Kenya cuts 2017 growth outlook on slowing credit growth

Kenya's economy is likely to expand by just over 6 percent next year, down from an initial forecast of 6.5 percent, mainly because of slowing private-sector credit growth, a senior Treasury official said on Wednesday. Private-sector credit grew just 7.1 percent in July from 17.8 percent in December of last year, the central bank said in September. The contraction in July was before a cap on commercial lending rates imposed by the government in September, a move that is expected to further shrink