The Latest: On August 25 2023, Kenyan coffee and food restaurant chain, Java House launched a ready-to-drink, cold brew coffee made from 100% Kenyan arabica coffee beans. The drink will be a collaboration with KEVIAN, manufacturer of Afia and Pick n Peel fruit juices, and the leading dairy processor in Kenya, Bio Food Products. Cold brew coffee

Key View

• Recovering economy in Kenya, supported by IMF funding, will pose upside risks to the medical device market.
• Kenya’s medical device market will record steady growth over our forecast period, with all product areas registering mid-single to double-digit growth.
• Reduced FY23/24 budget allocation for the health sector poses downward

Key View

• We have revised up our reserve forecasts following the conclusion of the IMF’s fifth review of Kenya’s Extended Credit Facility and Extended Fund Facility on May 23.
• Rising financial account inflows will help to ease downside pressure on the Kenyan shilling and support a recovery in investor sentiment.
• Meanwhile, improving

Key View

• Kenya's economic growth is forecast to remain strong in 2023, which will allow for a drop in unemployment and an increase in incomes, stimulating consumer spending.
• The main risk to our positive consumer outlook for 2023 is related to the weak performance of the Kenyan shilling. Should the currency devaluation continue, imported

Key View

• We forecast that Kenya’s real GDP growth will accelerate modestly to 4.9% in 2023, from 4.8% in 2022 (which we have revised down from 5.3%).
• Although we anticipate headwinds to persist in Q223, we expect that slowing inflation, easing pressures on the shilling and a decline in widespread social unrest will reduce constraints on

Key View

• We forecast that Kenya’s deposit growth will increase from 6.0% y-o-y at-end 2022 to 9.0% at end-2023, as a result of a weakening currency propping up foreign deposits and an improving macroeconomic backdrop supporting local deposits in H223.
• We expect that client loan growth will fall from 12.3% y-o-y at end-2022 to 11.0% at the

The Latest: The World Bank has pledged to invest USD390mn in Kenya to expand access to high-speed internet services, improve quality and delivery of education and selected government services alongside training workforce for the digital economy as part of the Kenya Digital Economy Acceleration Project.

Implications: We see this as a positive

Key View

• At Fitch Solutions, we forecast that Kenya’s real GDP growth will slow to 4.9% in 2023, down from an estimated 5.4% in 2022 and our previous 2023 forecast of 5.1%.
• Private consumption and fixed investment growth will weaken significantly in H123, before improving in H223.
• However, weaker import demand and rising demand for Kenya