Kenya’s Central Bank Cuts 2020 Economic Growth Projection to 1.3%

Kenya’s Central Bank Cuts 2020 Economic Growth Projection to 1.3%

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The Central Bank of Kenya (CBK) projects a 1.3 percent economic growth for 2020 from the 3.1 percent estimate disclosed in September.

Governor Patrick Njoroge on Friday during the post MPC meeting said their analysis is anchored on the first and second quarter of the year.

“If you use quarter one and quarter two, then you will have 0.6 percent,” Njoroge noted.

The Governor said the country’s resilience in the second half of 2020 continues to be supported by agriculture, a recovery in manufacturing, exports, and services following the easing of COVID-19 restrictions.