12 °c
London
Monday, May 23, 2022
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Economy

Kenya forecasts economy to expand at fastest pace in a decade

Staff by Staff
August 6, 2021
in Africa, Development, Economy, Kenya
Reading Time: 2 mins read
800 25
0
Kenya forecasts economy to expand at fastest pace in a decade

Nairobi, Kenya's capital

Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Kenya forecasts a strong economic recovery this year as the nation’s coronavirus vaccination program gains momentum and the services sector rebounds from a brutal pandemic fallout.

East Africa’s largest economy is forecast to expand 6.6% from an estimated growth of 0.6% in 2020, driven by increased activity in the service industry, according to the Treasury. That could be the highest growth rate in at least a decade, according to the International Monetary Fund. Growth could ease to 5.8% next year.

“Our economy will rebound to above 6% over the medium term,” Treasury Secretary Ukur Yatani said Thursday in the Kenyan capital, Nairobi. Growth will depend on “the progress of the vaccination effort, macroeconomic stability and implementation of the projects” aimed at boosting health care, housing, manufacturing and food security, he said.

The government is moving to ramp up vaccination, with doses from its order of at least 13 million Johnson & Johnson shots expected to start arriving this month, in a bid to avoid any more economy-crippling lockdowns. A boost in economic activity will help Kenya increase public revenue as it looks to ease its debt burden.

Also read: UK commits £35M to develop 10,000 green affordable houses in Kenya

Debt Burden

Kenya’s debt-servicing cost is projected to grow 35% in 2021-22

Source: National Treasury

*Note: Chart above shows data for fiscal years ending June 30

The reopening of hotels, restaurants and an improvement in travel due to the easing of movement restrictions will help the services industry to lift its contribution to GDP growth to a projected average 6% this year. The number of hotel workers climbed to 62% of pre-pandemic levels in July, according to a central bank survey.

Yatani said the government’s plan for fiscal consolidation is on track, and the budget deficit is expected to narrow to 5.6% of gross domestic product in 2022-23 from a target of 7.5% of GDP in the year that started July 1. That partly depends on the authorities achieving a growth target in ordinary revenue of 20.6% in the next fiscal year, while reducing expenditure as a portion of GDP.

The Treasury targets to present the 2022-23 national budget in March, earlier than it usually does in June, due to elections scheduled for August 2022. That’s to ensure lawmakers debate and approve spending plans before they head off for the balloting season.

Related

Via: Bloomberg
Tags: debtdebt serviceEconomic GrowthEconomyKenyaKenya forecasts economy to expand at fastest pace in a decadeTreasury Secretary Ukur Yataniкенияكينياケニア肯尼亚
ScanSendShare330Tweet206Share58Pin75Send
Staff

Staff

Related Posts

Environment

Rich nations offer debt guarantees on South African climate deal

by FurtherAfrica
May 23, 2022
Ethiopia energy access
Trade

South Sudan and Ethiopia sign 100MW electricity trade agreement

by Energy Capital & Power
May 23, 2022
Venture Capital

South African TooMuchWifi raised US$1M pre-series A funding

by TechGist Africa
May 23, 2022
Development

EU provides €3M+ for urban development in Mozambique

by Club of Mozambique
May 23, 2022
South African stocks hit near 7-month highs
Banking

South Africa Investec nearly doubles annual profit

by FurtherAfrica
May 23, 2022
Great Limpopo Transfrontier Park
 
AFSIC 2022
 
MozParks

Translate this page

Read the Latest

Environment

Rich nations offer debt guarantees on South African climate deal

by FurtherAfrica
May 23, 2022
0

A group of the world’s richest nations offered South Africa debt guarantees as part of a proposed $8.5 billion deal...

Read more
Ethiopia energy access

South Sudan and Ethiopia sign 100MW electricity trade agreement

May 23, 2022

South African TooMuchWifi raised US$1M pre-series A funding

May 23, 2022

EU provides €3M+ for urban development in Mozambique

May 23, 2022
South African stocks hit near 7-month highs

South Africa Investec nearly doubles annual profit

May 23, 2022

FurtherAfrica Partners

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
Digilogic Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 73,051 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?