Gross Domestic Product (First Quarter 2013)

The economy grew by 5.2 per cent during the first quarter of 2013 compared to a growth of 3.9 per cent realized during the same quarter of 2012.

  • The second quarter of 2013 was characterized by low inflation rate, which averaged at 4.37 per cent compared to an average of 11.78 per cent that prevailed during the second quarter of 2012. The ease in the inflationary pressure was mainly on account of lower food and fuel prices as well as a stronger shilling. The Kenya shilling strengthened against all its major trading currencies except the euro during the review period compared to the same period of 2012. The most notable gains being against the Japanese Yen and the South African Rand. A 100 Japanese Yen exchanged at an average of KSh 85.65 during the review quarter compared to KSh 100.73 in the second quarter of 2012.
  • International oil prices declined during the quarter under review compared to the first quarter of 2013 but nevertheless remained relatively higher than the levels reached during the second quarter of 2012. Interest rates dropped significantly during the second quarter of 2013 compared to the same quarter of 2012. Inter-bank rates recorded the most drastic drop from 16.84 during the second quarter of 2012 to 7.41 in the quarter under review. Average Yield Rates 91 – day Treasury Bills averaged at 8.68 during the review quarter down from 12.43 recorded in the second quarter of 2012. Read More

Leading Economic Indicators February 2013

Consumer Price Index (CPI) increased by 1.02 per cent from 135.62 points in January 2013 to 136.59 points in February 2013. The overall rate of inflation increased by 0.78 percentage points to 4.45 per cent from 3.67 per cent in the same period. The Kenyan Shilling appreciated against worlds’ major currencies; the US dollar, the Sterling Pound, the Euro, Japanese Yen and the Ugandan shilling to exchange at an average of KSh 86.2361, 130.736, 113.453, 93.2524 and 30.6312, respectively, as at the end of February 2013. However, the shilling depreciated against the South African rand and the Tanzanian shilling.

The average yield rate for the 91-day Treasury bills, which is a benchmark for the general trend of interest rates, increased from 8.097 per cent in January 2013 to 8.384 in February 2013. The inter-bank rates was 9.047 during the period. The Nairobi Stock Exchange share index (NSE 20) increased from 4,417 points in January 2013 to 4,519 points in February 2013, while the total number of shares traded increased substantially by 33.33 per cent from 519 million shares traded to 692 million shares traded during the same period. The total value of shares traded at the NSE expanded from KSh 8.5 billion to KSh 14.7 billion. Broad money supply (M3), a key indicator for monetary policy formulation, increased from KSh 1,729.6 billion in January 2013 to 1,747.6 billion in February 2013. In contrast, Money and Quasi-money (M2) increased from KSh 1,455.7 billion to KSh 1,471.0 billion over the same period. Gross Foreign Exchange Reserves and Net Foreign Exchange Reserves deflated to 607.2 billion and KSh 330.6 billion respectively, over the same period. Read More

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