Empowering African Businesses

Kenya’s economy to grow at 5.9 per cent

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By Biko Gerro

The country’s economy is estimated to grow at 5.9 per cent this year up from 5.6 per cent in 2015, the World Bank (WB) has said.

According to its latest Kenya Economic Update (KEU) released Monday, the financial institution said the growth would be driven mainly on low inflation, vibrant services sector, improved construction, currency stability, low fuel prices, a growing middle-class and rising incomes as well as a surge in remittances and increased public investment in energy and transportation.

Kenya’s growth has outperformed the average for the Africa region for eight straight years now – with the stable growth outlook likely to see Kenyans enjoy more stable prices for essentials like food, fuel, housing and transportation.

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“Kenya remains one of the bright spots in Sub-Saharan Africa with its economic growth approaching 6 percent and outpacing the 2016 regional average of 1.7 percent,” said World Bank Country Director for Kenya, Diarietou Gaye.

 

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