Gross domestic product in East Africa’s largest economy expanded 5.7 per cent in the three months through March from a year earlier
Kenya’s economy grew at the fastest pace since 2016 in the first quarter as the country reaps the benefits of a calmer political climate and resurging agricultural output.
Gross domestic product in East Africa’s largest economy expanded 5.7 per cent in the three months through March from a year earlier, compared with a revised 5.3 per cent in the previous quarter, the Kenya National Bureau of Statistics said in an emailed statement Friday. That exceeded the 5.1 per cent median estimate by economists in a Bloomberg survey, and is the fastest pace of growth since the final quarter of 2016.
Kenya’s economy grew 4.9 per cent in 2017, the slowest pace in five years, after a drought and general elections impeded the world’s largest shipper of black tea and curbed output of corn, a staple. Agriculture in Kenya, which supplies about a third of the flowers sold in the European Union, contributes about 30 per cent to the country’s total output.
Here are some highlights from the report:
Agricultural output expanded 5.2 per cent from a year earlier in the quarter, the most since the second quarter of 2016 Tea production rose 11 per cent Manufacturing grew 2.3 per cent, the most since the third quarter of 2016. The real-estate industry expanded 6.8 per cent, the most in five quarters.
Kenya’s inflation accelerated for the second month to 4.3 per cent as utilities drove price increases, the statistics agency said.