Kenya's current account deficit in 2022 down to 4.9 pct

NAIROBI, Jan. 31 (Xinhua) -- Kenya's current account deficit declined to 4.9 percent of the gross domestic product (GDP) in 2022, compared to 5.2 percent recorded in 2021, the Central Bank of Kenya (CBK) said Tuesday.

Patrick Njoroge, the CBK governor, told a media briefing in the Kenyan capital, Nairobi, that the reduction was a result of stronger growth of exports, especially of tea and manufactured goods.

"The strengthening of the current account is also related to higher exports towards the end of the year," Njoroge said.

He revealed that the growth in imports in 2022 was impacted by lower imports of infrastructure-related equipment due to completed projects.

Njoroge said that the current account deficit in 2023 is projected to expand to 5.4 percent of GDP.

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