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Kenya has experienced continued growth in GDP over the last few years, supported by ongoing public infrastructure projects, strong public and private sector investment, and appropriate economic and fiscal policies, reflecting the broad-based and diversified nature of the Kenyan economy.
Kenya’s central bank is sticking to its 5.7% economic growth forecast for this year notwithstanding recent floods, according to Governor Kamau Thugge. He added that the East African economy was estimated to have grown 5.8% in the first quarter of this year. Last year the economy grew 5.6%.
Recently, the central bank held its benchmark lending rate at 13.0%, saying its current stance would ensure that inflation remained stable around the mid-point of its target range in the near term. The Kenyan economy is the largest in East Africa.
Kenya has experienced continued growth in GDP over the last few years, supported by ongoing public infrastructure projects, strong public and private sector investment, and appropriate economic and fiscal policies, reflecting the broad-based and diversified nature of the Kenyan economy.
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Kenya’s financial sector is vibrant, well-developed, and diversified in the region and has the highest financial inclusion in the region and globally. The banking sector is well capitalized and profitable with capital adequacy and liquidity ratios above the recommended thresholds. Macroeconomic stability has been preserved over the last few years with inflation, interest rates, and exchange rates remaining largely stable, thanks to prudent monetary and fiscal policies.
