08 May 2014 Kenya has real cause to be proud according to this report from VENTURES AFRICA. The nation recorded 4.7% GDP growth in 2013, slightly higher than the 4.5 percent forecast by the African Development Bank. 2013 also ended with inflation at 5.7 percent, a 3.7 percent decrease from 2012’s 9.4 percent.
Nairobi mostly enjoyed a stable macroeconomic environment, lower international oil prices, andlow and stable inflation rate due to improved supply of basic necessities. These factors supported Kenya’s economic growth, according Anne Waiguru, Devolution Cabinet Secretary.
Kenya has also committed to the provision of cheap and stable power and has seen the cost of electricity falling significantly. Anne Waiguru has also outlined this factor, as well as infrastructural development as drivers of the growth. the Secretary said as the country launched its 2014 Economic Survey Report which detailed its Economic outlook for the year and also reviewed the performance of economic sectors in 2013.
Forecasts for Kenya show that this great trend is expected to continue in 2014. Anne Waiguru is quoted as saying “The macroeconomic stability witnessed in 2013 continued into the first quarter of 2014 and is likely to be maintained to the rest of the year.”
Kenya is serious about pushing this growth and has expressed its commitment to building on the growth recorded as it put policies in place to catalyse growth in some of the key sectors including tourism, trade and agriculture.