NAIROBI (Xinhua) --
Kenya’s economy is projected to grow by between
5.3 and 5.5 percent in 2018, investment analysts said on Monday.
Nairobi-based investment firm, said that the growth will be
supported by the recovery of the agriculture sector as well as
continued strong growth in the tourism and real estate sectors.
“We expect Kenya to
post strong growth of between 5.3 and 5.5 percent up from 4.7
percent achieved in 2017,” Cytonn Chief Investment Officer
Elizabeth Nkukuu told a media briefing in Nairobi.
Nkukuu noted that
the manufacturing and construction sectors are also projected to
experience steady growth.
According to the
analysts, the country’s agricultural sector is expected to
recover due to improved weather conditions coupled with
government efforts to prioritize food security.
Nkukuu said that the
real estate sector will continue to exhibit strong growth in
2018 due to increased private sector investments into the
According to Nkukuu,
the real estate market performance is expected to be driven by
high and stable returns in the residential sector, on the back
of a high housing deficit and government incentives such as a 15
percent tax reduction for developers constructing more than 100
affordable housing units per annum.
In addition, she
observed that the manufacturing sector is set to expand due to
the government’s plans to revamp the industrial sector.