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The 'Splendid' Counties
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Hello 👋🏾, it’s Brian from The Kenyan Wall Street!
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Top Stories
📈 16 Counties Outpace National GDP Growth Rate
Economic growth recorded by counties | KNBS
The top five counties in terms of economic growth are Marsabit (9.3%), Tana River (7.6%), Nakuru (6.9%), Kajiado (6.3%), and Nairobi City (6.1%).
According to the latest data by KNBS, only 16 counties recorded economic growth surpassing the national average GDP growth of 4.6% between 2019 and 2023. Moreover, five counties recorded growth rates below 3.0%, with three of these registering growth rates of less than 2.0%. Nairobi county still leads as a manufacturing hub, while Mt. Kenya region counties like Meru, Nakuru, Nyandarua, Murang’a and Kiambu.
Today's Poll
Do you believe county governments have a greater potential to drive economic growth than policies set by the national government? |
Yesterday's Poll Results
Do you think KQ's impressive run in the stock market will be sustained in the long run?
🟨🟨🟨⬜️⬜️⬜️ Yes (37.78%)
🟩🟩🟩🟩🟩🟩 No (62.22%)
🌱 How Low Rainfall in October Spelt Doom for Kenya’s Tea Estates
Tea leaves
The country experienced a 5% dip in tea production in October 2024 due to low and poorly-distributed rains, the Tea Board of Kenya (TBK) says in a recent report.
Compared to October 2023 when tea production stood at 52.79 million kilograms, production declined to 50.06 million kilograms last October. The month is characterized by ‘short-rains’ that are ideal for tea production but many areas located both east and west of the Rift Valley recorded insufficient downpour. Exports of the beverage were also lower than the corresponding month in 2023 by 9%, driven primarily by a dip in demand from some of Kenya’s main export markets such as Pakistan and Egypt.
Tea production in Kenya to October 2024 | Tea Board of Kenya (TBK)
While tea production by KTDA smallholder farmers increased by 2%, larger estates experienced a slump in production by 17%. Similarly, Nyayo Tea Zones and Independent tea farmers saw tea production declined by 26% and 7% respectively last October compared to the same month in 2023.
💻 Deliberate Internet Shutdowns Cost Kenya US$75mn, 511 hours, in 2024 -Report
Internet connectivity
Government-mandated internet shutdowns cumulatively cost economies more than US$7.6 billion in 2024, with the longest shutdowns happening in Asia and Sub-Saharan Africa, according to a report by independent VPN review platform Top10VPN.
With 22.7 million internet users being affected, Kenya lost US$75 million and 511 hours in 2024, mainly during the Telegram outage in November, compared to US$27 million and 192 hours lost in 2023. Moreover, in June last year during the Anti-Finance Bill protests, internet users accused the government of forcing Internet Service Providers (ISPs) to reduce network speeds. According to Top10VPN, the seven-hour internet shutdown on June 25th cost the country US$4.08mn.
How much internet shutdowns cost us globally
The most common forms of internet interference include full-blown blackouts, social media shutdowns, and throttling of speeds.
💵 ⬆️ Cash in Circulation up 5.6% to KSh 333.8 Bn
Kenyan currency
The total monetary value of cash in circulation in the economy increased by KSh 17.8 billion to KSh 333.8 billion in the year to June 2024 as withdrawals surpassed deposits, according to fresh data published by the Central Bank of Kenya (CBK).
The 5.64% increase points to Kenyans cashing out their savings and investments to cushion them against uncertainty amid an increase in demand for physical cash in the economy in a period marked by high interest rates coupled with stubborn inflation.
Currency in circulation | CBK
The increase was primarily driven by a 5.7% uptick in banknotes to KSh 322.77 billion from KSh 305.41 billion and a 4.5% increase in coins to KSh 11.03 billion from KSh 10.56 billion previously.
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