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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenyan economy to grow 5.5 percent in 2018: forecast

NAIROBI (Xinhua) -- Kenya’s economy is projected to grow by between 5.3 and 5.5 percent in 2018, investment analysts said on Monday.

Cytonn, a 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 sector.

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.

             

 

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