Kenya’s GDP Projected to Grow to 6.1 % in 2019

Kenya’s GDP has been ranked among the fastest growing in the world with a projection of 6.1 percent in 2019. It has been ranked seventeenth in the world among the fastest growing economies by a ranking done by the Spectator Index.

Regional growth in Sub-Saharan Africa is expected to fast-track to 3.4 percent in 2019, grounded on the account of reduced policy uncertainties and improved investment in large economies together with continued strong growth in non-resource intensive countries.

Ethiopia’s GDP is expected to grow to 8.5 percent, the highest in the region and the world. The International Monetary Fund (IMF) reported that Ethiopia’s growth was driven by the service sector and improved domestic and foreign investment. The country registered 7.5 percent economic growth rate last year as announced by the same financial institution.

Rwanda has been ranked the second fastest growing economy in 2019 and is expected to grow at 7.8 percentage rate while Senegal occupies the third position with a projected 6.7 percent growth rate.

Nigeria’s growth in GDP is expected to rise to 2.2 percent in 2019. This has been based on the account that oil production will recover and a slow improvement in private demand will constrain growth in the non-oil industrial sector. Angola, on the other hand, is forecast to grow 2.9 percent in 2019 as the oil sector recovers due to new oil fields coming on stream and as reforms strengthen the business environment.

South Africa is projected to accelerate modestly to a 1.3 percent pace, amid constraints on domestic demand and limited government spending.

South Sudan and Equatorial Guinea will be the lowest performing economies, recording negative growth rates of -4.5 percent and -2.6 percent, respectively.