Kenya’s apex bank has projected the economy to grow by 5.7 per cent in 2022, down from 7.5 per cent in 2021.
Patrick Njoroge, Governor of the Central Bank of Kenya (CBK), said on Tuesday that the leading economic indicators have shown continued strong performance in the first quarter of 2022.
“Economic growth is expected to remain strong in 2022 despite the downside risks to global growth,” Njoroge added during the post Monetary Policy Committee media briefing.
He revealed that the non-agricultural sectors are projected to grow at a faster rate as compared to the agricultural sector that is heavily dependent on rainfall, Xinhua news agency reported.
He observed that the best performing sectors are expected to be the accommodation and food services as they rebound following the relaxation of the restrictions imposed during the height of the Covid-19 pandemic.
The apex bank noted that the mining and quarrying sectors will also perform well in 2022 driven by the rapid expansion of the construction sector.
The Central bank Governor added that the education sector is also expected to perform well as learning institutions return to normalcy from the closures implemented to curb the spread of Covid-19 pandemic.