Kenya Economy to Rebound After First Contraction in 29 Years
- GDP shrunk 0.3% last year, compared with 5% growth in 2019
- The $97.8 billion economy seen growing more than 6% this year
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Kenya expects a strong rebound this year after its economy contracted for the first time in nearly three decades as the coronavirus pandemic hit the nation’s key sectors, including tourism and education.
Output declined by 0.3% in 2020, Treasury Secretary Ukur Yatani said Thursday. Production fell despite an overhaul of Kenya’s national accounts data that show gross domestic product was 10.753 trillion shillings ($97.8 billion) last year. In 2019, the Kenya National Bureau of Statistics estimates GDP of 10.256 trillion shillings with the new reference year of 2016 from 2009, compared with 9.74 trillion shillings with the previous data series.