Kenya Economic Outlook
June 21, 2022
The economy is likely performing well compared to its regional peers so far in 2022, amid healthy credit growth and strong activity in the construction, IT, retail, transport and manufacturing sectors. That said, growth is likely easing from 2021. The war in Ukraine, global supply constraints and the domestic drought have spurred both consumer and producer price pressures in recent months. Survey data suggests this is eating into demand somewhat, with the private-sector PMI averaging lower in the first five months of 2022 relative to last year. Moreover, the drought is hurting agricultural output and has raised the amount of people facing food insecurity to 3.5 million. In other news, in June the government reportedly backed out of a USD 1 billion Eurobond sale due to elevated bond yields, and is also considering rolling back fuel subsidies to limit the gaping budget deficit.Kenya Economic Growth
GDP growth will decelerate this year, as higher inflationary pressures, drought and tighter monetary policy temper demand. That said, Kenya should still record strong growth compared to the average for Sub-Saharan Africa. The shaky fiscal position, extreme weather events and political tensions in the run-up to and following the August elections are key factors to watch. FocusEconomics analysts project GDP growth of 5.2% in 2022, which is down 0.1 percentage points from last month’s forecast, and 5.1% in 2023.Kenya Economy Data
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Kenya Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 12.20 | 0.0 % | Dec 31 |
| Exchange Rate | 101.4 | 0.05 % | Jan 01 |
| Stock Market | 0.4 | 0.0 % | Jan 07 |
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Kenya Economic News
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Kenya: PMI records worst reading since April 2021 in August
September 5, 2022
The Purchasing Managers’ Index (PMI)—produced by Stanbic Bank and S&P Global—fell to 44.2 in August from July's 46.3.
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Kenya: Inflation rises to over an over five-year high in August
August 31, 2022
Inflation inched up to 8.5% in August from July’s 8.3%.
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Kenya: PMI records worst reading since April 2021 in July
August 3, 2022
The Stanbic Bank Purchasing Managers’ Index (PMI) came in at 46.3 in July, down from June's 46.8.
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Kenya: Inflation comes in at an over five-year high in July
July 29, 2022
Consumer prices increased a seasonally-adjusted 0.67% in July over the previous month, below June's 0.89% increase.
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Kenya: Central Bank surprises markets and keeps rate unchanged in July
July 27, 2022
At its 27 July meeting, the Monetary Policy Committee (MPC) of the Central Bank of Kenya kept its Central Bank Rate on hold at 7.50%, after May’s 50 basis points hike.
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