https://sputnikglobe.com/20221231/droughts-impact-on-kenyas-economic-growth-in-2022-softer-than-expected--media-1105944924.html
Drought's Impact on Kenya’s Economic Growth in 2022 Softer Than Expected – Media
Drought's Impact on Kenya’s Economic Growth in 2022 Softer Than Expected – Media
Sputnik International
The impact of drought in the Horn of Africa on Kenya’s economic growth has been softer than expected, according to media reports.
2022-12-31T09:10+0000
2022-12-31T09:10+0000
2023-03-05T11:22+0000
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The impact of drought in the Horn of Africa on Kenya’s economic growth has been softer than expected, according to media reports. In the third quarter, the pace of Kenya’s annual GDP growth was higher than expected, reaching 4.7%, but lower than in the previous five quarters; annualized GDP growth totaled 5.2% in the previous quarter.The main culprit driving the slow-down in growth is the contracting agricultural sector, which accounts for almost 25% of the country’s economic output; 70% of rural Kenyans work in agriculture.Other factors that have contributed to the crisis are rising energy and fertilizer costs as well as a lack of investment. Many investors feared unpredictability, while waiting for the results of the August presidential elections.To tackle the crisis by containing debt and boosting growth, Kenyan President William Ruto plans to cut state spending by around $3 billion and raise annual tax revenues to about $41 billion, tripling them.Kenya is the largest economy in East Africa. Total annual growth of the country's economy in 2022 is estimated to reach 5.5% by Kenya’s Treasury and 5.3% by the International Monetary Fund.
https://sputnikglobe.com/20221223/experts-rutos-first-100-days-restore-hope-for-better-future-but-time-will-tell-1105730151.html
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kenya economy, kenya gdp, kenya drought, kenya export, william ruto, kenya president
kenya economy, kenya gdp, kenya drought, kenya export, william ruto, kenya president
Drought's Impact on Kenya’s Economic Growth in 2022 Softer Than Expected – Media
09:10 GMT 31.12.2022 (Updated: 11:22 GMT 05.03.2023) According to the UN, the Horn of Africa has been hit by its most severe drought in 40 years, which has had an impact on tens of millions of people, seriously threatening food security and hindering the development of countries in the region.
The impact of
drought in the Horn of Africa on Kenya’s economic growth has been softer than expected, according to media reports. In the third quarter, the pace of Kenya’s annual GDP growth was higher than expected, reaching 4.7%, but lower than in the previous five quarters; annualized GDP growth totaled 5.2% in the previous quarter.
The main culprit driving the slow-down in growth is the contracting agricultural sector, which accounts for almost 25% of the country’s economic output; 70% of rural Kenyans work in agriculture.
The drought has led to the decline of crops and herds, causing the food shortages faced by some 5 million of the country's inhabitants. The export of Kenyan vegetables declined by over 25% and production of other key export products such as tea and flowers also dropped.
Other factors that have contributed to the crisis are rising energy and
fertilizer costs as well as a lack of
investment. Many investors feared unpredictability, while waiting for the results of the August presidential elections.
To tackle the crisis by containing debt and boosting growth, Kenyan President William Ruto plans to
cut state spending by around $3 billion and raise annual tax revenues to about $41 billion, tripling them.
Kenya is the largest economy in East Africa. Total annual growth of the country's economy in 2022 is estimated to reach 5.5% by Kenya’s Treasury and 5.3% by the International Monetary Fund.
23 December 2022, 14:39 GMT
