 2017, SLOWEST IN FIVE YEARS

NAIROBI — The National Treasury has reported that the Kenyan economy expanded by 4.8 per cent in 2017, the slowest pace of growth in five years, because of the adverse impact of drought, a prolonged electioneering period and low revenue growth.

The Budget policy outlook paper prepared by the National Treasury and released here Monday says the year, however, saw the creation of the most jobs at 817,000, a majority of them in the informal sector.

The paper expects economic growth to rebound in 2018 to 5.8 per cent.

The economy grew by 4.4 per cent in the third quarter of 2017, by 5.0 percent in quarter 2, and 4.7 percent in quarter 1. The growth was largely supported by robust activities in the service sectors, especially accommodation and restaurant; real estate; and information communication technology (ICT).

However, the growth was constrained by weak activities in agriculture, forestry and fishing; manufacturing; electricity; and financial intermediation.

The policy statement further says per capita income has also grown to 174,000 shillings (about 1,710 US dollars).

Source: NAM NEWS NETWORK