Kenya’s GDP up 5.2% y/y in Q1 2013.

By bne IntelliNews July 1, 2013

Kenya’s GDP increased by 5.2% y/y in Q1 2013, a faster annual growth than 5.1% in Q4 2012 and 3.9% in Q1 2012, the country’s bureau of statistics said. A key driver of GDP growth in the first quarter of this year was the agriculture and forestry sector, which expanded by 8.3% y/y, up from 2.1% y/y in Q1 2012. Agriculture and forestry is the biggest sector of the African country’s economy. Its strong performance was attributed to improved weather conditions for some key crops compared to the first quarter of 2012, the bureau of statistics commented.

On the other hand the general elections held in March (the first under the new constitution) influenced negatively the performance of the manufacturing, hotels and restaurants and financial intermediation sectors, according to the institution.

Moody’s expects Kenya’s economic growth to increase marginally to 5%-6% in 2013-15 from 4.7% in 2012, thanks to higher investments. The development of recent oil and gas discoveries could improve the investment outlook of Kenya in advance of commercial production, which is expected to come online around 2020.

Related Articles

Egypt and Russia sign supplementary agreements to advance El-Dabaa nuclear plant

Egypt and Russia have signed a supplementary intergovernmental agreement to push forward the El-Dabaa nuclear power plant project in Egypt, Al Arabiya reported on July 8, citing a statement from ... more

Malawi-focused Mkango Resources' unit to merge with US-based Crown PropTech

Lancaster Exploration (Lancaster), a subsidiary of Mkango Resources (Mkango), has announced a merger with Crown PropTech Acquisitions (CPTK), a US-listed special purpose acquisitions company. ... more

Africa adds 4.5GW new hydropower capacity in 2024, says IHA

Africa made notable progress in hydropower development in 2024, adding over 4.5 GW of new capacity, more than double the 2 GW installed in 2023, according to the International Hydropower Association ... more

Dismiss