M a r k e t N e w s

Kenya: Economy Expands By 6.2% in Second Quarter

Posted on : Saturday, 1st October 2016

 Kenya's economy expanded by 6.2 per cent in the second quarter of 2016 compared to 5.9 per cent at the same period last year, the Kenya National Bureau of Statistics has announced.

 
The growth was largely driven by expansion in agriculture, forestry and fishing, transportation and storage, real estate, and wholesale and retail trade.
 
The value of exports of horticultural crops grew by 47.1 per cent in the quarter under review from Ksh17.7 billion ($175 million) in the second quarter of 2015 to Ksh26 billion ($257 million).
 
Inflation up on high food prices
 
Meanwhile, the cost of living rose marginally in September to 6.34 per cent from 6.26 per cent the previous month, driven by a rising cost of some food items.
 
KNBS said the increase in food costs outweighed gains arising from falling fuel prices.
 
"Between August and September 2016, the food and non-alcoholic drinks index increased by 0.55 per cent," KNBS said in a statement.
 
"This was attributed to increase in prices of several food items which outweighed the decrease in others."
 
Food takes up the largest share (36 per cent) of the basket of goods that is used to calculate inflation, making it the main driver of the cost of living.

Source : allafrica.com
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