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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.

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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.

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