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Kenya Predicted to Grow 6.2%

Kenya Predicted to Grow 6.2%Kenya Predicted to Grow 6.2%

Kenya’s economy is likely to expand by 6.2% this year, the central bank’s governor said on Tuesday, offering a rosier outlook than the finance ministry which expects growth of 5.8%,Reuters reported. The economy expanded by 5.7% in the first quarter as farming, which accounts for close to a third of output, recovered from a drought in the same period a year earlier. The economy expanded by 4.9% in 2017. Patrick Njoroge, the governor, told a news conference the forecast was based on the economy’s performance in the first quarter, a stronger agriculture sector and a jump in tourists’ forward bookings. “We have a very favorable outlook for the economy,” he said, adding however there were risks including an international trade war and a cap on commercial lending rates at home. The agriculture sector expanded by 5.2% in Q1, compared to 1% in the same period last year. “The significant acceleration in growth was mainly attributable to improved weather conditions and a boost in business and consumer confidence after the conclusion of general elections in 2017,” the Kenya National Bureau of Statistics said.

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