Kenya's economy expands by 6.2pc in second quarter

MK254

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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 economy also defied high commercial banks interest rates which rose significantly to an average of 18.15 per cent during the second quarter of 2016 compared to 15.57 per cent in the same quarter of 2015.

The value of exports of horticultural crops grew by 47.1 per cent in the quarter under review from Sh17.7 billion in the second quarter of 2015 to Sh26.0 billion.

Measured against the same quarter of 2015, the current account deficit recorded an improvement of 6.1 per cent to stand at Sh141.9 billion in the quarter under review.





Kenya's economy expands by 6.2pc in second quarter
 
in the first quarter Q1 2016, Kenya economy g grew 5.9 compared to 5.0 in Q1 2015..... we are definetely crossing +6% this year
 
NAIROBI (Reuters) - Kenyan growth picked up in the first quarter of 2016, helped by improved performance across the economy and especially tourism, the statistics office said on Thursday.
The Kenya National Bureau of Statistics (KNBS) said in a statement the economy expanded by 5.9 percent in the first three months of this year from 5.0 percent in the same period last year.Kenya's Q1 2016 GDP growth up, tourism boosts | Reuters


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UPDATE 2-Tanzania's economy expands 7.9 pct in second quarter
Thu Sep 29, 2016 3:41pm GMT

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(Updates with quotes, current account deficit falling)

By Fumbuka and Ng'wanakilala

WERBUNG
inRead invented by Teads
DAR ES SALAAM, Sept 29 (Reuters) - Tanzania's economy expanded 7.9 percent in the second quarter, driven by the mining, manufacturing and energy sectors, the state-run National Bureau of Statistics said on Thursday.

The country is Africa's fourth-largest gold producer and also has deposits of coal, diamonds, uranium and gemstones. But 70 percent of the population rely on agriculture for a living, and it has struggled to spread the benefits of its rapid economic growth.

"Tanzania's economic growth has received a boost from massive investments being made by President John Magufuli's government in infrastructure projects," said Humphrey Moshi, a professor of economics at the University of Dar es Salaam.

The central bank says it expects the economy to grow 7.2 percent in 2016, up from 7 percent in 2015, helped by construction, an anti-corruption drive and better management of public resources.

Moshi said the country will probably meet that target growth rate but needs to broaden its areas of investment to ensure more people benefit.

"The government is investing heavily to build new roads, railway networks, ports and power plants, and this will in turn help to improve the business environment and spur faster economic growth ... by attracting more foreign direct investment," he said.

"The state faces the challenge of improving irrigation infrastructure to boost yields because our agriculture relies on rainfall, which has become unreliable due to climate change," he added.

The central bank said Tanzania's current account deficit had narrowed 56.6 percent in the year to June, helped by a fall in oil imports and boosted by mining, tourism and manufacturing.

Imports of goods and services fell 15.2 percent to $11.33 billion, while total exports rose to $10.09 billion from $9.3 billion previously, it said.

Earnings from an increasing number of tourists - the east African country's main source of foreign currency - rose to $2.27 billion from $2.19 billion previously, the bank said.

Exports of manufactured goods fetched $1.46 billion, up from $1.31 billion in the same period last year, while oil imports fell to $2.8 billion from $3.06 billion a year ago, in line with falling import volumes and declining global oil prices.

Earnings from gold, the other main source of foreign income, rose to $1.33 billion from $1.23 billion in the same period a year ago, reflecting higher export volumes and global prices.

Gross official foreign exchange reserves held by the central bank in the year to June came to $3.85 billion, or about four months' of import cover, compared with $4.4 billion previously, the central bank said. (Editing by Katharine Houreld and Hugh Lawson)

© Thomson Reuters 2016 All rights reserved

UPDATE 2-Tanzania's economy expands 7.9 pct in second quarter | News by Country | Reuters
 
Tanzania GDP growth at 6.7 pct in H1 2016 - central bank
Fri Sep 30, 2016 10:03am GMT

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DAR ES SALAAM, Sept 30 (Reuters) - Tanzania's economy grew 6.7 percent in first half 2016 from 5.7 percent in same period a year ago, helped by expansion in the transport, mining, communications and finance sectors, the central bank said on Friday.

The figures were released in a statement by Governor Benno Ndulu. (Reporting by Fumbuka Ng'wanakilala; Writing by George Obulutsa; Editing by Edmund Blair)

Tanzania GDP growth at 6.7 pct in H1 2016 - central bank | News by Country | Reuters
 
So a post about Kenyas economic growth is countered with Tanzania figures? Some people still have got growing to do
 
Dhuks, sisi ni ndugu bana..siyo mbaya kujua na jirani yako mavuno yake yapo vp?
 
Kafrican said:
in the first quarter Q1 2016, Kenya economy g grew 5.9 compared to 5.0 in Q1 2015..... we are definetely crossing +6% this year
Click to expand...

Halafu imagine just recent years we were struggling with 4.x, truly we are resilient and fighters. Halafu our neighbors are still playing within and around 7.x for years despite all their favorable conditions.
 
MK254 said:
Halafu imagine just recent years we were struggling with 4.x, truly we are resilient and fighters. Halafu our neighbors are still playing within and around 7.x for years despite all their favorable conditions.
Click to expand...
Ulitaka ukue kwa percent ngapi?
 
Bavaria said:
Ulitaka ukue kwa percent ngapi?
Click to expand...

Mbona miaka yote mnachezea kwenye saba, kuna nini ilhali mna kila sababu za kuwa kwenye zaidi ya kumi leo hii.
 
Bavaria, muulize Kenya mara ya mwisho imekuwa 7% lini?, kwa kasi ya Magufuli mwaka kesho GDP itakuwa kati ya 8.3 mpk 9%. Na nina uhakika by his 3rd year he will b inching a 10% kama akiendelea na mwendo huu. Wacha watu wapige kelele humu ndani.

Wanasahau kuna multibilion projects zaja tukianza na $30 bln LNG plant, Uganda's $3.5-4 bln pipeline (DRC shown interest n now SS is in negotiation) na $7.6 bln SGR project to Kigali, Kampala n Bujumbura to officially start in December. Mind u 2nd phase Tanga to Musoma negotiations r at an advanced stage to secure another $7.6 bln.

Mbali ya hayo Dangote wants to open around $1.5 bln 3 more cement factories in Tanzania aside $2 bln fertilizer factory U/C pia multibilion dollars projects in sugar factories. And lastly, $11 bln Bagamoyo port that awaits SGR project to start! As a condition for Chinese n Oman sovereignty funds kuwa released.
 
Nafurahishwa sana na kasi hii ya ukuaji uchumi kwa nchi za EAC.Tukomae zaidi ili tuwe kitovu cha uchumi barani Africa. Big up Kenya,Tanzania etc. together we're the one.
 
Nivlark said:
The first time i will concur with you
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hehe, be careful there, the guy is a chameleon that will fit anywhere, use anything(even going as far as using words like ndugu na Jirani) so long as its supports his agenda... The moment it stops supporting his agenda, he camouflages behind some other thing, still in the aim of achiving his agenda by any means neccesary.... Do you think if henya's economy had grown bigger that the 7% he would be here to post his articles for comparison as neighbours?

Anyway, we are celebrating 6% because kenyans celebrate their countries achievment regardless of other countries achievements in the same subject, the last time we had a GDP growth of 7% was in 2007 just before the Post election violence, before that a growth of 7.2% happended in the 1970s.
in 1999, kenya's growth was 2.2%, it went further down... then kibaki came and by 2007 we were gaining momentum at 7% then all hell broke loose and in 2008, the economy grew by 0.2%!!!!!!! Then Ethiopia overtook us (in 2008, Ethiopia growth rate was 10.8%), we were told by 2025 Tanzania was also going to overtake us..... Then we rebased our economy and apparently Ethiopia had not really overtaken us afterall...
we have gone from 0.2% in 2008 , to 4% to 4.9%, to 5.2, 5.5, 5.8 and now we are nearing 6% 2016 in a span of 8 years. Its a cause for celebration!!
 
tell me one country one a first year of a new regime grows at 7%! Watch out Magufuli will be hiting above 8.5% growth in third year! And 9-10% by 5th year!
 
Unapo jisifia pia unashauriwa upitishe na macho kwa jirani yako,
Tanzania sasa nimwendo wa kukimbiza
Baada ya miaka 3 tutakuwa na story nyingine
 
Alafu Geza, you have said you have LNG plant, Uganda pipeline, SGR to kigali kampala, Tanga Musoma, Bagamoyo $11B..
Well Kenya the other day completed phase 1 berth number 22 adding TEU capacity to 1million, SGR phase 1 Msa-NRB is 85% complete with all the persenger stations/terminals nearing completion, phase 2 NrB-Naivasha-kisumu (Money to naivasha already available) will be launched officially in Jan. Isiolo Airport to open up the northern tourism circuit in kenya almost complete. Road to ethiopia(A region never covered b4) will be done by this year, To south sudan from eldoret to cover 601Km also started this year with $500Million secured from world bank as another $460m is still in negotiation. Refine petroleum pipeline from MSA to NRB will be completed this year.(and later to Kisumu), 1st three berths in Lamu currently under construction already, first phase of 1million galana irrigation farm started, 300MW turkana wind firm in turkana under construction.





Apart from that we also have other projects in the pipeline just like you, We have the industrial parks to be built in naivasha when the SGR reaches there(And by the pace you have seen the chinies built the inland port in Nairobi and the passenger terminals, you can bet they wont take very long to be completed), During TiCAD the other day Japan PM signed $300M for the first phase of Dongo-Kundu special Economic zone that will alter the face of Mombasa Mombasa gets a Sh27b business hub , we also have the planned 1000MW solar power plant at a cost of $2.2Billion across semi-desert parts of kenya in which the first phase will cost $270M to generate 100MW developed and financed by Canadian firm skypower Kenya signs 1000MW solar power deal
1000MW $2BillionLamu coal plant deal already signed by contractor Chinese firm signs Sh96bn contract for Lamu coal-fired electricity plant

By the time you guys finish your Multi-billion LNG plant for LPG and electricity, we would be a few years after we have finished our combination of new coal,wind, solar and hydro plants, we would probably be at advanced stages or even be constructing nuclear plant! but lets not talk about that because its not for certain.

So TZ can go on doing its thing for its people, Kenya is also doing its thing for its people
 
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