The Split-screen economy

Kenya's #1 newsletter among business leaders & policy makers

The latest GDP figures suggest Kenya is on stable footing, yet the lived experience of firms paints a more complex reality, where growth in headline sectors coexists with shrinking sales, rising costs, and a cautious private sector bracing for what comes next…

I am Brian from The Kenyan Wall Street and this is today's edition of our daily newsletter…

Leading Stories 

📉 A Tough June for the Private Sector

By Fred Obura

Business activity in the Kenyan private sector shrank again in June, the latest signal that mounting economic and political pressures are cutting into the country’s post-pandemic recovery. The Stanbic Bank PMI dipped to 48.6, its lowest level in nearly a year, dragged down by falling demand, weak consumer spending, and the disruptive return of street protests.

More than a third of surveyed businesses reported reduced sales, while rising input costs, particularly salaries, pushed inflationary pressure to a six-month high. And yet, the mood is not entirely grim: firms hired for a fifth straight month and stockpiled inventories at their fastest pace in nearly three years. Read more.

💱 Kenya's GDP Growth Holds Steady 

By Harry Njuguna

In the first quarter of the year, Kenya’s economy posted a reassuring 4.9% growth, matching its pace from a year earlier and driven by resurgent activity in agriculture and mining. Agricultural output hit a record high, buoyed by a sharp increase in milk deliveries, booming coffee exports, and steady gains in horticulture, even as tea production faltered.

The mining sector, after more than a year of contraction, surged back with a 10% jump in output; its best performance since before the pandemic. The numbers offer reassurance, but they also contrast starkly with the strain now emerging in the private sector, where optimism meets hesitation on the production floor. Read more.

Your Opinion

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Opinion

🪙 The East African Gold Rush

By Nicasio Karani Migwi

As the global dollar clout erodes, East African central banks are quietly hoarding gold, shifting reserves, shielding economies, and signaling strength. Uganda and Tanzania are already in, Rwanda joins this month, and Kenya may be next. The stakes? Inflation hedging, currency defense, and a foothold in the de-dollarizing world order. Even modest gold moves are now read as signals of fiscal intent. Could this regional pivot redefine East Africa’s financial future? Read more 

NSE Gainers & Losers 

Source: NSE

Insight 

💹 How Kenyan Investors Are Rethinking Wealth

By Fred Obura 

In a market battered by uncertainty and ambition alike, Kenyan investors are finding new confidence in the old wisdom of diversification. From gated apartments to government-backed money markets, asset classes are no longer just products, they are stable lifeboats. The Kenyan Wall Street gathered three of the sharpest minds in local finance to unpack what’s working, what’s shifting, and where to find resilience amid risk. This isn’t just about chasing returns; it’s about building a portfolio that can survive both a market crash and a morning commute. If you’ve ever wondered what the smart money is doing behind closed doors, read the article here »»»»»

On your watchlist

Is Kenya’s real estate sector still worth investing in? In this episode of Investing Like an Executive, Andrew Barden, CEO of the Kenyan Wall Street, sits down with Ian Henderson — Founder and Managing Director of Superior Homes Kenya

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