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Kenya Cuts Growth Forecast

Kenya Cuts Growth ForecastKenya Cuts Growth Forecast

Kenya lowered its 2017 economic growth forecast to 5.5% due to drought and political uncertainty, a top official said, as the government cut non-essential spending to free up funds for a repeat presidential election, Africanews reported. The drought earlier this year hurt agriculture, which accounts for 30% of output, said Kamau Thugge, the principal secretary in the ministry finance. He said some investors are also delaying decisions after the supreme court nullified the results of an Aug. 8 presidential election citing irregularities in the tallying process. The government had initially projected a 5.9% growth for this year but the economy expanded 4.7% in the first quarter, mainly due to poor agricultural performance.

 

 

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