29.3 C
Kenya
Thursday, February 27, 2020

Kenya’s economy grew by 6.3 per cent in 2018

Must Read

Career profile of the confirmed KQ CEO Allan Kilavuka

Kenya Airways has appointed Allan Kilavuka as the group managing director and chief executive officer. His appointment will take...

How you can easily import your vehicle directly from Japan

Importing a Car From Japan: Most Kenyans looking to import vehicles directly from Japan, Europe or Thailand inevitably face...

More flights from China to land in Kenya, says Chinese Embassy

Preventing Corona Virus in Kenya: The flight from China that landed yesterday at the Jomo Kenyatta International Airport was...

Kenya Economic Outlook 2019: The Kenyan economy grew by 6.3 per cent in the year 2018. This has been stated by the newly released Economic Survey 2019.

According to the survey, the economic growth was driven by significant growths in the agriculture, transport, and manufacturing sectors. It was an increase from the GDP growth of 4.7 per cent that was recorded in the year 2017.

Strikingly, the agricultural sector recorded the highest growth in the past five years. It grew by a rate of 6 per cent. Transport and storage services sector also grew to a five-year high of 8.8 percent. Manufacturing sector grew at a faster rate of 4.2 percent in 2018, compared with 0.5 percent in 2017.

The World Bank had projected that the economy would grow by 5.5 per cent in 2018. “In the medium-term, growth in the Kenyan economy is forecast to recover to 5.5 per cent in 2018.  Kenya Economic Outlook 2019 will be a growth of 5.9 per cent, though this is contingent upon its implementation of supportive economic reforms and its prudent management of macroeconomic stability,” said the World Bank in a statement.

Economic growth is expected to remain strong in Kenya and the rest of East Africa this year and the next. This means that economy will sustain the growth level of over 6 per cent until year 2020.

Currently, East Africa ranks as the fastest growing part of Sub-Saharan Africa, according to the UN’s World Economic Situation and Prospects 2019. This report said overall economic expansion in EA measured 6.2 percent in 2018 and is forecast to accelerate to 6.4 percent (2019) and 6.5 percent in 2020.

- Advertisement -

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

140,513FansLike
10,942FollowersFollow
7,640FollowersFollow
214SubscribersSubscribe

Latest News

Career profile of the confirmed KQ CEO Allan Kilavuka

Kenya Airways has appointed Allan Kilavuka as the group managing director and chief executive officer. His appointment will take...

How you can easily import your vehicle directly from Japan

Importing a Car From Japan: Most Kenyans looking to import vehicles directly from Japan, Europe or Thailand inevitably face the big dilemma of spotting...

More flights from China to land in Kenya, says Chinese Embassy

Preventing Corona Virus in Kenya: The flight from China that landed yesterday at the Jomo Kenyatta International Airport was the first among a series...

Kenya opens doors for wheat imports from US

Wheat Farming: Kenya has lifted the prohibition on US wheat following a deal between President President Uhuru Kenyatta and Donald Trump. Yesterday, U.S. Secretary...

Kenya’s 6 billionaires who all come from one village

Muranga Billionaires: Most of the central Kenya billionaires come from the same Rwathia village of Kangema, in Murang’a, succeeding in taking their businesses beyond...

More Articles Like This

- Advertisement -
%d bloggers like this: