Home Business Drought, lower lending by banks hamper Kenyan economy – Statistics
Drought, lower lending by banks hamper Kenyan economy – Statistics
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Drought, lower lending by banks hamper Kenyan economy – Statistics

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Image result for Kenya's Statistics OfficeEffects of drought and lower lending by commercial banks slowed down Kenya’s economy in the first quarter of 2017.

Report from Kenya’s Statistics Office says the slow down is the first in five years.

The pace of growth in the general economy dropped from 5.9% in 2016 to 4.7 % in the first quarter of 2017 as drought left more than two million people in need of food aid.

Arising from the above, inflation jumped to a five year height of 11. 70%.

Slower lending by banks saw manufacturing and agriculture struggling in the period under review.

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