Economy grows by 4.7 percent: Government
29 April 2014, 14:11
Nairobi - The economy grew by 4.7 percent, according to the economic survey 2014, released by devolution secretary Ann Waiguru.
Speaking during its release Tuesday in Nairobi, Waiguru said that the economy grew thanks to increased micro-economic activity as well as the stable inflation rates and lower fuel prices.
The increased growth of the country's infrastructure as well as lower costs of energy.
" Growth in our micro-economic sectors has helped lift the economy and hopefully it will continue unabated for the rest of the year, she said.
Further, the rates of inflation feel by close to 4%, with a drop from 9.7% in 2012 to 5.3% in 2013.
" The lower rates of inflation have contributed to the continued economic growth, she added.
Economic growth though was lower than expected, thanks to what she described as failure of some sectors to get going.
The likes of tourism, agriculture and manufacturing suffered declined growth thus reducing the overall gains made.
" Tourism numbers have been affected by the terror attacks in the country and we have to look for ways of slowing down that trend, she added.
Overall, Waiguru said the government expects a strong display in the third and fourth quarter in 2014 and says further growth is expected on an overall basis.
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