NAIROBI, June 30 (Reuters) - Kenya's economic growth slowed to 4.9% in the first quarter of this year from 5.5% a year earlier, hit by the uncertainty created by coronavirus pandemic, the statistics office said on Tuesday.
Kenya has enjoyed rapid growth rates in recent years, thanks to its diverse economy which does not depend on a single commodity or one major trading partner, but the pandemic has put the brakes on economic activity.
"The economy was affected by the resultant uncertainty that was already slowing economic activity in some of the country's major trading partners," the Kenya National Bureau of Statistics said in a statement.
The first quarter growth was supported by expansion in the farming, transport, financial services, construction and trade sectors, KNBS said.
It was however curbed by a steep decline in the tourism sector, after the first case of the virus was confirmed in Kenya in mid-March and lockdown measures were instituted to slow its spread, the bureau said.
Source: www.nasdaq.com
Kenya has enjoyed rapid growth rates in recent years, thanks to its diverse economy which does not depend on a single commodity or one major trading partner, but the pandemic has put the brakes on economic activity.
"The economy was affected by the resultant uncertainty that was already slowing economic activity in some of the country's major trading partners," the Kenya National Bureau of Statistics said in a statement.
The first quarter growth was supported by expansion in the farming, transport, financial services, construction and trade sectors, KNBS said.
It was however curbed by a steep decline in the tourism sector, after the first case of the virus was confirmed in Kenya in mid-March and lockdown measures were instituted to slow its spread, the bureau said.
Source: www.nasdaq.com
