Kenya’s economy grew 5.8 percent in 2016, missing forecasts

Kenyas economy grew 5.8 percent in 2016, missing forecasts #blockchain #fintech #Kenya #BI

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    NAIROBI (Reuters) – Kenya’s economy grew 5.8 percent last year, just above 5.7 percent growth the previous year but still slightly short of forecasts, the statistics office said on Wednesday.

  • A recovery in tourism, boosted the number but other sectors, such as farming and the construction sector grew at a slower rate, the director general of the Kenya National Bureau of Statistics, Zachary Mwangi, said.
  • The shilling was expected to be stable this year, Mwangi said, attributing it to solid foreign exchange reserves held by the central bank and a sustainable current account deficit.
  • The data released on Wednesday showed the current account deficit narrowed 11.9 percent last year to 5.2 percent of GDP.
  • In the tourism sector, visitor numbers rose to 1.34 million from 1.18 million the prior year, with earnings rising 17.8 percent to 99.7 billion shillings ($964.68 million), Mwangi said.

By Duncan Miriri NAIROBI (Reuters) – Kenya’s economy grew 5.8 percent last year, just above 5.7 percent growth the previous year but still slightly short of forecasts, the statistics office said on Wednesday. Government officials in the East African nation, which holds a general election in August
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