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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenya economy expands by 5.7 percent during the first quarter

NAIROBI (Xinhua) -- Kenya’s economy expanded by 5.7 percent during the first quarter of 2018, compared to 4.8 percent in a similar quarter of 2017, the statistics agency said on Friday.

Zachary Mwangi, Director General of Kenya National Bureau of Statistics (KNBS), said that the significant acceleration in the Gross Domestic Product (GDP) was mainly attributable to improved weather conditions and a boost in business and consumer confidence after the conclusion of general elections in 2017.

"From the supply side, growth was mainly driven by a recovery in activities of agriculture as well as improved output in wholesale and retail trade, manufacturing, and real estate sectors," Mwangi said in a statement released in Nairobi.

He noted that finance and insurance, transportation and storage, construction, electricity supply, and mining and quarrying recorded marked slowdown in growth.

"Growth of activities in the information and communication was robust while accommodation and restaurants slowed significantly but remained relatively strong," he said.

During the quarter under review, agriculture, forestry and fishing sectors grew by 5.2 percent compared to 1 percent in a similar period of 2017.

According to KNBS, the sector’s growth was mainly supported by favorable weather conditions during the fourth quarter of 2017 and the onset of long rains in early March.

Mwangi noted that largely, improved growths were recorded in most sub-sectors except fishing, where the performance remained subdued during the quarter under review.

The volume of tea produced rose by 10.7 percent in the first quarter of 2018 mainly attributable to ideal weather conditions that prevailed during the quarter under review.

The volume of horticultural crop produce rose significantly during the quarter under review except that of vegetables that declined by 2.9 percent.

Specifically, the volume of cut flowers and fruits exported increased by 12.4 and 15.3 percent, respectively during the review period.

As a result, the value of the horticultural crop exports rose by 39.1 percent to stand at 440 million U.S. dollars in the quarter under review.

The manufacturing sector grew by 2.3 percent in the quarter under review compared to a growth of 1.3 percent in a similar quarter in 2017.

Mwangi said that the improved growth was mainly supported by increased production in the manufacture of food sub-sector.

The statistics agency said that the construction sector grew by 7.2 percent in the first three months of 2018 compared to 8.2 percent growth realized in the first quarter of 2017.

Inflation averaged at 4.49 percent during the review quarter compared to an average of 8.77 percent experienced during the same period of 2017.

Mwangi said that the slowdown in inflation was mainly influenced by lower food prices during the period under review.
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SEE ALSO:

Kenyan trade Deficits slightly widens to U.S. 2.76 billion dollars

Kenyan overall inflation rates rising to 4.28 percent during June

 

             

 

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