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By Fredrick Obura | Published Wed, April 25th 2018 at 11:54, Updated April 25th 2018 at 12:22 GMT +3
NAIROBI, KENYA: Dismal performance of key sectors such as the agriculture, manufacturing and construction slowed Kenya’s economic growth by one percent.
A new survey released by the Kenya National Bureau of Statistics indicates that the economy grew by 4.9 percent in 2017 down from 5.9 growth realized in 2016.
Manufacturing grew by 0.2 per cent compared to 2.7 per cent in 2016 while the construction sector grew 8.6 per cent compared to 9.8per cent in 2016.
Agriculture was the worst performer, growing at 1.6 percent in 2017 compared to 5.1 percent in 2016 while money and banking sector grew by 3.1 per cent in 2017 compared to 6.7 per cent.
Drought, poor rainfall and the prolonged presidential election in the second half of the year played a role in slowing the country’s growth.
However, Zachary Mwangi said the services sectors, including tourism, had registered growth during the year helping to drive economic expansion despite political uncertainty and drought that hit the farming and manufacturing sectors.
“The growth was attributed to the services-oriented sectors,” said Mwangi, director general of Kenya National Bureau of Statistics, at the release of the annual economic survey.
Tourism, a key source of hard currency and jobs, grew 14.7 percent while earnings surged 20 percent, Mwangi said.
Service sectors rescue Kenya’s economy as key areas underperform
NAIROBI, KENYA: Dismal performance of key sectors such as the agriculture, manufacturing and construction slowed Kenya’s economic growth by one percent.
A new survey released by the Kenya National Bureau of Statistics indicates that the economy grew by 4.9 percent in 2017 down from 5.9 growth realized in 2016.
Manufacturing grew by 0.2 per cent compared to 2.7 per cent in 2016 while the construction sector grew 8.6 per cent compared to 9.8per cent in 2016.
Agriculture was the worst performer, growing at 1.6 percent in 2017 compared to 5.1 percent in 2016 while money and banking sector grew by 3.1 per cent in 2017 compared to 6.7 per cent.
Drought, poor rainfall and the prolonged presidential election in the second half of the year played a role in slowing the country’s growth.
However, Zachary Mwangi said the services sectors, including tourism, had registered growth during the year helping to drive economic expansion despite political uncertainty and drought that hit the farming and manufacturing sectors.
“The growth was attributed to the services-oriented sectors,” said Mwangi, director general of Kenya National Bureau of Statistics, at the release of the annual economic survey.
Tourism, a key source of hard currency and jobs, grew 14.7 percent while earnings surged 20 percent, Mwangi said.
Service sectors rescue Kenya’s economy as key areas underperform