Kenya Economy grew by 4.7 per cent in 2013, key sectors hit
NAIROBI, KENYA: The economy grew slightly to touch 4.7 per cent last year compared to 4.6 per cent in the previous year as key sectors failed to hit target, according to the 2014 Economic Survey.
Agriculture, which contributes more than a quarter of Kenya’s gross domestic product, recorded a decline in 2013 to 2.9 per cent from a revised growth of 4.2 per cent in 2012.
Tourism, a key foreign exchange earner was hit as international visitor arrivals decreased from 1.7 million in 2012 to 1.5 million in 2013. This is blamed on incessant terror attacks mostly targeting Nairobi and the coastal region.
Manufacturing sector is not doing well as expected, this has seen the country import more what has led to the deterioration of balance of payment.
“Total exports declined by 3per cent from Sh517.8 billion in 2012 to Sh502 billion in 2013, total imports increased to Sh1.413 trillion in 2013,” says Anne Waiguru Cabinet Secretary for Devolution and Planning.
Kenya expects total revenue to surpass Sh1 trillion for the first time to stand at Sh1.017 trillion in 2013/14 from Sh835.1 billion in 2012/2013.
Money transacted through mobile money transfer grew from Sh672 billion as at June 2012 to Sh914 billion as at June 2013. Internet subscriptions rose significantly from 8.5 million in 2012 to 13.3 million in 2013. The number of mobile connections rose from 30.4 million in 2012 to 31.2 million in 2013.