Kenya’s current account deficit widens to 7.7 percent in February

Kenya’s current account deficit widened to 7.7 percent of GDP in February from 5.9 percent the same time a year earlier, the finance ministry said on Tuesday.

The Treasury blamed a 5.6 percent fall in the value of exported goods and services. Combined with other unspecified income drops, the fall more than offset a 4.5 percent drop in imports.

The overall balance of payments swung to a deficit of $6.7 million during the year ended February from a surplus of $112.4 million in the year to February 2016, the ministry said.

The Kenyan shilling has been broadly stable against the dollar for most of this year and foreign exchange reserves have risen to record highs.