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Kenyan Economy at a glance

15 Apr

Kenya’ economy expanded by 5.6 per cent in 2013 and looks set to grow faster this year at 6.3 per cent, latest data from the IMF show. The International Monetary Fund carries the data in its World Economic Outlook 2014 released on Tuesday, which shows that sub-Saharan Africa’s Gross Domestic Product collectively grew by 4.9 per cent.

Kenya’s GDP was faster, but it was outpaced by its peers Ethiopia, Tanzania and Uganda.Ethiopia registered economic growth of 9.7 per cent in 2013, while Tanzania’s and Uganda’s GDPs expanded by seven per cent and six per cent respectively.

The IMF shows consumer prices in Kenya, which is rated as a low-income country, were up 5.7 per cent last year. It projects a 6.6 per cent inflation rate this year, and estimates a slower 5.5 per cent change in consumer prices in 2015.

The IMF data also show Kenya’s current account deficit will deteriorate this year to 9.6 per cent from 8.3 per cent in 2013, but will improve significantly next year to 7.8 per cent.

Growth in sub-Saharan Africa was buoyed by improved agricultural production and investment in natural resources and infrastructure, and is expected to accelerate this year.

The IMF however warns of tight global financing conditions or in emerging market economies could generate some “external headwinds” especially in countries with large external linkages, mineral producers and frontier economies.

 

 
 

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