Kenya’s econ­omy grew 4.7 % in 2013: min­is­ter

Daily Trust - - REUTERS -

Kenya’s econ­omy grew by a slower-than-ex­pected 4.7 per­cent in 2013 mainly be­cause drought hurt agri­cul­ture out­put, the plan­ning min­is­ter said yes­ter­day.

The econ­omy ex­panded by 4.6 per­cent in 2012 and the govern­ment had ex­pected growth of 5 per­cent in 2013.

“This was lower than what was ex­pected,” Cab­i­net Sec­re­tary for Plan­ning Anne Waig­uru told a news con­fer­ence.

The govern­ment has pre­vi­ously fore­cast eco­nomic growth of 5.8 per­cent this year.

The min­is­ter said the dis­ap­point­ing 2013 per­for­mance was driven by slower growth in the vi­tal agri­cul­tural sec­tor due to drought. The sec­tor grew 2.9 per­cent in 2013 com­pared to re­vised growth of 4.2 per­cent a year ear­lier.

Kenya re­lies

heav­ily on ex­ports of agri­cul­tural pro­duce, such as cof­fee and tea. Cof­fee out­put was down 20 per­cent last year, con­tribut­ing to a drop in to­tal ex­ports last year.

The min­is­ter also said high lend­ing rates dragged down over­all eco­nomic per­for­mance in 2013.

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