Kenya’s current account deficit narrowed to 4.1 percent of the gross domestic product (GDP) in October, supported by the rise in inflows amid low import bill, the nation’s central bank said on Monday.

“The current account deficit narrowed to 4.1 percent of GDP in the 12 months to October from 5 percent in October 2018. This reflects slower growth of imports, resilient diaspora remittances and strong receipts from service exports,” said the central bank.

The narrowing of the deficit has helped keep the shilling stronger against the dollar in the past months. The shilling appreciated 1 percent last week to close at 101.80 to the dollar.

During the period, inflows from horticulture and tourism have been stable, according to the latest government data. Horticultural earnings stabilized at 1.1 billion U.S. dollars in the first nine months of the year.

Tourism arrivals through the east African nation’s two major airports have been up in the period leading to September, standing at 1.15 million, up from 1.1 million in a similar period in 2018. Enditem


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.