survey
Low cost carrier to start early morning flights into and out of Mombasa Next Story
Malaysia's civil aviation chief quits over Flight 370 lapses Previous Story
You are here  » Home   » Business News

Kenya’s economy likely to grow beyond Treasury forecast, says CBK

By Reuters | Published Tue, July 31st 2018 at 14:39, Updated July 31st 2018 at 14:44 GMT +3
Central Bank of Kenya Boss Patrick Njoroge (PHOTO: Standard)

NAIROBI, KENYA: The economy is likely to expand by 6.2 percent this year, the central bank’s governor said on Tuesday, offering a rosier outlook than the Finance Ministry which expects growth of 5.8 percent.

The East African economy expanded by 5.7 percent in the first quarter as farming, which accounts for close to a third of output, recovered from a drought in the same period a year earlier. The economy expanded by 4.9 percent in 2017.

ALSO READ: How NBK lost cash in suspect scheme

Patrick Njoroge, the governor, told a news conference the forecast was based on the economy’s performance in the first quarter, a stronger agriculture sector and a jump in tourists’ forward bookings.

“We have a very favourable outlook for the economy,” he said, adding however there were risks including an international trade war and a cap on commercial lending rates at home.


Would you like to get published on Standard Media websites? You can now email us breaking news, story ideas, human interest articles or interesting videos on: [email protected]

RECOMMENDED