Leading Economic Indicators -April 2025

April 2025 Economic Performance highlights

The Kenyan Shilling depreciated against most major selected trading currencies, except the South African Rand and Tanzanian Shilling. The Central Bank reduced its policy rate from 10.75 per cent to 10.00 per cent, with corresponding declines in the 91-day Treasury Bill yield, lending, and deposit rates. Broad money supply (M2 and M3) expanded, while gross foreign exchange reserves and net foreign liabilities declined. Activity at the Nairobi Securities Exchange weakened, reflected in reduced share volumes, equity transactions, and a lower NSE 20 Share Index, although turnover increased marginally. External trade improved, with total trade rising to KSh 333.0 billion, driven by increased exports (KSh 98.4 billion) and imports (KSh 234.6 billion). Uganda, the UAE, and Pakistan remained the leading export destinations, while China, India, and the UAE were the top import sources. ICT exports declined, though imports rose significantly; mobile money agents and subscriptions increased, but transaction volumes and values recorded slight drops. Electricity generation declined overall, despite a rise in hydro output, while total sales increased and imports outpaced exports. In manufacturing sector, output of sugar, soft drinks, cement, and vehicles declined, whereas milk intake and galvanized sheet production recorded slight increases.