{"id":14278,"date":"2020-09-12T18:34:24","date_gmt":"2020-09-12T18:34:24","guid":{"rendered":"https:\/\/www.africa-press.com\/kenya\/?p=14278"},"modified":"2020-09-12T18:34:24","modified_gmt":"2020-09-12T18:34:24","slug":"kenyan-economy-to-grow-at-under-2-5-per-cent-this-year-cs-yatani","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/economy\/kenyan-economy-to-grow-at-under-2-5-per-cent-this-year-cs-yatani","title":{"rendered":"Kenyan economy to grow at under 2.5 per cent this year – CS Yatani"},"content":{"rendered":"

Author: Reuters\u00a0<\/strong>
\nAfricaPress-Kenya:<\/strong> Kenya\u2019s economy is expected to grow by less than 2.5 per cent this year, the finance minister said on Friday, as more evidence of the economic damage caused by the health crisis emerges.<\/p>\n

The projected growth rate will be a slide from 5.4 per cent last year, Ukur Yatani, Treasury Cabinet Secretary told a virtual event to launch budget making for the 2021\/22 financial year, battered by loss of jobs, a steep contraction in tourism and a drop in government revenues.<\/p>\n

\u201cThe COVID-19 pandemic is likely to cause a major economic shock,\u201d the minister said.\u00a0Thousands of workers have lost their jobs and some employees have had their hours reduced.<\/p>\n

The tourism sector, which many households rely on for their livelihoods, is expected to contract by 18.7 per cent this year and 9.1 per cent next year, before it starts to grow slightly in 2022, the Treasury said.\u00a0The government\u2019s revenue from taxes dropped by 10 per cent in the year to August, or Sh120 billion ($1.11 billion), the finance ministry said, partly due to tax cuts announced in April to support consumer demand in the face of pandemic.<\/p>\n

The coronavirus crisis has also upended the government\u2019s budget deficit reduction plans.\u00a0In the 2021\/22 (July-June) financial year, the finance ministry said it will target a fiscal deficit of 7.3 per cent of GDP, slightly down from this fiscal year\u2019s deficit of 8.4 per cent.<\/p>\n

Pre-pandemic forecasts had put the fiscal deficit for this financial year at 4.9 per cent of GDP, narrowing to 3.9 per cent in 2021\/22.<\/p>\n

Kanini Kega, the chairman of parliament\u2019s budget committee, warned officials against taking the budget plans lightly, normally in the form of additional requests for cash during a given financial year, after the budget has been approved.\u00a0\u201cThe huge variations and lack of predictability has eroded the credibility of our budget,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Author: Reuters\u00a0 AfricaPress-Kenya: Kenya\u2019s economy is expected to grow by less than 2.5 per cent this year, the finance minister said on Friday, as more evidence of the economic damage caused by the health crisis emerges. The projected growth rate will be a slide from 5.4 per cent last year, Ukur Yatani, Treasury Cabinet Secretary […]<\/p>\n","protected":false},"author":84,"featured_media":14269,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8],"tags":[877,4035],"class_list":["post-14278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","tag-cs-ukur-yatani","tag-kenyas-economy"],"yoast_head":"\nKenyan economy to grow at under 2.5 per cent this year - CS Yatani - kenya<\/title>\n<meta name=\"description\" content=\"Kenya\u2019s economy is expected to grow by less than 2.5 per cent this year, the finance minister said on Friday, as more evidence of the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/economy\/kenyan-economy-to-grow-at-under-2-5-per-cent-this-year-cs-yatani\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kenyan economy to grow at under 2.5 per cent this year - CS Yatani\" \/>\n<meta property=\"og:description\" content=\"Kenya\u2019s economy is expected to grow by less than 2.5 per cent this year, the finance minister said on Friday, as more evidence of the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/economy\/kenyan-economy-to-grow-at-under-2-5-per-cent-this-year-cs-yatani\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-12T18:34:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2020\/09\/economy_to_grow_at_u5f5d047e2d0f5.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"756\" \/>\n\t<meta property=\"og:image:height\" content=\"465\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/kenyan-economy-to-grow-at-under-2-5-per-cent-this-year-cs-yatani#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/kenyan-economy-to-grow-at-under-2-5-per-cent-this-year-cs-yatani\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Kenyan economy to grow at under 2.5 per cent this year – CS Yatani\",\"datePublished\":\"2020-09-12T18:34:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/kenyan-economy-to-grow-at-under-2-5-per-cent-this-year-cs-yatani\"},\"wordCount\":317,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/kenyan-economy-to-grow-at-under-2-5-per-cent-this-year-cs-yatani#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2020\/09\/economy_to_grow_at_u5f5d047e2d0f5.jpg\",\"keywords\":[\"CS Ukur Yatani\",\"Kenya's economy\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/economy\/kenyan-economy-to-grow-at-under-2-5-per-cent-this-year-cs-yatani#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/kenyan-economy-to-grow-at-under-2-5-per-cent-this-year-cs-yatani\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/economy\/kenyan-economy-to-grow-at-under-2-5-per-cent-this-year-cs-yatani\",\"name\":\"Kenyan economy to grow at under 2.5 per cent this year - 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