Kenya's current account deficit to widen to 5.2pc

CBK Governor Patrick Njoroge (PHOTO: FILE)

Kenya's current account deficit is expected to widen to 5.2 percent of gross domestic product (GDP) in 2021 from the estimated 4.8 percent in 2020, the Central Bank of Kenya said Tuesday.

CBK Governor Patrick Njoroge told a virtual press conference that imports excluding oil are expected to expand this year due to dynamism in various production sectors in the economy. According to the CBK governor, the country's current account deficit is projected to stabilize at 5 percent going forward. The government has also embarked on a path of strong fiscal condition in order to achieve as part of austerity measures.