{"id":52361,"date":"2014-09-30T11:15:57","date_gmt":"2014-09-30T11:15:57","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=52361"},"modified":"2014-09-30T11:23:05","modified_gmt":"2014-09-30T11:23:05","slug":"kenyas-economy-overtakes-ghanas","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2014\/09\/kenyas-economy-overtakes-ghanas\/","title":{"rendered":"Kenya’s economy overtakes Ghana’s"},"content":{"rendered":"

Kenya\u2019s economy overtook those of Ghana and Tunisia after the statistics agency overhauled its data to increase the size of gross domestic product by a quarter.<\/p>\n

GDP was measured at $55.2 billion last year from $44.1 billion previously, Zachary Mwangi, acting director-general of the statistics agency, told reporters in the capital, Nairobi. That compares with the World Bank\u2019s estimates of $48 billion for Ghana and $47 billion for Tunisia.<\/p>\n

Kenya revised its data to take account of expanding industries such as mobile-phone money transfers and informal businesses, while also changing the base year of the figures to 2009 from 2001. Last year\u2019s growth rate was adjusted to 5.7 percent from 4.7 percent, Mwangi said.<\/p>\n

[contextly_sidebar id=”0EmIQvJKnNBVBoezeFRSjTN5XpQzIfJp”]\u201cThe rebased GDP estimates put Kenya among the lower middle-income nations,\u201d Planning Secretary Anne Waiguru told reporters. The data \u201cdemonstrates that the economy is larger, but doesn\u2019t mean that people are less poor or wealthier than they were yesterday,\u201d she said.<\/p>\n

The shilling fell 0.3 percent to 89.35 against the dollar as of 1:47 p.m. in Nairobi after earlier strengthening to 89.15 following the publication of the data.<\/p>\n

Borrowing Costs<\/strong><\/p>\n

An increase in the size of GDP will help to lower Kenya\u2019s debt ratios, improving the nation\u2019s ability to borrow. It may also reduce Kenya\u2019s access to low interest-rate loans, although the World Bank and International Monetary Fund have said the move won\u2019t close off Kenya\u2019s access to concessional funds.<\/p>\n

The rebasing \u201cmakes it more attractive as a country in Africa that can raise local currency debt and US-dollar dominated debt,\u201d Angus Downie, head of economic research at Ecobank Transnational Inc., said by phone today from London. \u201cKenya as an investment looks more appealing\u201d with budget and current-account deficit ratios improving, he said.<\/p>\n

\"kenya\"<\/a><\/p>\n

The parliamentary budget office estimates the fiscal gap at 8 percent of GDP in the year through June 2015.<\/p>\n

Kenya follows Nigeria, which earlier this year rebased its GDP data to overtake South Africa as the largest economy in Africa, estimated at about $500 billion.<\/p>\n

Tanzania, East Africa\u2019s second-largest economy after Kenya, plans to revise its GDP data later this year, which may increase the size of the $33 billion economy by a fifth.<\/p>\n

Tourism Slump<\/strong><\/p>\n

\u201cThe GDP rebasing exercise in Kenya will provide a much needed boost to the Kenyan economy as the government tries to spur economic growth in light of the challenges facing its important tourism industry,\u201d Ahmed Salim, a Dubai-based senior associate at risk-advisory group Teneo Intelligence, said in an e-mailed response to questions.<\/p>\n

Growth in Kenya may moderate to as low as 5 percent this year, according to the government, down from a previous estimate of 5.8 percent because of a drop in tourism revenue following a series of gun and grenade attacks in the country.<\/p>\n

Even after the recalculation, the economy still faces wide economic disparities and social inequalities, Salim said. Almost four out of 10 Kenyans live in poverty, according to the World Bank. GDP per capita was estimated at $1,246 after the rebasing, according to the statistics agency.<\/p>\n

Kenya is the world\u2019s biggest exporter of black tea and it supplies a third of the flowers traded in Europe.<\/p>\n

–<\/p>\n

Source: Bloomberg<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Kenya\u2019s economy overtook those of Ghana and Tunisia after the statistics agency overhauled its data to increase the size of gross domestic product by a quarter. GDP was measured at $55.2 billion last year from $44.1 billion previously, Zachary Mwangi, acting director-general of the statistics agency, told reporters in the capital, Nairobi. That compares with […]<\/p>\n","protected":false},"author":25,"featured_media":16403,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[43,38,21,4],"yoast_head":"\nKenya's economy overtakes Ghana's - Citi 97.3 FM - Relevant Radio. Always<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/citifmonline.com\/2014\/09\/kenyas-economy-overtakes-ghanas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kenya's economy overtakes Ghana's - Citi 97.3 FM - Relevant Radio. Always\" \/>\n<meta property=\"og:description\" content=\"Kenya\u2019s economy overtook those of Ghana and Tunisia after the statistics agency overhauled its data to increase the size of gross domestic product by a quarter. GDP was measured at $55.2 billion last year from $44.1 billion previously, Zachary Mwangi, acting director-general of the statistics agency, told reporters in the capital, Nairobi. That compares with […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/citifmonline.com\/2014\/09\/kenyas-economy-overtakes-ghanas\/\" \/>\n<meta property=\"og:site_name\" content=\"Citi 97.3 FM - Relevant Radio. Always\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/citi97.3\" \/>\n<meta property=\"article:published_time\" content=\"2014-09-30T11:15:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2014-09-30T11:23:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/citifmonline.com\/wp-content\/uploads\/2014\/05\/gold-bars.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"259\" \/>\n\t<meta property=\"og:image:height\" content=\"194\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@citi973\" \/>\n<meta name=\"twitter:site\" content=\"@citi973\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/citifmonline.com\/2014\/09\/kenyas-economy-overtakes-ghanas\/\",\"url\":\"https:\/\/citifmonline.com\/2014\/09\/kenyas-economy-overtakes-ghanas\/\",\"name\":\"Kenya's economy overtakes Ghana's - Citi 97.3 FM - Relevant Radio. Always\",\"isPartOf\":{\"@id\":\"https:\/\/citifmonline.com\/#website\"},\"datePublished\":\"2014-09-30T11:15:57+00:00\",\"dateModified\":\"2014-09-30T11:23:05+00:00\",\"author\":{\"@id\":\"\"},\"breadcrumb\":{\"@id\":\"https:\/\/citifmonline.com\/2014\/09\/kenyas-economy-overtakes-ghanas\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/citifmonline.com\/2014\/09\/kenyas-economy-overtakes-ghanas\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/citifmonline.com\/2014\/09\/kenyas-economy-overtakes-ghanas\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/citifmonline.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Kenya’s economy overtakes Ghana’s\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/citifmonline.com\/#website\",\"url\":\"https:\/\/citifmonline.com\/\",\"name\":\"Citi 97.3 FM - Relevant Radio. Always\",\"description\":\"Ghana News | Ghana Politics | Ghana Soccer | Ghana Showbiz\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/citifmonline.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"\",\"url\":\"https:\/\/citifmonline.com\/author\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Kenya's economy overtakes Ghana's - Citi 97.3 FM - Relevant Radio. Always","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/citifmonline.com\/2014\/09\/kenyas-economy-overtakes-ghanas\/","og_locale":"en_US","og_type":"article","og_title":"Kenya's economy overtakes Ghana's - Citi 97.3 FM - Relevant Radio. Always","og_description":"Kenya\u2019s economy overtook those of Ghana and Tunisia after the statistics agency overhauled its data to increase the size of gross domestic product by a quarter. GDP was measured at $55.2 billion last year from $44.1 billion previously, Zachary Mwangi, acting director-general of the statistics agency, told reporters in the capital, Nairobi. That compares with […]","og_url":"https:\/\/citifmonline.com\/2014\/09\/kenyas-economy-overtakes-ghanas\/","og_site_name":"Citi 97.3 FM - Relevant Radio. Always","article_publisher":"https:\/\/www.facebook.com\/citi97.3","article_published_time":"2014-09-30T11:15:57+00:00","article_modified_time":"2014-09-30T11:23:05+00:00","og_image":[{"width":259,"height":194,"url":"https:\/\/citifmonline.com\/wp-content\/uploads\/2014\/05\/gold-bars.jpeg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_creator":"@citi973","twitter_site":"@citi973","twitter_misc":{"Written by":"","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/citifmonline.com\/2014\/09\/kenyas-economy-overtakes-ghanas\/","url":"https:\/\/citifmonline.com\/2014\/09\/kenyas-economy-overtakes-ghanas\/","name":"Kenya's economy overtakes Ghana's - Citi 97.3 FM - Relevant Radio. Always","isPartOf":{"@id":"https:\/\/citifmonline.com\/#website"},"datePublished":"2014-09-30T11:15:57+00:00","dateModified":"2014-09-30T11:23:05+00:00","author":{"@id":""},"breadcrumb":{"@id":"https:\/\/citifmonline.com\/2014\/09\/kenyas-economy-overtakes-ghanas\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/citifmonline.com\/2014\/09\/kenyas-economy-overtakes-ghanas\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/citifmonline.com\/2014\/09\/kenyas-economy-overtakes-ghanas\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/citifmonline.com\/"},{"@type":"ListItem","position":2,"name":"Kenya’s economy overtakes Ghana’s"}]},{"@type":"WebSite","@id":"https:\/\/citifmonline.com\/#website","url":"https:\/\/citifmonline.com\/","name":"Citi 97.3 FM - Relevant Radio. Always","description":"Ghana News | Ghana Politics | Ghana Soccer | Ghana Showbiz","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/citifmonline.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"","url":"https:\/\/citifmonline.com\/author\/"}]}},"_links":{"self":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/posts\/52361"}],"collection":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/comments?post=52361"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/posts\/52361\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/media\/16403"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/media?parent=52361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/categories?post=52361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/tags?post=52361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}