A review of the performance of the economy in fiscal year 2007/08 and the challenges for the coming year.
An overview of the economy
Government has continued to ensure a stable macroeconomic environment leading to average growth of the economy of 7.9% over the last five years. The economy grew above target at 8.9 % in 2007/8.
The high GDP growth is an indication of increased consumption, investment, government spending and a favourable balance of trade due to increase in exports. Visible evidence of this growth is in the form of the current strong domestic revenue performance, rapid credit expansion by the financial institutions, an increasing level of investment in all sectors of the economy, but in particular in the oil, energy and mining, construction, financial services and the telecommunications sectors.
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