Current Account in Kenya
Kenya - Current Account
The economy gained traction in the second quarter, reflecting an upturn in most sectors. Notably, hydro-powered electricity generation rose at a markedly swifter rate, thanks to heavy rainfalls, as did the agricultural sector, which accelerated at the fastest pace in two years. However, overall private sector activity lost traction in the third quarter compared to the previous two quarters, reflected by a lower PMI on average. Increased business uncertainty, owing to new fiscal year tax measures in Q3, will likely lead to a more moderate expansion compared to the second quarter. Meanwhile, confronted with growing popular opposition to the newly-imposed VAT on petroleum products, in late September parliament approved President Uhuru Kenyatta’s calls to halve it to 8%. While Kenyatta has announced budget cuts across all government departments to strengthen the country’s deteriorating fiscal metrics, the World Bank recently stressed the need for greater focus on reducing recurrent expenditures rather than development spending, which is likely to hurt the economy’s underlying growth potential.Kenya - Current Account Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Current Account (% of GDP) | -8.1 | -9.7 | -6.8 | -5.1 | -6.8 |
Kenya Current Account Chart
Source: Central Bank of Kenya
Kenya Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 12.60 | 0.0 % | Nov 09 |
| Exchange Rate | 102.2 | 0.05 % | Nov 09 |
| Stock Market | 0.1 | 0.0 % | Nov 09 |
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Economic News
Kenya: PMI regains lost ground in October
November 5, 2018
In October, activity picked up in Kenya’s private sector following a deterioration in the previous month, as reflected by a rise in the Purchasing Managers’ Index (PMI), produced by IHS Markit and Stanbic Bank.
Kenya: Inflation edges down in October from September’s 11-month high
October 31, 2018
Consumer prices fell 0.79% over the previous month in October, contrasting a 1.02% month-on-month increase in September.
Kenya: PMI drops in September but remains above the critical 50-point threshold
October 3, 2018
Kenya’s private sector lost ground in September, as indicated by the Purchasing Managers’ Index (PMI), produced by IHS Markit and Stanbic Bank.
Kenya: Inflation soars in September to the highest in 11 months
September 28, 2018
Consumer prices increased 1.02% over the previous month in September, following a 0.31% month-on-month rise in August.
Kenya: Kenyan economy grows at the fastest pace in one-and-a-half years in Q2
September 28, 2018
The latest national accounts data released by Kenya’s National Bureau of Statistics on 28 September revealed that the economy sped up in the second quarter, growing 6.3% in annual terms, which marks the fastest pace of expansion since Q4 2016.
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