NAIROBI (Xinhua) --
Kenya’s current account deficit narrowed by
23.1 percent on a yearly basis to 116 billion Kenyan shillings (1.14
billion U.S. dollars) during the third quarter of 2018, the
statistics bureau said on Monday.
Kenya National Bureau of
Statistics (KNBS) said that the decrease in the current account
deficit was mainly driven by increased value of exports in goods and
services as well as reduced value of food imports.
Merchandise trade balance improved to a deficit of 2.50 billion
dollars in the third quarter of 2018 compared to a deficit of 2.79
billion dollars in the same period of 2017, the statistics agency
said in a statement released in Nairobi.
According to KNBS, total exports for the third quarter of 2018
grew by 3.9 percent to 1.48 billion dollars while the value of
imports dropped by 4.3 percent to 4.24 billion dollars over the same
The increase in the value of total exports coupled by the decline
in the value of imports, resulted in narrowing of the merchandise
trade deficit from 3 billion dollars in the third quarter of 2017 to
2.76 billion dollars in the same quarter of 2018, according to the
The statistics agency said that Africa remained the leading
destination for Kenya’s exports, accounting for 35.9 percent of the
country’s total exports in the third quarter of 2018.
KNBS noted that Kenya’s exports to Common Market for Eastern and
Southern Africa decreased from 409 million dollars in the third
quarter of 2017 to 385.6 million dollars in the corresponding
quarter of 2018.
The data showed that there was a notable increase in Kenya’s
exports to South Africa, mainly on account of machinery re-exports.
The statistics body said that the total exports to the European
Union accounted for 19.7 percent of total exports at 290 million
dollars with Netherlands, Germany and Spain recording increases of
14.4 percent, 7.7 percent and 53.3 percent in the value of total
exports, respectively, in the third quarter of 2018.
KNBS added total exports to China, India and Japan increased by
62.4 percent, 73.6 percent and 12.9 percent, respectively.
KNBS said that the stock of public external debt grew from 22.67
billion dollars as of the end of September 2017 to 25.57 billion
dollars as of the end of September 2018, representing a 12.8 percent
increase with commercial banks accounting for 34.5 percent of the
total stock of public external debt.
Kenya economy expands six
percent in the third quarter of 2018
NAIROBI (Xinhua) --
Kenya’s economy expanded by 6 percent in the third
quarter of 2018 compared with a 4.7-percent growth rate in the same
period in 2017, the statistics agency said on Monday.
The Kenya National Bureau of Statistics (KNBS) said in a
statement that the improved economic expansion was mostly supported
by a pickup in activities of agriculture, construction, and
electricity and water supply, as well as a rebound in the
The statistics bureau noted that despite a deceleration in growth
rates, activities of accommodation and food services and information
and communication attained the highest growth rates of 16 percent
and 9.1 percent, respectively, in the third quarter of 2018.
The agricultural sector expanded by 5.2 percent compared to a
growth of 3.7 percent in the same quarter of 2017, thanks to the
favorable weather conditions, said the statistics agency.
KNBS added that quarter-on-quarter growth comparison shows that
there was a rebound in manufacturing activities from a contraction
of 0.1 percent in the third quarter of 2017 to a growth rate of 3.2
"The sector recovered from declines recorded in 2017 as shown by
growth reported in the last three quarters of 2018. Improved
performances were recorded in both manufacture of food and non-food
activities, though production in some activities remained
constrained," said the KNBS.
The statistics body said that the electricity and water supply
sector increased by 8.5 percent in the third quarter of 2018
compared to a growth rate of 4.5 percent in the third quarter of
"This growth was mainly driven by substantial increase in
generation of electricity using hydro and geothermal sources that
are relatively cheaper to produce coupled with a significant drop in
generation of electricity from thermal sources," the KNBS noted.
The statistics bureau said that transportation and storage sector
grew by 5.4 percent in the third quarter of 2018, which was slightly
higher than the 5.3 percent growth rate in the same quarter of 2017.
The data also revealed that consumption of light diesel, which is
an indicator for transportation of passengers and freight, increased
by 9.4 percent.
The agency said that seasonally adjusted gross domestic product,
which compares consecutive quarters, grew by 0.9 percent in the
third quarter of 2018 compared with 1.3 percent recorded in the
second quarter of 2018.