Nairobi - Kenya's economy is expected to grow by between 5.3 and 5.5 percent in 2014, down from the 5.8 percent previously forecast because of “challenges” in the first half of the year, the finance minister said on Tuesday.
Cabinet secretary for the treasury, Henry Rotich, did not detail those challenges, but the east African economy has suffered a spate of militant attacks in recent months that have scared off tourists, hurting a valuable source of revenues.
On Tuesday, Kenya also announced a change to the base year used to calculate the size of its economy, adding 25 percent to gross domestic product.
In doing so, it also revised up the 2013 growth rate to 5.7 percent from a previous 4.7 percent estimate. - Reuters