East Africa remains the fastest-growing sub-region in Africa, with estimated growth of 5.6 percent in 2017, up from 4.9 percent in 2016. This is according to the recently launched 2018 African Economic Outlook.
The report notes that Africa’s growth is expected to remain buoyant, reaching 5.9 percent in 2018 and 6.1 percent in 2019. Strong growth is widespread in East Africa, with many countries including Djibouti, Ethiopia, Kenya, Rwanda, Tanzania and Uganda growing 5% or more.
The report also attributes the accelerated growth particularly in Kenya and Comoros toprivate consumption while also pointing out that public investment in infrastructure has been instrumental in Djibouti and Ethiopia. It also indicates that construction activity will remain strong.
In a few countries, continued expansion of services, including information and communications technology, will be imperative. Manufacturing activity may increase the share of industry, particularly in Kenya and Tanzania. From here at Optiven, we believe that this positive outlook, especially on construction activity in Africa, and in Kenya by extension, is a positive thing for the real estate industry.
“We are extremely excited to be part of the key drivers who will help accelerate Kenya and Africa towards more economic prosperity. We envisage an Africa that will have addressed housing conditions for the millions of Africans who still have no place to call home,” says Mr. George Wachiuri, CEO, Optiven Group.
African economies have been resilient and gaining momentum. Real output growth is estimated to have increased 3.6 percent in 2017 and to accelerate to 4.1 percent in 2018 and 2019. Overall, the recovery of growth has been faster than envisaged, especially among non-resource–intensive economies.
This report corresponds with World Bank’s recent positive African outlook, which quoted growth in Sub-Saharan Africa rebounding to 2.4 percent in 2017, after slowing sharply to 1.3 percent in 2016, as commodity prices recovered, global financing conditions remained favorable, and slowing inflation lifted household demand.
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