Growth was driven, on the supply side, by the nonagricultural sector, with services leading the way. First, after multiple headwinds dampened growth in 2017, the incipient rebound in economic activity in kenya is gaining momentum. The oecd economic outlook is the oecds twiceyearly analysis of the major economic trends and prospects for the next two years. This work is a product of the staff of the world bank with external. Stanchart chief economist sees flat growth for kenya in 2018. The downside risks to this outlook arise from subdued private sector credit growth that.
Intergovernmental group on tea twentythird session hangzhou. Nonresourceintensive countries include agricultural exporters and commodity importers. Kenya has enjoyed strong growth in recent years and external imbalances have narrowed, strengthening resilience to shocks. Staff report for the 2018 article iv consultation and. Kenya s economic growth has not been inclusive enough. The report also highlights significant allocations from the 201718 budget to. Data sources the statistics presented in economic survey 2016 are based on a wide variety of sources. Realising the regions economic potential requires a holistic, growthoriented policy approach. Abstract this is a critical time for kenya, as the incoming administrations at national and devolved levels face the high expectations of ordinary kenyans to deliver on ambitious. Incoming data for the final quarter of 2019 is mixed, after the economy expanded at the slowest pace in two years in the third quarter amid easing activity in the allimportant agricultural sector. The kenya national bureau of statistics has released the 2019 economic survey report which highlights the countrys economic performance for the year 2018. Africa in 2018 outlook summary report a new sense of hope is being felt in africa. The price changes are measured from the perspective of the producer.
Looking forward, african economic growth is projected to accelerate to 4percent in 2019 and 4. Performance of the economy report november 2018 in addition, the rise in the capital goods imports to fund the necessary public infrastructure projects has also resulted in an increase in the countrys import bill. The bottom income quintile receives only 4% of income. Kenyas economy poised to rebound in 2018 and remain. The kenyan economy rebounded in 2018 and economic activity in the first quarter of 2019 was healthy, although emerging drought conditions could curtail gdp growth for the remainder of the year. Kenya q12018 gdp growth and 2018 outlook kenyas economy. In 2018, the share of agriculture in kenya s gross domestic product was 34. Data for 2017 are estimates, data for 2018 are forecasts.
Economic growth likely remained stunted in the second quarter, after drought conditions ate into agricultural output and, in turn, overall growth in the first quarter. The african economic outlook aeo was prepared by a consortium of three teams from the african development bank afdb, the oecd development centre and the united nations. Kenya 2018 gdp growth and outlook during the week, the kenya national bureau of statistics knbs released the economic survey 2019 indicating that the economy had expanded by 6. Nov 14, 2017 kenya is facing an economic storm in 2018 in the aftermath of two disputed elections. Kenya economic outlook macroeconomic performance and outlook real gdp grew by an estimated 5. However, failure to tackle insecurity will weigh on the economy and could erode support for the current administration in the mediumterm. In addition to the political impasse in the second half of the year that restrained investment spending, the drought earlier in 2017 weighed down agricultural output, which as a subsector is the largest contributor to overall economic growth. The kenya national bureau of statistics has released the producer price index ppi for the first quarter of 2020. The economy of kenya is a marketbased economy with a liberalised external trade system and.
Kenya q22018 gdp growth and 2018 outlook according to kenya. Reflecting improved rains, better business sentiment and easing of political uncertainty, real gdp growth is estimated to rebound from 4. The african economic outlook aeo was prepared by a consortium of three teams from the african development bank afdb, the oecd development centre and the united nations development programme. Kenyas economic outlook remains stable amid threats of drought. The monthly economic indicators publication is released every month by the central bank of kenya and provides a brief update, mainly through tables, on a range of economic and financial indicators relating to the kenyan economy. Incoming figures for the final quarter of 2019 are mixed, following a marked slowdown in the third quarter. Oecd ilibrary competitiveness in south east europe. The main contributors to the regions growth are ethiopia, tanzania, djibouti, rwanda, seychelles, and kenya, in that order figure 2. Recent political and economic developments in a number of countries across the continent saw somewhat progressive regime changes over the course of 2017. Te 18crs1 presents an overview of the current market situation and. Kenya is the economic, financial, and transport hub of east africa. Kenya economic survey 2019 kenya economic survey 2019. Economic indicators for kenya including actual values, historical data charts, an economic calendar, timeseries statistics, business news, long term forecasts and shortterm predictions for kenya economy.
A policy outlook 2018 future economic development and the wellbeing of citizens in south east europe see increasingly depend on greater economic competitiveness. From 1963 to 1973 gross domestic product gdp grew at an annual average rate of 6. Uganda economic outlook january 2019 7 5ministry of finance. Kenyas economy poised to rebound in 2018 and remain robust. As of september 2018, economic prospects were positive with above 6%. The economic development in africa report 2018 underscores the integral role that wellmanaged migration can play in addressing africas development challenges. Kenya economic update world bank documents world bank group. With 189 member countries, staff from more than 170 countries, and offices in over locations, the world bank group is a unique global partnership. Kenya national bureau of statistics is dedicated to presenting statistics produced according to internationally sound and scientific methods. Performance of the economy report november 2018 in addition, the rise in the capital goods imports to fund the.
Kenya economic outlook 2017 joining the dots deloitte. On the upside, agricultural output is expected to rebound thanks to better rains. According to kenya national bureau of statistics knbs. Politics will be less partisan for a while, but divisions will resurface as the elections approach in 2022. World bank releases kenya economic update 2019 gdp to. The paper argued that kenya should instead concentrate on african socialism, while avoiding linking kenya s economic fortunes to any country or group of countries. Home kenya national bureau of statistics, nairobi, kenya. Intergovernmental group on tea twentythird session hangzhou, the peoples republic of china, 17 20 may 2018 current market situation and medium term outlook. The last article iv executive board consultation was on june, 2018. The business environment continues to improve, supporting private investment. In 2018, the share of agriculture in kenyas gross domestic. Economic indicators for kenya including actual values, historical data charts, an economic calendar, timeseries statistics, business news, long term forecasts and shortterm predictions.
Major industries include agriculture, forestry, fishing, mining. Share of economic sectors in the gdp in kenya 2018 statista. The african development bank is launching the 2018 edition of its yearly flagship report, the african economic outlook aeo, on wednesday, january 17, 2018 at its. Press%20release%20%20meeting%20of%20september%2025,%202018. Economic activity in kenya remained robust in 2016.
With this edition of foresight africa, we aim to capture the top priorities for the region in 2018, offering recommendations for african and international stakeholders to create and support a. The outlook is positive, with growth projected at 6. The world banks work in kenya supports the governments vision 2030 development strategy, which aims to accelerate sustainable growth, reduce inequality, and manage resource scarcity. Kenya economic outlook african development bank building.
General assessment of the macroeconomic situation policy challenges from closer international trade and financial integration developments in individual oecd and selected nonmember economies statistical annex. Jan 08, 2020 this statistic shows the share of economic sectors in the gross domestic product gdp in kenya from 2008 to 2018. The kenya economic outlook 2017 report provides an overview of kenyas economic environment and key sectors. The report also highlights significant allocations from the 201718 budget to various sectors of the economy. Political environment the economic intelligence unit eiu predicts that political. Whereas the country had realized a rise in its export. Hangzhou, the peoples republic of china, 17 20 may 2018 current market situation and medium term outlook. Since 2014, kenya has been ranked as a lower middle income country because its per capita gdp crossed a world bank threshold. Although growth in seychelles and ethiopia is projected to slow in 2018 and 2019, other countries in the region are expected to continue to register strong growth. Incoming data for the final quarter of 2019 is mixed, after the economy expanded at the slowest pace in two years in the third. This page has economic forecasts for kenya including a longterm outlook for the next decades, plus mediumterm expectations for the next four quarters and shortterm market predictions.
This page has economic forecasts for kenya including a longterm outlook for the next decades, plus mediumterm expectations for the next four quarters and shortterm market predictions for the next release affecting the kenya economy. This statistic shows the share of economic sectors in the gross domestic product gdp in kenya from 2008 to 2018. Interim global economic outlook assessment, march 2018. The dissipation of political uncertainty and the recovery in the global economy is supporting a rebound in business sentiment. Global economic prospects january 2018 economic outlook. Recent political and economic developments in a number of countries across the continent saw. President uhuru kenyattas second and final fiveyear term is likely to hearld a period of political stability. Monthly economic indicators cbk central bank of kenya. Kenya economy, politics and gdp growth summary the. Kenya is facing an economic storm in 2018 in the aftermath of two disputed elections.
Kenyas development journey, it is my pleasure to present the 17th edition of the kenya economic update. Jun 21, 2019 the kenya national bureau of statistics has released the 2019 economic survey report which highlights the countrys economic performance for the year 2018. Kenya african economic outlook 2017 real gdp growth increased to an estimated 6. Kenya economy gdp, inflation, cpi and interest rate. Global economic growth has rebounded and is expected to remain stable but low global economic growth increased to 3.
Kenyas real gdp growth has averaged over 5% for the last decade. Growth was driven, on the supply side, by the nonagricultural sector, with. Since 2014, kenya has been ranked as a lower middle. According to kenya national bureau of statistics knbs, kenyas economy expanded by 6. The kenya economic outlook 2017 report provides an overview of. African development bank launches the 2018 edition of the. Kenyas real gross domestic product gdp growth is projected to rise to 5. Edition of the kenya economic update seeks to contribute to this discussion. Below are observations to be taken into account when using the statistics in economic survey 2016. The world bank kenya has released the kenya economic update of 2019 which shows that kenyas gdp grew by 0. We now expect kenya to enter recession in 2020, with real gdp contracting by 3. Because of expected liquidity challenges, the imf elevated kenya s debt stress rating from low to moderate in 2018. Abstract this is a critical time for kenya, as the incoming administrations at national and devolved levels face the high expectations of ordinary kenyans to deliver on ambitious economic development agendas and hasten the attainment of vision 2030. But a new ethiopia is emerging from troubled times and the latest international monetary fund imf forecast says ethiopia will be the fastestgrowing economy in subsaharan africa in 2018.
Cia world fact book all values, unless otherwise stated, are in us dollars. However, a severe drought, an extended presidential election, and weak bank lendingdue in part to interest rate controlsslowed growth in 2017. Uganda economy gdp, inflation, cpi and interest rate. The monthly economic indicators publication is released every month by the central bank of kenya and provides a brief update, mainly through tables, on a range of economic and financial. The economy of kenya is a marketbased economy with a liberalised external trade system and a few state enterprises. For the third consecutive year economic activity in kenya pickedup, reaching an estimated 5year high of 5.
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