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: Conditions improve at stronger pace in December
January 5, 2023
The Stanbic Bank and S&P Global Purchasing Managers’ Index (PMI) rose to 51.6 in December from November’s 50.9.
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Kenya: Inflation recedes again in December
December 30, 2022
Inflation moderated for a second consecutive month in December, easing to 9.1% from November’s 9.5%.
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Kenya: Economic growth continues to lose momentum in Q3 2022
December 30, 2022
Economic growth lost further steam in the third quarter of 2022, with GDP growth waning to 4.7% year on year.
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Kenya: Conditions improve at stronger pace in November
December 5, 2022
The Purchasing Managers’ Index (PMI)—produced by Stanbic Bank and S&P Global—rose to 50.9 in November, up from the prior month’s 50.2.
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Kenya: Inflation recedes in November
November 30, 2022
Inflation inched down to 9.5% in November, following October’s 9.6%.
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