NAIROBI, Kenya, Aug 26 – The Kenyan economy has defied expectations to grow by 4.6 percent amid the coronavirus pandemic, compared to 5.5 percent before the virus struck.
While addressing the nation Wednesday, President Uhuru Kenyatta said the current economic indicators, despite being lower, are better than was ever anticipated.
In April, after Kenya registered the first case of the virus, Treasury lowered the country’s growth expectations to 2.5 percent for the year.
World Bank followed queue, reducing the rate to 1.5 percent.
“The current economic indicators are better than we anticipated,” Kenyatta said.
The president also announced that the country’s inflation amid the pandemic stands at 4.4 percent, compared to 6.3 percent the same time last year.
He also revealed that tax cuts announced in March had born fruits.
According to the head of states, a total of 47.8 billion shillings had been put in the pockets of Kenyans, including 14 billion shillings VAT refunds.
“Reviewing the results today, I must admit that we have done better than we expected,” he said.
Kenyatta was speaking during a state address on the status of COVID-19 pandemic war.