BY Dominic Omondi
Improved exports, diaspora and tourism earnings have helped narrow the country’s current account deficit to a four-year low, new data shows.
According to the Central Bank of Kenya weekly bulletin, the current account deficit – the difference between what the country pays out and what it receives – for the 12-months to May this year was the lowest since 2015.
“Preliminary data shows that the current account deficit narrowed to 4.2 per cent of GDP in the 12 months to May 2019 from 5.8 per cent in May 2018 and five per cent in December 2018,” said the financial sector regulator.
This reflects the strong performance of exports particularly horticulture, resilient diaspora remittances, and higher receipts from tourism and transport services. Read more…
