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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.

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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.

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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.

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