• Will the NPA stand up?

    Solly Moeng wonders if the NPA head will reinstate criminal charges against president Zuma.

  • Commodity currency

    Jac Laubscher asks if the true exchange rate of the rand is really a cue from commodity prices.

  • Accoutable government

    Mandi Smallhorne says government should be taken to court for its wasteful expenditure.

All data is delayed
Loading...
See More

Kenya's economy to grow by 5%

Dec 24 2012 13:34
Reuters
Nairobi - Kenya's economy expanded by 4.7% in the third quarter of this year from 4% in the same period last year, boosted by agriculture and manufacturing, the statistics office said on Monday.

On a seasonally-adjusted basis, east Africa's biggest economy grew by 2.2% in the third quarter, up from 0.5% in the second.

"The expansion was more robust in comparison to the preceding quarters of 2012 primarily due to strong performances of the agriculture and forestry, fishing, manufacturing, transport and communication and a turnaround in the performance of the electricity industry," the Kenyan National Bureau of Statistics said in a statement.

Economic growth in Kenya has been sluggish in the first half of the year as the economy expanded by 3.4% and 3.3% in the first two quarters, when key sectors like construction sagged under the weight of high interest rates.

Kenya's current account deficit narrowed 21% to 105.4bn shillings ($1.23bn) from 133.5bn during the same period last year. However, the deficit widened compared to 63.3bn shillings recorded in the second quarter of 2012.

A Reuters poll shows the economy should accelerate to 5.5% growth next year assuming March 2013 elections are peaceful and benign inflation gives the central bank room to cut official interest rates further.

The finance ministry has said the economy will grow 5.6% in 2013, outpacing this year's forecast of 5.1%, thanks to strong rains boosting farm output.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

kenya  |  economy

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The drop in inflation:

Previous results · Suggest a vote

Loading...