Kenya's economy forecast to grow 6.3 percent in 2019Christian Fernsby ▼ | June 14, 2019
Kenya's economy is projected to grow by 6.3 percent in 2019, the same level as 2018, a government official said Thursday.
African economies Kenya
"We project growth in 2019 to remain strong at around the same level as in 2018. While there are risks associated with delayed long rains which may impact negatively on agriculture, we expect such risks to be offset by continued strong performance in non-agricultural activities such as tourism and construction," Rotich said in the 2019/2020 Budget speech.
He said that in 2018, the economy grew by 6.3 percent, up from 4.9 percent in the previous year.
"This growth is the highest to have been recorded for the past eight years and well above the sub Saharan Africa regional average growth of 3 percent and the global average of 3.6 percent, reinforcing the advantages of a diversified and reforming economy," said Rotich.
"This strong growth was attained despite the rising global trade frictions among major trading partners as well as uncertainties from Brexit and renewed geopolitical risks," he added.
Rotich said that over the medium term, Kenya's economic growth is expected to reach more than 7 percent as programmed activities under Kenya's Big Four agenda on universal healthcare, manufacturing, food security and affordable housing gain traction.
He assured Kenyans that the new budget is going to support and address local business environment. This, however, is the biggest budget the country has had since independence.
Rotich added that locals should not be worried about the borrowing as long as the government is not using the borrowed money to fund recurrent expenditure. ■