Global Economy Expanded By 3.6% from 3.1%: How will 2018 Be?

The global economy expanded by 3.6 percent in 2017 compared to a growth of 3.1 percent in 2016.

This is according to an Economic Survey released by the Kenya National Bureau of Statistics that put the United States of America ahead of other countries in terms of growth.

According to the survey, the United States of America registered a growth of 2.2 percent in 2017 compared to a growth of 1.5 percent in 2016, largely due to an increase in household income that supported private consumption and investments.

The growth in the United Kingdom decelerated to 1.5 percent in 2017 due to a weaker aggregate demand and uncertainty surrounding the Brexit negotiations.

In China, real Growth Domestic Product (GDP) was boosted by fiscal support and recovery in exports to grow by 6.8 percent in 2017 compared to 6.7 percent in 2016.

Real GDP in Sub Saharan Africa expanded by 2.6 percent in 2017, mainly due to higher commodity prices and favorable external environment.

Global inflation rose to 3.1 percent in 2017 from 2.8 percent in 2016, partly attributable to increase in oil prices.

World trade grew by 4.8 percent in 2017 compared to 2.6 percent in 2016 as result of a recovery in global manufacturing occasioned by increased investments. The global unemployment rate stood at 5.6 percent in 2017.