Evidently, the mortgage industry does not seem to provide adequate solutions for affordable housing. However, Kenya’s outstanding mortgage debt to GDP ratio at about 4.2 percent in 2014 is still low compared to peers such as South Africa and Namibia where the ratio is above 20 percent, and developed countries such as the U.S. market where the ratio is over 70 percent.
Q3 GDP was announced just last week – 7.1 pct growth, bringing to 71 the number of consecutive quarters of positive economic growth! Domestic aggregate demand continues to be the driver of economic growth. On the supply side, manufacturing remained strong, services showed reasonable growth, and the agriculture sector showed signs of recovery. In other words, our economic growth drivers are diversifying!