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Kenya’s economic growth to hit 7pc on the back of foreign investments

Published on May 19, 2015

Kenya’s economic growth is set to hit seven per cent next year, for the first time since 2007, on the back of increased foreign direct investment and improved balance of trade.

This is the view of the International Monetary Fund (IMF) as revealed in a new report focusing on sub-Saharan Africa. It says the local economy will also benefit from a lower current account deficit, which is the difference between imports and exports.

Growth in GDP is expected to be 7.2 per cent, an improvement from the estimate for this year, which the Bretton Woods institution has put at 6.9 per cent. In 2007, GDP growth was 7.0 per cent, but has since not returned to this level. Read more. Source | Daily Nation