Home Business CBK upbeat the economy will grow 5.5pc this year

CBK upbeat the economy will grow 5.5pc this year

Kenya’s economy is projected to expand 5.5pc this year and a further 6pc next year supported by a rebound in agriculture sector and resilience of the services sector.

Central Bank of Kenya (CBK) Deputy Governor, Dr Susan Koech said despite the global uncertainties, Kenya’s economy is expected to remain above the global and Sub-Saharan Africa averages in 2023 and 2024, pointing to the resilience and diversified nature of the economy.

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High cost of living pressures negatively impacting on household balance sheets could to push more people into economic challenges.

Agricultural output is expected to expand 5pc if the country does not witness adverse weather while the manufacturing sector is projected to grow by 2.6pc due to household budgetary strain.

On the other hand, construction sector could registered an expansion of 4pc.

Dr Koech added that the government’s commitment to honor its public debt obligations will put Kenya at an advantage to increase its foreign financial inflows.

Nduta Mukami
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