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Kenya has shown economic resilience amid uncertainty - cenbank chief
Kenya Central Bank Governor Patrick Njoroge speaks during an interview with Reuters in his office in the capital Nairobi, Kenya, December 8, 2015. PHOTO BY REUTERS/Thomas Mukoya
24/11/2017
NAIROBI (Reuters) - Kenya's economy has displayed "extraordinary resilience" in the face of political uncertainty, the central bank governor said on Friday, attributing that to its diversity and small and medium enterprises.
The East African economy, which is the richest in the region, was buffeted by a severe drought in the first half of the year and a prolonged election period in the second half, after the Supreme Court nullified an Aug. 8 presidential vote.
Patrick Njoroge said he expected the economy to expand 5.1 percent this year, down from an initial forecast of 5.7 percent, before expanding at a faster pace in 2018. The central bank's forecast is in line with that of the government.
"The outlook of the economy is certainly good," he told a news conference.
He raised the current account deficit forecast for this year to 6.2 percent of GDP from the bank's initial expectation of 5.5 percent. Njoroge blamed higher imports of food commodities like maize and a jump in global oil prices for the new forecast.
(Reporting by Duncan Miriri; Editing by Peter Graff)
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