Kenya’s trade deficit widens in Q3 2014
The country’s imports reached $1.8 billion per month while exports declined to $450 million with the higher import bill being driven by rising costs for machinery and industrial parts. In September, Kenya’s imports for non-food industrial goods stood at $427 million, followed by machinery and imports for other capital equipment ($401 million) and fuel and lubricants ($380 million).
Meanwhile, according to initial estimates from KNBS, Kenya’s economy grew by 5.5% in the third quarter of 2014. It was reported that all sectors of the economy except accommodation and food services expanded in the past year. The country’s economy grew at a 6.3% clip in the third quarter of 2013.
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