Kenya’s economy still strong –  Cytonn report

Kenya’s economy remains strong and the recently read budget is pro-growth, leading to a 2.4% increase in the 2017/18 budget.

___6476531___https:______static.pulse.com.gh___webservice___escenic___binary___6476531___2017___4___4___14___CYTONN

However, the investment company noted that growth in the country is being underpinned by continued public investment in infrastructure development.

“Kenya’s economy remains strong and the recently read budget is pro-growth, leading to a 2.4% increase in the 2017/18 budget to Kshs 2.3 tn from Kshs 2.2 tn previously.

“Kenya’s inflation rate continues to remain a concern as it increased to 10.3% in March from 6.4% in December 2016, due to increasing food and fuel prices,” the report reads.

Cytonn highlighted that Sub-Saharan Africa (SSA), recorded the slowest growth in over two decades in 2016 at 1.5% compared to 3.4% in 2015.

“Sub-Saharan Africa (SSA), recorded the slowest growth in over two decades in 2016 at 1.5% compared to 3.4% in 2015, driven by a contraction in commodity dependant economies. Regions that are not commodity driven such as East Africa grew by 7.0%, much higher than the overall GDP growth in SSA.

“SSA’s economic performance is expected to improve with GDP growth projected to come in at 2.9% and 3.6% in 2017 and 2018, respectively, according to the International Monetary Fund (IMF). The stock markets and currencies performance were mixed but relatively stable during the quarter,” the report adds.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Top 10 happiest countries in Africa in 2022

Top 10 happiest countries in Africa in 2022

9 most expensive African countries to rent a one bedroom apartment, based on property price to income ratio

9 most expensive African countries to rent a one bedroom apartment, based on property price to income ratio

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

These 6 countries have the highest unemployment rates in Africa

These 6 countries have the highest unemployment rates in Africa

Here are the top 10 cities in Africa where the most rich people live

Here are the top 10 cities in Africa where the most rich people live

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job