By GEOFFREY IRUNGUMore by this AuthorThe current account deficit, mainly the gap between imports and exports, fell to the lowest level in 11 years due to rising exports and remittances. “Preliminary data on balance of payments shows continued narrowing of the current account, to 4.9 percent of GDP in 2018 from 6.3 percent in 2017,” said the CBK. “The improvement is mainly due to increased agricultural exports, remittance inflows and tourism receipts, and decline in food imports,” the CBK said. “The narrowing of the current account deficit suggests positive cash inflows, thus reduced pressure on the Kenya shilling. The 2018 current account deficit level was lower than 2017’s 6.3 percent of the GDP and just about half of 2012’s 10.6 percent.

Source: Daily Nation February 06, 2019 19:04 UTC