This photo taken on July 14, 2023 shows a hot air balloon at the Masai Mara National Reserve, Kenya. (Xinhua)
Nairobi: Kenya's current account deficit narrowed to 3.6 percent of gross domestic product (GDP) in the year ending December 2024, down from 4.4 percent in the same period in 2023, a senior government official said on Thursday.
John Mbadi, cabinet secretary of the national treasury and economic planning, told journalists in Nairobi that the improved performance was primarily driven by increased exports and higher remittance inflows.
"The remittances boosted foreign exchange inflows, with some going into investments while others supported household consumption," Mbadi said.
He said that key macroeconomic indicators, including inflation and the exchange rate, have stabilized, creating a favorable environment for the private sector.
