Peter Chacha, Senior Economist at World Bank Group, said in Nairobi that the economic slowdown was partly due to a potential drag from drought conditions in the country.“The medium-term growth outlook is stable but recent threats of drought could drag down growth.
“This is supported by private consumption, a pickup in industrial activity and still strong performance in the services sector,’’ Chacha said during the release of the 19th edition of the Kenya Economic Update. He added that a strong pick-up in economic activity in the first quarter of 2019 was reflected by real growth in consumer spending and stronger investor sentiment.
According to the report, performance in the services industry is projected to remain stable as the sector is expected to grow at an average rate of 6.5 per cent over the medium term.
vanguardngr Nigeria By 0.5%