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Kenya's economy in Q3 grows by 5.8 pct

Xinhua, December 30, 2015 Adjust font size:

Kenya's economy grew by 5.8 percent in the third quarter of 2015, up from the 5.2 percent experienced in a similar period last year, the country's statistics body said on Wednesday.

Kenya National Bureau Statistics (KNBS) said that the growth was largely due to a strong performance in construction, agriculture, finance, insurance and wholesale areas.

Construction was one of the fastest growing sectors as it grew by 14.1 percent during the third quarter of this year compared to a growth of 8.8 percent experienced in the same period of 2014.

The KNBS noted that the accelerated economic growth was largely as a result of the increased credit advanced to the construction sector.

During the period, the agricultural sector grew by 7.1 percent compared to the 6.8 percent recorded in a similar quarter of 2014.

"The growth was supported by increased production of most major crops and the dairy sub-sector as a result of improved rainfall," the KNBS said.

According to the statistics body, the demand for Kenya's horticultural produce was however negatively impacted by the strengthening of the Kenyan Shilling against the Euro during the review period.

While exports of cut flowers and fruits increased during the third quarter of 2015, exports of fruits declined.

Activities of the manufacturing sector also benefited from lower oil and electricity prices during the review period.

During the period, the production of geothermal electricity expanded by 40 percent followed by hydro-electric power generation which expanded by 12.7 percent compared to the same quarter of 2014. Endit