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CBK: Delayed rains to hit economy

NEWS
By Reuters | May 28th 2019 | 1 min read
By Reuters | May 28th 2019
NEWS
CBK's Patrick Njoroge (PHOTO: FILE)

A delayed start to Kenya’s rainy season could shave as much as 0.4 percentage points off expected economic growth this year, the central bank’s governor said on Tuesday.

The economy expanded 6.3 per cent last year as good rains boosted the farming sector.

The bank has forecast the same growth rate for this year, but the first rains, which usually start in March, did not come until late April.

“We can predict a lower growth rate by as much as 0.4 percentage points... depending on how bad the (rain) situation is,” governor Patrick Njoroge told a news conference.

First quarter growth data, usually released in June, would make the outlook for this year clearer, he said.

The bank held its benchmark lending rate at 9.0 per cent on Monday, saying it would keep an eye on recent food and fuel price rises that could fuel inflation.

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