@THE-EAST-AFRICAN

Drought, reduced credit slow East Africa’s economic growth - 12 months ago, 16 Apr 16:12

James Anyanzwa

The value of goods and services produced by East African countries dropped in 2017, as the region’s GDP growth slowed to an average of 5.3 per cent, due to the adverse effects of drought and reduced credit to households and businesses. The region’s economic growth stood was 6.1 per cent in 2016, and 5.4 per cent in 2015. Last year, Kenya was the worst performer in the region as its economic growth decelerated to a five-year low of 4.8 per cent, according to the World Bank’s latest update. The report, released last week, shows that Kenya’s economic growth rate trailed her regional peers by 0.5 percentage points on account of poor rains, slow growth in credit to the private sector and a prolonged election period. The economies of Tanzania, Rwanda and Uganda are estimated to have grown by 6.4 per cent, 6.1 per cent, and 4 per cent respectively. In the ...
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