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November 18, 2018

Kenya's economy to grow by 6.2% in 2018 - CBK

Central Bank Governor Patrick Njoroge before the parliamentary Finance Committee regarding the interest rate caps law, April 12, 2018. /JACK OWUOR
Central Bank Governor Patrick Njoroge before the parliamentary Finance Committee regarding the interest rate caps law, April 12, 2018. /JACK OWUOR

Kenya's economy is likely to expand by 6.2 percent this year, the Central bank's governor said on Tuesday, offering a rosier outlook than the Finance Ministry which expects growth of 5.8 percent.

The economy expanded by 5.7 percent in the first quarter as farming, which accounts for close to a third of output, recovered from a drought in the same period a year earlier.

The economy expanded by 4.9 percent in 2017.

Patrick Njoroge, the governor, told a news conference the forecast was based on the economy's performance in the first quarter, a stronger agriculture sector and a jump in tourists' forward bookings.

"We have a very favourable outlook for the economy," he said, adding however there were risks including an international trade war and a cap on commercial lending rates at home.

Read: Kenya's economic growth gathers pace in first quarter

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