Kenyan retail sector seen as a key economic driver
The-star.co.ke - Jul 3rd, 13:55
The wholesale and retail sector is showing great promise as a key economic driver after recording good performance last year, the 2013 Economic Survey shows. - See more at: http://www.the-star.co.ke/news/article-121948/retail-sector-seen-key-economic-driver#sthash.nKR7ThJZ.dpuf
It is now the second biggest contributor to the Gross Domestic Product growth accounting for 15.2 per cent of the overall growth after agriculture and ahead of transport and communication.
The sector posted a 6.4 per cent growth rate in 2012 to be the third best performing sector.
This was below the electricity supply industry which grew by 12.6 per cent and the financial services which grew by 6.5 per cent in 2012.
Other traditional economic drivers like agricultural sector recorded lower growth of 3.8 per cent though an improvement from 1.5 per cent recorded in 2011. On the other hand, the manufacturing sector declined to 3.1 per cent in 2012 from 3.4 per cent previously.
The building and construction sector grew by 4.8 per cent in 2012.
Cabinet Secretary for Devolution and Planning Anne Waiguru said the wholesale and retail sectors' performance had been supported by a stable macroeconomic environment, increased domestic demand and modest growth in credit.
Nakumatt Holdings managing director Atul Shah confirmed the retail sector had performed marginally well last year and said all indicators are clear that the sector will perform even better than financial intermediation sector.
“At Nakumatt Holdings, we are optimistic that the retail sector will this year make a very significant contribution to the economy largely due to the prevailing growth oriented economic environment conditions,” Shah explained.
Among other efforts, Shah noted, that scores of property developers are now making retail related investments, which will significantly support the sector growth.
Despite the sector performance, he expressed regret at the government’s slow pace in formulating a Retail Development Policy to help guide the sector's growth at national and county level.From The-star.co.ke
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