{"id":80759,"date":"2023-01-18T14:56:42","date_gmt":"2023-01-18T14:56:42","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/kenyas-economy-projected-to-pick-up-by-march"},"modified":"2023-01-18T15:19:59","modified_gmt":"2023-01-18T15:19:59","slug":"kenyas-economy-projected-to-pick-up-by-march","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/kenyas-economy-projected-to-pick-up-by-march","title":{"rendered":"Kenya’s economy projected to pick up by March"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Kenya’s economy could improve in the first three months of 2023, with the gap between the total revenue and total expenditure narrowing. According to a projection by management firm, ICEA Lion in its latest Investor Pulse report dubbed, \u2018global downturn, local resilience\u2019 this will drive growth.<\/p>\n

It notes that the economy which suffered different economic shocks among them rising inflation, weakening shilling, drought and effects of the Russia-Ukraine war in the previous year, is set for a positive recovery in this year\u2019s first quarter heading further.<\/p>\n

\u201cIn spite of the impending global recession, we expect specifically, the agriculture, manufacturing, transport, information\/communication and financial services sectors to rebound the most in 2023,\u201d says the report.<\/p>\n

\u201cThis is backed by absence of the factors like extreme drought and elections that impacted growth in 2022.\u201d<\/p>\n

Subsequently, the country\u2019s Gross Domestic Product (GDP) growth could exceed the six per cent mark if normal rains resume as expected, boosting agricultural production.<\/p>\n

The Kenya Meteorological Department projected that sunny and dry weather conditions will prevail over most parts of the country in the first three months this year.<\/p>\n

However a few areas especially those around the Lake Victoria Basin and Southern Rift Valley, the Highlands East of the Rift Valley and South-eastern lowlands would experience a few rainy days over the period.<\/p>\n

With the country’s inflation levels at a seven-year-high to 9.5 per cent in November last year, the firm projects that non-recurrence of drought will have a beneficial impact on food prices while the global economic slowdown should see a reduction in the price of oil.<\/p>\n

“We therefore expect the inflation to go below the statutory requirement rate of 7.5 per cent in the course of the year,” said Einstein Kihanda, ICEA Lion asset management CEO.<\/p>\n

The shilling, which depreciated against the US dollar by about eight per cent in 2022 as a result of interest rate hikes in the US, is projected to strengthen in the second half of the year.<\/p>\n

This as the US dollar is being expected to start shedding some of the significant gains witnessed over the last 12 months. Private sector credit growth is also projected towards a high of double digits. Year-on-year private sector credit growth hit 13 per cent in October last year.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Kenya’s economy could improve in the first three months of 2023, with the gap between the total revenue and total expenditure narrowing. According to a projection by management firm, ICEA Lion in its latest Investor Pulse report dubbed, \u2018global downturn, local resilience\u2019 this will drive growth. It notes that the economy which […]<\/p>\n","protected":false},"author":84,"featured_media":80757,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-80759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nKenya's economy projected to pick up by March - kenya<\/title>\n<meta name=\"description\" content=\"Kenya's economy could improve in the first three months of 2023, with the gap between the total revenue and total expend ...\" \/>\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\/all-news\/kenyas-economy-projected-to-pick-up-by-march\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kenya's economy projected to pick up by March\" \/>\n<meta property=\"og:description\" content=\"Kenya's economy could improve in the first three months of 2023, with the gap between the total revenue and total expend ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenyas-economy-projected-to-pick-up-by-march\" \/>\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=\"2023-01-18T14:56:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-18T15:19:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/01\/postQueueImg_1674041213.28.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\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\/all-news\/kenyas-economy-projected-to-pick-up-by-march#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenyas-economy-projected-to-pick-up-by-march\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Kenya’s economy projected to pick up by March\",\"datePublished\":\"2023-01-18T14:56:42+00:00\",\"dateModified\":\"2023-01-18T15:19:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenyas-economy-projected-to-pick-up-by-march\"},\"wordCount\":393,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenyas-economy-projected-to-pick-up-by-march#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/01\/postQueueImg_1674041213.28.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenyas-economy-projected-to-pick-up-by-march#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenyas-economy-projected-to-pick-up-by-march\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenyas-economy-projected-to-pick-up-by-march\",\"name\":\"Kenya's economy projected to pick up by March - 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