Current Account in Kenya
Kenya - Current AccountAvailable data suggests the economy lost steam in Q1 2019. Private credit growth continued to fall in the first two months of the year, likely weighing on private consumption and investment. While the Nairobi High Court ruled the long-standing interest rate cap as unconstitutional last month, some MPs plan to battle hard to uphold the law in the 12-month window awarded to parliament to amend it. Moreover, a decline in remittances in February also likely constrained household spending, while the PMI fell throughout Q1 as weaker domestic demand curbed overall private sector activity. External sector metrics also point to a slowdown: Exports fell sharply in February amid cooling global growth, translating into a wider trade deficit as imports accelerated. Meanwhile, the Treasury recently unveiled plans to issue a third Eurobond to raise USD 2.5 billion to meet debt repayments due in June, signalling deteriorating debt dynamics.
Kenya - Current Account Data
|Current Account (% of GDP)||-8.1||-9.7||-6.8||-5.1||-6.8|
5 years of economic forecasts for more than 30 economic indicators.
Kenya Current Account Chart
Source: Central Bank of Kenya
|Bond Yield||12.15||0.0 %||May 13|
|Exchange Rate||101.1||0.05 %||May 13|
|Stock Market||0.1||0.0 %||May 10|
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Kenya: Business conditions in the Kenyan private sector worsen for the first time since November 2017
May 6, 2019
Business conditions in the Kenyan private sector deteriorated for the first time in one-and-a-half years in April, reflected by a drop in the Purchasing Managers’ Index (PMI)—produced by IHS Markit and Stanbic Bank—below the critical 50-point threshold separating expansion from contraction.
April 30, 2019
Consumer prices climbed markedly over the previous month in April, rising 3.51% month-on-month.
April 25, 2019
Economic growth climbed to 6.3% in 2018, well above 2017’s 4.9% expansion and marking the fastest acceleration in eight years.
April 3, 2019
Activity in the Kenyan private sector grew at a slightly weaker pace in March, reflected by a fall in the Purchasing Managers’ Index (PMI), produced by IHS Markit and Stanbic Bank, from 51.2 in February to 51.0 in March—the lowest print since November 2017.
March 29, 2019
Consumer prices rose 1.60% over the previous month in March, following a 0.82% month-on-month increase in February.