Kenya has projected an economic growth rate of 5 to 5.1 per cent this year, a rebound to six per cent next year and a shoot to seven per cent mid term
Speaking during a press brief at a Nairobi Hotel, Treasury Cabinet Secretary Henry Rotich expressed confidence that Kenya will rise from the prolonged election cycle as rainfall will foster growth in the agricultural sector.
The sector accounts for more than 25 per cent of the country’s gross domestic product.
”To further demonstrate the stability of our economy, our Foreign Exchange Reserves stand at $ 8 billion, translating to an import cover of about five months,” he said on Thursday.
“We have kept our fiscal deficit at manageable level vis-a-vis our GD and shall continue to do so.”
The minister explained that although the country’s revenue collection has slowed by Sh40 billion in the past four months, the fiscal deficit has slowed from 8.5 per cent last year to the current 6.4 per cent.
Rotich said the country is targeting a fiscal shortfall of less than five per cent next year
