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.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Russia's Rosneft sets foot in Mediterranean with $1.125bn Eni deal

Russia's largest oil producer state-controlled Rosneft has acquired 30% in the largest natural gas field in the Mediterranean from Italian Eni, the company announced on October 9. Rosneft that ... more

PetroSA, Rosgeo sign $400mn oil and gas exploration agreement for South Africa

South Africa's national oil company PetroSA and Rosgeo, the geological exploration company of the Russian Federation, have signed an agreement on a $400mn oil and gas development project in South ... more

South Africa’s MTN to invest $350mn in Iranian broadband

South Africa’s MTN said it has agreed, on a non-binding and preliminary basis, to invest an initial $350mn into Iranian fixed broadband provider Iranian Net. The investment will give ... more

Most Read

  1. Europe pushes back against US sanctions on Russia
    3 days ago
  2. Romanian developers get in the game
    8 days ago
  3. BRICKS & MORTAR: Infrastructure investments create new real estate hubs in Bucharest
    2 days ago
  4. Putin and Trump trying to walk back Syria strike and sanctions tensions
    8 days ago
  5. What’s the cost of US sanctions on Russia?
    9 days ago
  1. Fears raised of US conditioning F-35s sale on Turkey cancelling S-400 deal with Russia
    30 days ago
  2. Europe pushes back against US sanctions on Russia
    3 days ago
  3. Romanian developers get in the game
    8 days ago
  4. COMMENT: Whisper it – ‘Erdonomics’ could be driving Turkey to a meltdown
    17 days ago
  5. Putin and Trump trying to walk back Syria strike and sanctions tensions
    8 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss