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Kenya's economy forecast to grow 5.9 pct in 2016

08 September 2016, 08:06

Nairobi - Kenya's economy is projected to grow by 5.9 percent in 2016 and 6.2 percent in 2017, a report released on Wednesday said.

According to the Kenya Economic Report 2016, the growth will only be achieved if there is a stable macroeconomic environment, improved security as well as structural reforms that enhance the business environment in the various sectors in the economy.

"Growth is expected to be underpinned by expanded investments and as well as a growth in household consumption," said the report.

The annual report which is published by the Kenya Institute for Public Policy Research and Analysis provides an in depth assessment of the status of the economy.

The Kenya Economic Report 2016 is the eighth edition.

Read Also: Four ways to get out of debt you may not have thought of

The report noted that Kenya is likely to experience growth at a higher rate compared to the Sub-Saharan Africa average.

The findings showed that developments in oil price towards stabilization coupled with low inflation will likely result in high economic growth in the medium term.

In addition, the growth of the mineral sector together with the huge infrastructural investments is also expected to fuel further economic expansion.

The study showed that in the past few years, public expenditure has being growing at a faster rate compared to revenue collected and so the level of public debt has increased.

"While Kenya's public debt remains sustainable, there are concerns over the need to maintain fiscal sustainability because the current account deficit is relatively high," said the research.

- Xinhua


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