Kenya’s economy expanded by 6.3 percent last year helped by high growth in agriculture, transport and manufacturing sectors.
The Economic Survey 2019, released on Thursday, shows that the gross domestic product (GDP) growth rebounded from 4.9 percent registered in 2017.
The Kenya National Bureau of Statistics (KNBS) Director General Zachary Mwangi said the vibrant service sectors also contributed to the expansion in the economy.
According to Mr Mwangi, favourable weather in 2018 led to an increase in agricultural production, which had a multiplier effects on other sectors.
Here are some highlights from the survey:
Agriculture, forestry and fishing sector grew by 6.4 percent.
The food and accommodation sector improved by 16.6 percent.
ICT sector posted an increased growth by 11 percent.
Transport and storage expanded by 8.8 percent.
Manufacturing sector grew by 4.2 percent in 2018 compared to a revised growth of 0.5 percent in 2017. This was the highest growth in the past five years, supported mainly by agro-processing activities and beverage production.
Overall, the national government expenditure is expected to grow by 17.8 percent to Sh3 trillion in 2018/19.
GDP is the measure of the value of economic activity in a country. Thus, an increase in GDP means that there are more people producing and consuming goods and services leading to an overall economic gain for the country.
Source link : https://allafrica.com/stories/201904260312.html
Publish date : 2019-04-26 08:59:47