APRIL– JUNE 2021 
 
TABLE OF CONTENTS 
1. PERFORMANCE IN THE REAL SECTOR ................................................................................ 3 
2. INTERNATIONAL MARKETS .................................................................................................... 10 
3. MONETARY AND FINANCIAL SECTOR ............................................................................... 16 
4. FISCAL PERFORMANCE ............................................................................................................. 21 
5. CAPITAL MARKETS ...................................................................................................................... 28 
6. RISK-RELATED FACTORS ......................................................................................................... 33 
 
 
 
2 
 
1. PERFORMANCE IN THE REAL SECTOR 
We are not out of the woods yet despite the recovery trajectory being experienced and 
projected in the short- to medium-term. The global economy is expected to grow by 6.0 
per cent in 2021, with emerging markets and developing economies making the highest 
contribution to this growth. Sub-Saharan Africa is expected to grow by 3.4 per cent in 
2021, supported by improved exports commodity prices and a recovery of private 
consumption and investment. Kenya’s economy is projected to grow by 7.6 per cent in 
2021. The hospitality industry is recovering with higher number of tourist arrivals by air 
in 2021 compared to 2020. Further, the upward trend in cement production and 
consumption is an indication of a growing construction industry. 
The overall inflation in Kenya in the second quarter of 2021 averaged 5.98 per cent 
compared to 5.31 per cent in the same quarter in 2020. In the period, inflation increased 
mildly from a low of 5.76 per cent in April 2021 to 6.32 per cent in June 2021. Fuels were 
the major contributors to overall inflation, and this was occasioned by the increase in 
international oil prices during the quarter where for instance, Murban crude oil prices 
increased by 14.18 per cent from a low of US$ 63.52 per barrel in April 2021 to US$ 72.53 
per barrel in June 2021. Food and non-alcoholic beverages were the second largest 
contributors to overall inflation during the quarter, and this could be due to inadequate 
rainfall (288mm) experienced in the long rains period March to May 2021. 
 
a) GDP performance 
 
Figure 1: GDP growth, inflation, and stock market performance  
8 2750.00
7
6
5 2500.00
4
3 5.5 4.9
2 2250.00
1 0.7
0
-1 -1.1 2000.00
-2
-3 -5.7
-4 1750.00
-5
-6
-7 1500.00
Quarterly GDP Growth (%) Overall Inflation (%) NSE20 Index
Data source: Central Bank of Kenya; Kenya National Bureau of Statistics  
*The October -December 2020 was calculated based on IMF’s estimation of Kenya’s economy 
to have contracted by 0.30 per cent in 2020. 
 
 
3 
 
Inflation and quarterly GDP growth rate (%)
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
NSE20 Index
Figure 2: Economic performance of selected advanced and emerging markets  
25.00
20.00
15.00
10.00
5.00
0.00
-5.00
-10.00
-15.00
-20.00
-25.00
Oct-Dec 2019 Jan-March April-June 2020 July-Sept 2020 Oct-Dec 2020 Jan-Mar 2021 Jan-Dec 2021
2020
Kenya USA UK Japan China France Mexico Brazil S. Africa
Data source: Country statistical offices; https://tradingeconomics.com/, IMF World Economic 
Outlook April 2021. *The January to December 2021 are IMF growth Projections for 2021. 
Figure 3: Growth projections in time of COVID-19 pandemic crisis  
8
6
4
6.7
6
5.1
2 4.4
5
3.6 3.6
2.8
1.6
0
-2.2
-3.3
-2
-4.7
-4
-6
2019 2020 2021 2022
Global economy Advanced Economies Emerging markets and developing economies
 
Data Source: International Monetary Fund, World Economic Outlook, January 2021, 
and April 2021 
*2019 and 2020 figures are estimates while 2021 and 2020 figures are projections 
 
4 
 
GDP growth rate(%) Year-On-Year GDP Growth Rate (%)
Kenya
Kenya
Kenya
Kenya
Kenya
Kenya
Figure 4: Cement production and consumption (‘000 MT) and index of value of 
building plans  
750 360.00
725
700 320.00
675
280.00
650
625 240.00
600
575 200.00
550
525 160.00
500
120.00
475
450 80.00
425
400 40.00
Cement Production ('000 MT) Cement Consumption ('000 MT)
Index of Value of Building Plans (Dec 1972=100)
 
Data source: Kenya National Bureau of Statistics 
Figure 5: Kenya Housing and Property Indices   
460 130
450
440 125
430
420 120
410
400 115
390
380 110
370
360 105
Hass Composite Property Sales Index Hass Composite Property Rental Index
KBA Housing Price Index (Fixed Base) KBA Housing Price Index (Moving Base)
  
Hass Composite Property Sales Index: Year 2000 = 100; KBA Housing Price Index (fixed base): 
Q1 – 2013 = 100. Data Source: Hass Property Index (http://hassconsult.co.ke/real-
estate/hass-index/ )  
Kenya Bankers Association (https://www.kba.co.ke/house_price.php)  
 
5 
 
Hass Composite Index
Oct-19
Oct-19
Nov-19
Nov-19
Dec-19
Dec-19 Jan-20
Jan-20 Feb-20
Feb-20 Mar-20
Mar-20 Apr-20
Apr-20 May-20
May-20 Jun-20
Jul-20
Jun-20
Aug-20
Jul-20
Sep-20
Aug-20
Oct-20
Sep-20
Nov-20
Oct-20
Dec-20
Nov-20
Jan-21
Dec-20
Feb-21
Jan-21 Mar-21
Feb-21 Apr-21
Mar-21 May-21
KBA Housing Price Index
Figure 6: Intake of processed milk in the formal sector (million litres)  
70
65
60
55
50
45
40
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Milk intake 2018 Milk intake 2019 Milk intake 2020 Milk intake 2021
 
Data source: Kenya National Bureau of Statistics 
Figure 7: Monthly tourist arrivals* (number)   
180,000
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2018 2019 2020 2021
Data source: Kenya National Bureau of Statistics (Various), Economic Survey 
*Total tourist arrivals by Air 
 
 
 
6 
 
Number of tourists Milk Intake (Million Litres)
b) Price movement 
 
Figure 8: Consumer Price Index and Producer Price Index  
 116.00 103
 115.00
 114.00
 113.00 102.5
 112.00
 111.00 102
 110.00
 109.00
 108.00 101.5
 107.00
 106.00
 105.00 101
 104.00
 103.00 100.5
 102.00
 101.00
 100.00 100
Producer Price Index Consumer Price Index
Data source: Kenya National Bureau of Statistics. CPI base year: February 2019 = 100; PPI 
base year: March 2019 = 100  
Figure 9: Comparative inflation for selected countries in Africa  
 27.00
 25.00
 23.00
 21.00
 19.00
 17.00
 15.00
 13.00
 11.00
 9.00
 7.00
 5.00
 3.00
 1.00
 (1.00)
 (3.00)
 (5.00)
Kenya Uganda Tanzania Rwanda Burundi S. Africa
Namibia Zambia Ghana Nigeria Ethiopia
 
Data Source: Country statistical offices  
7 
 
Inflation rate (%) Consumer Price Index 
Oct-19
Oct-19
Nov-19 Nov-19
Dec-19 Dec-19
Jan-20 Jan-20
Feb-20 Feb-20
Mar-20
Mar-20
Apr-20
Apr-20
May-20
May-20
Jun-20
Jun-20
Jul-20
Jul-20 Aug-20
Aug-20 Sep-20
Sep-20 Oct-20
Oct-20 Nov-20
Dec-20
Nov-20
Jan-21
Dec-20
Feb-21
Jan-21
Mar-21
Feb-21 Apr-21
Mar-21 May-21
Apr-21 Jun-21
May-21
Jun-21
Producer Price Index
Figure 10: Domestic wholesale agriculture commodity prices (Ksh/Kg) 
110.00
100.00
90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
0.00
Kales Cereals Legumes Tubers Fruits & Vegetables
Data source: Calculated by KIPPRA using data from Ministry of Agriculture 
*There was no data from the Ministry of Agriculture for May and June 2020 
 
Figure 11: Contribution of selected CPI baskets to overall Inflation (%)  
5.00
4.50
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00
-0.50
-1.00
Food & Non-Alcoholic Beverages Housing, Water, Electricity, Gas and other Fuels
Clothing & Foot-wear Health
Fuel Inflation (%)
Data Source: Kenya National Bureau of Statistics and Central Bank of Kenya  
 
8 
 
Oct-19
Oct-19
Nov-19
Nov-19
Dec-19
Dec-19
Jan-20
Jan-20
Feb-20
Feb-20
Mar-20
Mar-20
Apr-20
Apr-20
May-20
May-20
Jun-20 Jun-20
Jul-20 Jul-20
Aug-20 Aug-20
Sep-20 Sep-20
Oct-20 Oct-20
Nov-20 Nov-20
Dec-20 Dec-20
Jan-21 Jan-21
Feb-21 Feb-21
Mar-21 Mar-21
Apr-21 Apr-21
May-21 May-21
Jun-21 Jun-21
Figure 12: Average domestic pump prices and global crude oil prices  
 135.00  80.00
 130.00  75.00
 125.00  70.00
 120.00
 65.00
 115.00
 110.00  60.00
 105.00  55.00
 100.00  50.00
 95.00  45.00
 90.00  40.00
 85.00  35.00
 80.00
 30.00
 75.00
 70.00  25.00
 65.00  20.00
 60.00  15.00
 Motor Gasoline Premium Light Diesel Oil (Gasoil)
Illuminating Kerosene Opec  basket Crude Oil Prices
Data Source: Kenya National Bureau of Statistics; Energy and Petroleum Regulatory 
Authority;  https://oilprice.com/oil-price-charts/block/50 
  
9 
 
Average local retail prices (Kshs./Litre)
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
OPEC basket crude oil prices (US$/barrel)
2. INTERNATIONAL MARKETS  
Production, exports and prices of tea and coffee continued to follow the seasonal patterns 
depicted in previous years. Coffee exports are higher in 2021 compared to 2020, an 
indication of reopening of global economies and a promise of increased demand for 
Kenyan coffee. The high coffee prices in 2021 reflect on reduced global exports. Tea 
exports face a similar situation, but tea auction prices are lower than previous years. In 
the period April to June 2021, the Kenya shilling (Ksh) appreciated by 1.37 per cent, 0.97 
per cent, and 0.22 per cent against the US Dollar, Sterling Pound, and the Euro, 
respectively. Kenya maintained an average of 4.70 months of import cover. It is expected 
that the situation will improve further as most of the economic activities resume and the 
global economy is reopened. Diaspora remittances have continuously defied expectations 
of a dip due to COVID-19, with the highest record of approximately Ksh 34.00 billion in 
the month of May 2021, a 22.00 per cent increase from the same month in the previous 
year. The buoyancy of Kenya’s diaspora remittances has been facilitated by financial 
innovations and more platforms where Kenyans abroad can send money to Kenya 
conveniently. If Kenyan banks continue to partner with foreign banks to reduce the cost 
of remittances, diaspora remittances are likely to remain buoyant.  
 
Figure 13: Trends in coffee and tea production (MT), exports (Ksh millions) and 
auction prices (Ksh/Kg)  
 
Figure 13(a): Monthly coffee production (MT)  
6,500.00
5,500.00
4,500.00
3,500.00
2,500.00
1,500.00
500.00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2020 2021 2018 2019
 
Data source: Kenya National Bureau of Statistics; Nairobi Coffee Exchange 
(http://nairobicoffeeexchange.co.ke/) 
 
 
 
 
10 
 
Coffee production (MT)
Figure 13(b): Monthly coffee exports (Ksh million)  
5000
4500
4000
3500
3000
2500
2000
1500
1000
500
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2020 2021 2018 2019
 
Data source: Kenya National Bureau of Statistics; Nairobi Coffee Exchange 
(http://nairobicoffeeexchange.co.ke/); Figures for January and February 2020 are 
provisional.  
Figure 13(c): Comparison between global coffee exports (MT) and Kenya coffee 
exports (% of global total exports)  
 770,000  1.00
 745,000  0.90
 720,000  0.80
 695,000  0.70
 670,000  0.60
 645,000  0.50
 620,000  0.40
 595,000  0.30
 570,000  0.20
 545,000  0.10
 520,000  -
Global Coffee Exports Kenya Coffee Exports
Data source: Kenya National Bureau of Statistics; Nairobi Coffee Exchange 
(http://nairobicoffeeexchange.co.ke/) ; International Coffee Organization 
(http://www.ico.org/coffee_prices.asp)   
 
11 
 
Global coffee exports(MT) Kenya Coffee Exports (Kshs. Million)
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Kenya Coffee Exports (% of Global Exports)
Figure 13(d): Monthly Kenya coffee auction prices (Ksh/Kg) and global composite 
prices (US cents/lb)  
 800.00  160.00
 700.00  140.00
 600.00  120.00
 500.00  100.00
 400.00  80.00
 300.00  60.00
 200.00  40.00
 100.00  20.00
 -  -
Global Coffee Composite Prices (US cents / lb), 2019 Global Coffee Composite Prices (US cents / lb), 2020
Global Coffee Composite Prices (US cents / lb), 2021 Kenya Coffee Auction Prices (KSh./Kg), 2019
Kenya Coffee Auction Prices (KSh./Kg), 2020 Kenya Coffee Auction Prices (KSh./Kg), 2021
Data source: Kenya National Bureau of Statistics; Nairobi Coffee Exchange 
(http://nairobicoffeeexchange.co.ke/); International Coffee Organization 
(http://www.ico.org/coffee_prices.asp)     
Figure 13(e): Monthly tea production (MT)  
 58,000.00
 55,000.00
 52,000.00
 49,000.00
 46,000.00
 43,000.00
 40,000.00
 37,000.00
 34,000.00
 31,000.00
 28,000.00
 25,000.00
2020 2021 2018 2019
Data source: Kenya National Bureau of Statistics; East African Tea Trade Association 
 
12 
 
Kenya Tea Production (MT) Kenya Coffee Auction Prices (Kshs./Kg)
January
January
February
February
March
March
April
April
May
May June
June July
July August
September
August
October
September
November
October
December
November
December
Global composite Coffee Prices (US  cents/lb)
Figure 13(f): Monthly tea exports (Ksh million)  
 16,000.00
 15,000.00
 14,000.00
 13,000.00
 12,000.00
 11,000.00
 10,000.00
 9,000.00
 8,000.00
 7,000.00
2020 2021 2018 2019
Data source: Kenya National Bureau of Statistics; East African Tea Trade Association 
Figure 13(g): Monthly Kenya tea auction prices (Ksh/Kg)   
 320.00
 310.00
 300.00
 290.00
 280.00
 270.00
 260.00
 250.00
 240.00
 230.00
 220.00
 210.00
 200.00
 190.00
2020 2021 2018 2019
Data Source: KNBS; East Africa Tea Trade Association; Mombasa Tea Auction 
 
 
13 
 
Kenya Tea Auction Prices (Kshs./ Kg) Kenya Tea Exports (Kshs. Million)
January
January
February
February
March
March
April
April
May
May
June
June
July
July
August
August
September
September
October
November October
December November
December
Figure 14: The exchange rate of Kenya shilling to global currencies 
160 105
155 104103
150 102
145 101
100
140 99
135 98
97
130 96
125 95
120 9493
115 92
110 91
90
105 89
100 88
87
95 86
90 85
85 8483
80 82
US Dollar Index KES/USD KES/STG-POUND KES/EURO
 
Data source: Central Bank of Kenya; Kenya National Bureau of Statistics; 
https://www.investing.com/quotes/us-dollar-index-historical-data 
Figure 15: The exchange rate of Kenya shilling to regional currencies  
0.12 8.25
0.11 8
0.1 7.75
7.5
0.09
7.25
0.08
7
0.07
6.75
0.06
6.5
0.05
6.25
0.04 6
0.03 5.75
0.02 5.5
KES/USHS KES/TSHS KES/RWF KES/BIF KES/SA RAND
Data source: Central Bank of Kenya  
14 
 
Units of KES for 1 USHS, TSHS, RWF, BIF Units of KES to 1 USD, STG-Pound, Euro
01-Oct-19
01-Oct-19
23-Oct-19
23-Oct-19
14-Nov-19
14-Nov-19
06-Dec-19
06-Dec-19
28-Dec-19
28-Dec-19
19-Jan-20
19-Jan-20
10-Feb-20 10-Feb-20
03-Mar-20 03-Mar-20
25-Mar-20 25-Mar-20
16-Apr-20 16-Apr-20
08-May-20 08-May-20
30-May-20 30-May-20
21-Jun-20 21-Jun-20
13-Jul-20 13-Jul-20
04-Aug-20 04-Aug-20
26-Aug-20 26-Aug-20
17-Sep-20 17-Sep-20
09-Oct-20 09-Oct-20
31-Oct-20 31-Oct-20
22-Nov-20 22-Nov-20
14-Dec-20 14-Dec-20
05-Jan-21 05-Jan-21
27-Jan-21 27-Jan-21
18-Feb-21 18-Feb-21
12-Mar-21
12-Mar-21
03-Apr-21
03-Apr-21
25-Apr-21
25-Apr-21
17-May-21
17-May-21
08-Jun-21
08-Jun-21
30-Jun-21
30-Jun-21
Units of KES for 1 SA RAND US Dollar Index
Figure 16: Performance of select currencies against the US Dollar  
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
-10.00%
-20.00%
-30.00%
Jun 2018-Jun 2019 (%) Jun 2019- Jun 2020 (%) Jun 2020-Jun 2021 (%)
KES/USD UGX/USD TZS/USD RWF/USD BIF/USD S.A Rand/USD
NAD/USD ZMW/USD GHS/USD NGN/USD ETB/USD USD index
Data source: Country Statistics Offices; https://www.investing.com.  Percentage change in 
currencies against the US Dollar measured as end of period changes. USD-US Dollar; KES - 
Kenyan Shilling; UGX-Ugandan Shilling; TZS-Tanzanian Shilling; RWF-Rwandan Franc; 
BIF-Burundian Franc; SA-South Africa; NAD-Namibian Dollar; ZMW-Zambian Kwacha; 
GHS-Ghanaian Cedi; NGN-Nigerian Naira; ETB-Ethiopian Birr 
Figure 17: Months of import cover and diaspora remittances  
6.1 333.0
322.0
5.9
311.0
5.7 300.0
289.0
5.5 278.0
267.0
5.3
256.0
5.1 245.0
234.0
4.9 223.0
212.0
4.7
201.0
4.5 190.0
Diaspora Remittances (USD '000) Months of Import cover
Data Source: Central Bank of Kenya 
15 
 
Months of import cover % change in currency against the US$
Oct-19
Nov-19 Kenya
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20 Kenya
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Kenya
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Diaspora Remittances (USD Million) Appreciation Depreciation
3. MONETARY AND FINANCIAL SECTOR 
Noting that inflation had remained anchored within the target range and that the 
economy was performing below its potential, the Central Bank of Kenya maintained an 
accommodative monetary policy stance, with the policy rate maintained at 7.00 per cent 
to support the recovery of economic activities on 26th May 2021. Similarly, most Central 
Banks in the region maintained accommodative monetary policy stance to stimulate 
economic activities. The 91-day, 182-day and 364-day Treasury bills’ interest rates 
decreased from 7.10 per cent, 7.92 per cent and 9.38 per cent in April 2021 to 7.04 per 
cent, 7.60 per cent and 8.36 per cent in June 2021, respectively. Investors’ appetite has 
shifted to the longest tenor paper (364-day Treasury bills), and this is due to the high 
returns on that tenor. The value of mobile money transactions has been reducing since 
January 2021 compared to the preceding months. The number of mobile transactions has 
remained on an upward trend in the second quarter of 2021, an indication that most 
Kenyans have accultured to cashless transactions, a phenomenon that robustly started as 
a way of avoiding contact when COVID-19 pandemic began. Deposit rates have reduced 
to a low of 6.30 per cent, a 11.39 per cent drop after the removal of interest rates cap. 
During the same period, interest rate spread has increased by 13.00 per cent from 5.13 
per cent when the cap was removed to 5.78 per cent in April 2021.  
 
Figure 18: Treasury bill weighted average rate (%)  
 10.500
 10.000
 9.500
 9.000
 8.500
 8.000
 7.500
 7.000
 6.500
 6.000
91-Day 182-Day 364-Day
Data source: Central Bank of Kenya 
 
 
 
 
16 
 
01-Oct-19
23-Oct-19
14-Nov-19
06-Dec-19
28-Dec-19
19-Jan-20
10-Feb-20
03-Mar-20
25-Mar-20
16-Apr-20
08-May-20
30-May-20
21-Jun-20
13-Jul-20
04-Aug-20
26-Aug-20
17-Sep-20
09-Oct-20
31-Oct-20
22-Nov-20
14-Dec-20
05-Jan-21
27-Jan-21
18-Feb-21
12-Mar-21
03-Apr-21
25-Apr-21
17-May-21
08-Jun-21
30-Jun-21
Figure 19: Interbank rate and volume, Repos, and other interest rates  
  
  
Data source: Central Bank of Kenya 
 
 
 
 
 
 
 
17 
 
Figure 20: Commercial banks’ excess reserves (%) in relation to the CRR 
6.50
6.23
6.00
5.79 5.79
5.68
5.62
5.50 5.51 5.47
5.25
5.00 5.00
4.80 4.78
4.52 4.584.50 4.54 4.51
4.44
4.37
4.00
Data source: Central Bank of Kenya; CRR = Cash Reserves Requirement; CRR before March 
2020=5.25%, CRR after March 2020= 4.25% 
Figure 21: Mobile money transactions  
200  650.00
180  620.00
 590.00
160
 560.00
140
 530.00
120  500.00
100  470.00
80  440.00
 410.00
60
 380.00
40
 350.00
20  320.00
0  290.00
Mobile Money Subscriptions (Millions) Number of Transactions (Millions)
Value of Transactions (KSh Billion)
Data source: Kenya National Bureau of Statistics 
Note: The mobile money subscriptions exceed total adult population since this is based on registered SIM Cards in 
transacting electronic gadgets (Individual mobile phones and Point of Sale gadgets). In addition, 30% of mobile 
users in Kenya own more than 1 SIM Card (https://www.ca.go.ke)  
18 
 
Subscriptions and Transactions (number) Commercial Banks' excess reserves in relation to 
the CRR
Oct-19
Nov-19
Oct-19
Dec-19
Nov-19
Jan-20
Feb-20 Dec-19
Mar-20 Jan-20
Apr-20 Feb-20
May-20
Mar-20
Jun-20
Apr-20
Jul-20
May-20
Aug-20
Sep-20 Jun-20
Oct-20 Jul-20
Nov-20 Aug-20
Dec-20
Sep-20
Jan-21
Oct-20
Feb-21
Nov-20
Mar-21
Apr-21 Dec-20
May-21 Jan-21
Feb-21
Mar-21
Value of Transactions (Kshs. Billion)
Figure 22: Kenyan banking sector performance  
Figure 22(a): Return on asset (%) 
4.000
3.500
3.000
2.500
2.000
1.500
1.000
0.500
0.000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2020 2021 2018 2019
Data Source: Calculated using data from Central Bank of Kenya 
Figure 22(b): Liquidity ratio and ratio of gross NPL to gross loans 
14.80% 57.4
14.60%
14.40% 56.4
14.20%
55.4
14.00%
13.80% 54.4
13.60%
13.40% 53.4
13.20%
13.00% 52.4
12.80%
51.4
12.60%
12.40% 50.4
12.20%
12.00% 49.4
Ratio of Gross NPL/Gross loans Liquidity Ratio (%)
 
Data Source: Calculated using data from Central Bank of Kenya  
 
19 
 
Ratio of Gross NPL/Gross loans(%) Return on Assets (%)
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Liquidity Ratio (%)
Figure 23: Banking sector credit  
40  12.00
35
 10.00
30
 8.00
25
20  6.00
15
 4.00
10
 2.00
5
0  -
Publc Sector Proportion of the Banking sector credit (%) Manufacturing sector credit proportion (%)
Private Sector Credit Growth (%)
 
Data Source: Central Bank of Kenya 
Figure 24: Monetary policy stance for selected countries in Africa  
 17.00
 16.00
 15.00
 14.00
 13.00
 12.00
 11.00
 10.00
 9.00
 8.00
 7.00
 6.00
 5.00
 4.00
 3.00
Kenya Uganda Tanzania Rwanda
Ghana Nigeria Zambia S. Africa
 
Data Source: Country Central Banks 
20 
 
Public and Manufacturing Sector Proportion of Banking 
Sector Credit (%)
Oct-19
Oct-19
Nov-19
Nov-19
Dec-19
Dec-19
Jan-20
Jan-20
Feb-20
Feb-20
Mar-20
Mar-20
Apr-20
Apr-20
May-20
Jun-20 May-20
Jul-20 Jun-20
Aug-20 Jul-20
Sep-20 Aug-20
Oct-20 Sep-20
Nov-20 Oct-20
Dec-20 Nov-20
Jan-21 Dec-20
Feb-21 Jan-21
Mar-21 Feb-21
Apr-21 Mar-21
May-21
Jun-21
Private Sector Credit Growth (%)
4. FISCAL PERFORMANCE 
The 2021/22 financial year budget estimates were revealed on 10th June 2021 with an 
estimated annual budget of Ksh 3.03 trillion, a 4.80 per cent increase from last year’s 
budget. The fiscal deficit of Ksh 929.70 billion will be financed through external 
borrowing (Ksh 271.20 billion–29%) and domestic borrowing (Ksh 658.50 billion–71%). 
The budget reflects additional foreign financing due to the extension of DSSI (Debt 
Service Suspension Initiative) relief through end-December 2021, as agreed by the G20 
in April (US$ 361 million). On 2nd April 2021, IMF approved US$ 2.34 billion ECF 
(Extended Credit Facility) and EFF (Extended Fund Facility) arrangements for Kenya for 
38 months to help the government in the next phase of combating COVID-19 pandemic 
and to reduce debt vulnerabilities while safeguarding resources to protect vulnerable 
groups. This will also help to fill the fiscal gap. Kenya also issued a 12-year Eurobond at 
6.30 per cent on 17th June 2021, which will be repaid in 2 equal tranches in January 2033 
and January 2034. By so doing, the country raised US$ 1 billion. 
 
The health sector has been allocated Ksh 112.09 billion, out of which only Ksh 15.40 billion 
is for COVID-19 management, which is quite low considering the gravity of the pandemic. 
Furthermore, this sector has for long relied on donor funding, an aspect that exposes it to 
vulnerability in the likely events of donor funding not resuming. For instance, there was 
a serious blood shortage when PEPFAR ceased to fund blood transfusion. Similarly, the 
agriculture, water, and environment sector has also been given a budget of Ksh 173.21 
billion (5.7%), which is inadequate to complete the stalled projects and facilitate the 
efforts of achieving food security. 
 
Turning on to revenues for the last financial year, the cumulative actual national revenue 
receipts as of 31st May 2021 totaled Ksh 2358.15 billion compared to a total of Ksh 2276.67 
billion in May 2020, an increase of 3.58 per cent. The exchequer allocation for 
development expenditure to the Ministry of Health as a percentage of total issues to 
Ministries, Departments and Agencies (MDAs) increased from a low of 7.91 per cent in 
May 2020 to 13.17 per cent in May 2021. This is attributable to the continued government 
efforts to support the health sector in combating the COVID-19 pandemic. The recurrent 
allocation of the sector as a percentage of total issues also increased to 4.15 per cent in 
May 2021 from 3.64 per cent in May 2020. In the last three financial years, the actual 
revenue generated in each quarter have been lower than the quarterly target revenue. 
Public debt increased to Ksh 7.35 trillion in March 2021 with increased borrowing related 
to the COVID-19, of which about 48.89 per cent was domestic debt. In the second quarter 
of 2021, the proportion of domestic debt held in treasury bonds rose to 76.86 per cent 
from 68.94 per cent in a similar quarter in 2020.  
 
 
 
 
 
 
 
 
21 
 
Figure 25: Fiscal deficit and county transfers (Ksh billion)   
500
400
300
200
100
0
-100
-200
-300
-400
-500
-600
-700
-800 Fiscal Deficit 2018/19 County Transfer 2018/19 Fiscal Deficit 2019/20
County Transfer 2019/20 Fiscal deficit 2020/21 County transfer 2020/21
-900
 
Data Source: Calculated using data from Central Bank of Kenya and The National Treasury 
data published on monthly Kenya Gazette Notices 
Figure 26: Monthly utilization of revenue against target  
Figure 26(a): National revenue (Ksh billion) 
3,500.00
3,000.00
2,500.00
2,000.00
1,500.00
1,000.00
500.00
0.00
2018/2019 Actual revenue 2019/2020 Actual revenue 2020/2021 Actual revenue
2018/2019 Target revenue 2019/2020 Target revenue 2020/2021 Target revenue
 
Data Source: Monthly Gazette Notices, The National Treasury and Planning 
 
22 
 
Actual  revenue (Kshs. Billions)
July
July
August
August
September
September
October
October
November
November
December
December
January
January
February
February
March
March
April
April
May
May
June June
Figure 26 (b): Exchequer issues to national government (Ksh billion) 
3,000.00
2,500.00
2,000.00
1,500.00
1,000.00
500.00
0.00
Actual  2018/2019 Actual  2019/2020 Actual  2020/2021
Target  2018/2019 Target  2019/2020 Target  2020/2021
 
Data Source: Monthly Gazette Notices, The National Treasury and Planning 
 
Figure 26 (c): Exchequer issues to county governments (Ksh billion) 
450.00
400.00
350.00
300.00
250.00
200.00
150.00
100.00
50.00
0.00
Actual 2018/2019 Actual 2019/2020 Actual 2020/2021
Target 2018/2019 Target 2019/2020 Target 2020/2021
 
Data Source: Monthly Gazette Notices, The National Treasury and Planning 
 
 
 
23 
 
Target and actual issues to National Government 
Actual issues to County Governments (Kshs. Billions)
(Kshs. Billions)
July
July
August
August
September
September
October October
November November
December December
January January
February February
March March
April
April
May
May
June
June
 
Figure 26 (d): Exchequer balance as a percentage of actual revenue (%) 
60.00
50.00
40.00
30.00
20.00
10.00
0.00
2018/2019 2019/2020 2020/2021
 
Data Source: Monthly Gazette Notices, The National Treasury and Planning 
 
Figure 27: Exchequer allocation to Ministry of Health as a % of total issues to 
Ministries, Agencies and Departments  
 30.00
 25.00
 20.00
 15.00
 10.00
 5.00
 -
Recurrent Exchequer Issues as a % of total Issues to MDAs
Development Exchequer Issues as a % of total Issues to MDAs
Data Source: Monthly Gazette Notices, The National Treasury and Planning 
24 
 
Recurrent & Development Issues (%) to Health 
Sector
July
Oct-19
August
Nov-19
Dec-19 September
Jan-20
Feb-20 October
Mar-20
Apr-20 November
May-20
December
Jun-20
Jul-20
January
Aug-20
Sep-20
February
Oct-20
Nov-20 March
Dec-20
Jan-21 April
Feb-21
Mar-21 May
Apr-21
June
May-21
 
Figure 28: Composition of government revenue (Ksh billion)  
5000
4500
4000
3500
3000
2500
2000
1500
1000
500
0
July-Sept 2019 Oct-Dec 2019 Jan-March April-June 2020 July-Sep 2020 Oct-Dec 2020 Jan-Mar 2021
2020
Tax Revenue Non-Tax Revenue Grants Total Revenue
Data Source: Calculated using data from Central Bank of Kenya and The National Treasury 
data published on monthly Kenya Gazette Notices 
 
Figure 29: Growth in tax revenue (%) and quarterly GDP growth (%) 
12.00 11.21
9.77
7.00
9.54 10.55 3.57 9.09
6.4 6.00 
2.00
Q4-2018 - Q4-2019 Q1-2019 - Q1-2020 Q2-2019 - Q2-2020 Q3-2019-Q3-2020 Q4-2019-Q4-2020
-3.00
-8.00
-13.00 -14.19 -13.25
-18.00
Nominal Quarterly GDP Growth Nominal Tax Revenue Growth
Data Source: Kenya National Bureau of Statistics and Central Bank of Kenya 
 
25 
 
Growth in Tax Revenue and Quarterly GDP (%) Revenue (KSh. Billion)
697.44
59.42
5.72
781.01
1,864.45 
358.37 
28.24 
2,251.04 
2,989.92 
372.45 
37.63 
3,599.29 
4,023.54 
342.67 
30.39 
4,396.61 
598.45
97.34
5.3
701.09
1934.27
312.05
18.7
1946.26
2722.613
292.252
129.911
3145.386
Figure 30: Total debt (Ksh billion) and proportionate shares of domestic and foreign 
debt  
 10,000.00
 9,000.00
 8,000.00
 7,000.00
 6,000.00
 5,000.00
 4,000.00
 3,000.00
 2,000.00
 1,000.00
 -
Domestic debt Public & Publicly Guaranteed External debt Total Debt Debt ceiling
Data Source: Calculated using data from Central Bank of Kenya 
 
Figure 31: Composition of government domestic debt by instrument (%) 
Composition of Government Domestic Debt by Instrument 
100%
90%
80%
70%
65.81 67.67 68.94 70.49
60% 72.92 75.82 76.85
50%
40%
30%
20%
31.20 29.86 28.58 28.33
10% 24.91 21.94 20.78
0%
Oct-Dec2019 Jan-March 2020 April-June 2020 July-Sept 2020 October-Dec Jan-Mar 2021 Apr-Jun 2021
2020
Treasury Bills (excluding Repos) Treasury Bonds CBK Overdraft to Govt Other domestic debt
 
Data Source: Calculated using data from Central Bank of Kenya  
 
26 
 
KSh. Billions
Dec-19 48.34% 51.66%
Mar-20 49.79% 50.21%
Jun-20 47.96% 52.04%
Sep-20 47.86% 52.14%
Dec-20 48.64% 51.36%
Mar-21 48.89% 51.11%
Figure 32: Composition of government domestic debt by holder (%) 
Composition of Government Domestic Debt by Holder 
100%
4.27 4.34 4.29 4.4 4.28 4.53 4.38
90%
80% 28.34 28.38 28.59 29.16 31.67 29.24 30.17
70%
7.06 6.97 6.30 5.77
60% 5.59
5.62 5.66
6.18 6.51 6.33 6.2 6.18 6.31 6.47
50%
40%
30%
54.15 53.80 54.49 54.46 54.6 54.24 53.33
20%
10%
0%
Oct-Dec 2019 Jan-March 2020 April-June 2020 July-Sept 2020 October-Dec Jan-Mar 2021 Apr-Jun 2021
2020
Banking Institutions Insurance Companies Parastatals Pension Funds Other investors
Data Source: Calculated using data from Central Bank of Kenya  
 
Figure 33: Composition of external debt: Proportionate shares of bilateral, 
multilateral, commercial bank, and export credit (%) 
100.00
90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
0.00
Oct-Dec 2019 Jan-March 2020 April-June 2020 July-Sept 2020 Oct-Dec 2020 Jan-Mar 2021
Bilateral Multilateral Commercial Banks Export Credit
Data Source: Calculated using data from Central bank of Kenya 
27 
 
% of External Debt
32.76 33.24 33.46
32.65 33.00 33.81
33.04 33.00 33.42
30.01 38.80 30.70
30.40 39.42 29.84
30.40 39.67 29.46
5. CAPITAL MARKETS  
Following the reopening of economies and the resumption of businesses, US, European, 
and Asian stock markets registered upward trends and this trend has extended to the 
second quarter of 2021, implying that the afore markets are slowly growing resilient to 
COVID-19 pandemic. The stock market in Kenya also showed a steady recovery since 
October 2020 and this extended to the second quarter of 2021 despite the third wave of 
COVID-19 pandemic. This is attributable to increased economic activities following the 
reopening of the economy as facilitated by accommodative monetary stances in the 
economy. However, the NSE index is yet to get back to the levels before the pandemic. 
The 10-year Kenya Eurobond (2024) yield continued to decline in the second quarter of 
2021, an indication that the international market is slowly regaining confidence with 
Kenya’s creditworthiness.  
 
 
Figure 34: Bond volumes traded (Ksh million) and FTSE NSE Kenya government 
bond price Index  
99.00 108800.00
98.50 100000.00
98.00 91200.00
97.50 82400.00
73600.00
97.00
64800.00
96.50
56000.00
96.00
47200.00
95.50
38400.00
95.00 29600.00
94.50 20800.00
94.00 12000.00
FTSE NSE Govt Bond Price Index Bond Volumes Traded (KSh. Million)
Data Source: Nairobi Securities Exchange; Central Bank of Kenya 
 
 
 
 
 
 
 
 
28 
 
FTSE NSE Kenya Government Bond Price Index
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Bond Volumes Traded (KSh. Million)
Figure 35: The 10-year Kenya Eurobond (2024) yield (%)  
 10.700
 10.200
 9.700
 9.200
 8.700
 8.200
 7.700
 7.200
 6.700
 6.200
 5.700
 5.200
 4.700
 4.200
 3.700
 3.200
 2.700
 2.200
10-year Eurobond Yield - 2024 (%)
Data Source: Central Bank of Kenya 
 
 
Figure 36: Stock market performance  
3000.00
2800.00
2600.00
2400.00
2200.00
2000.00
1800.00
1600.00
NSE20 Index Mkt Cap (KSh Bn)
Data Source: Nairobi Securities Exchange 
29 
 
Yield (%)
01-Oct-19
01-Oct-19
23-Oct-19
23-Oct-19
14-Nov-19
14-Nov-19
06-Dec-19
06-Dec-19
28-Dec-19
28-Dec-19
19-Jan-20
19-Jan-20
10-Feb-20
10-Feb-20
03-Mar-20
03-Mar-20
25-Mar-20
25-Mar-20
16-Apr-20
16-Apr-20
08-May-20
08-May-20
30-May-20
30-May-20
21-Jun-20 21-Jun-20
13-Jul-20 13-Jul-20
04-Aug-20 04-Aug-20
26-Aug-20 26-Aug-20
17-Sep-20 17-Sep-20
09-Oct-20 09-Oct-20
31-Oct-20 31-Oct-20
22-Nov-20 22-Nov-20
14-Dec-20 14-Dec-20
05-Jan-21 05-Jan-21
27-Jan-21 27-Jan-21
18-Feb-21 18-Feb-21
12-Mar-21 12-Mar-21
03-Apr-21 03-Apr-21
25-Apr-21 25-Apr-21
17-May-21 17-May-21
08-Jun-21 08-Jun-21
30-Jun-21 30-Jun-21
Figure 37: Stock value turnover ratio (%)  
Stock Turnover Ratio
0.00200
0.00180
0.00160
0.00140
0.00120
0.00100
0.00080
0.00060
0.00040
0.00020
0.00000
Data Source: Nairobi Securities Exchange; Calculated as equity turnover value (Ksh million)/ 
Market capitalization (Ksh million) 
Figure 38: Foreign trading in the stock market  
23,500.00 160.00
21,500.00 144.00
19,500.00 128.00
17,500.00 112.00
15,500.00 96.00
13,500.00 80.00
11,500.00 64.00
9,500.00 48.00
7,500.00 32.00
5,500.00 16.00
3,500.00 0.00
Average Foreign Participation to Equity Turnover (%) Foreign Purchases (FP)
Foreign Sales (FS) Equity Market Turnover (ET)
Data Source: Central Bank of Kenya; Sterling Capital Ltd (https://www.sterlingib.com) 
 
30 
 
Foreign Purchases & Sales, Equity Turnover (KSh. 
Stock Turnover Ratio
Million)
01-Oct-19
Oct-19 23-Oct-19
Nov-19 14-Nov-19
Dec-19 06-Dec-19
Jan-20 28-Dec-19
19-Jan-20
Feb-20
10-Feb-20
Mar-20 03-Mar-20
Apr-20 25-Mar-20
May-20 16-Apr-20
Jun-20 08-May-20
30-May-20
Jul-20
21-Jun-20
Aug-20
13-Jul-20
Sep-20 04-Aug-20
Oct-20 26-Aug-20
Nov-20 17-Sep-20
Dec-20 09-Oct-20
31-Oct-20
Jan-21
22-Nov-20
Feb-21 14-Dec-20
Mar-21 05-Jan-21
Apr-21 27-Jan-21
May-21 18-Feb-21
12-Mar-21
Jun-21
03-Apr-21
25-Apr-21
17-May-21
Average Foreign Participation to Equity Turnover 08-Jun-21
(%) 30-Jun-21
Figure 39: Stock market performance of selected advanced and emerging markets      
(a): USA stock markets  
37,000
16,000
35,000
14,000 33,000
31,000
12,000
29,000
10,000 27,000
25,000
8,000
23,000
6,000 21,000
NYSE Composite Nasdaq 100 Index (NDX) Dow Jones Industrial Average (DJIA)
Data source: Country Stock Exchanges; http://www.investing.com   
(b): European stock markets  
9,000 1,300
1,263
8,500
1,225
8,000 1,188
1,150
7,500
1,113
7,000 1,075
1,038
6,500
1,000
6,000 963
925
5,500
888
5,000 850
London Stock Exchange Group PLC (LSE) EuroNext 100 (N100)
Data source: Country Stock Exchanges; http://www.investing.com   
 
 
31 
 
London Stock Exchange NYSE Composite & Nasda 100
Oct-19 Oct-19
Nov-19 Nov-19
Dec-19 Dec-19
Jan-20 Jan-20
Feb-20 Feb-20
Mar-20 Mar-20
Apr-20 Apr-20
May-20 May-20
Jun-20 Jun-20
Jul-20 Jul-20
Aug-20 Aug-20
Sep-20 Sep-20
Oct-20 Oct-20
Nov-20 Nov-20
Dec-20 Dec-20
Jan-21 Jan-21
Feb-21
Feb-21
Mar-21
Mar-21
Apr-21
Apr-21
May-21
May-21
Jun-21
Jun-21
EuroNext 100 Dow Jones Industrial Average
(c): Asian stock markets  
3,950 29,940
29,400
3,700 28,860
28,320
3,450 27,780
27,240
3,200 26,700
26,160
2,950 25,620
2,700 25,08024,540
2,450 24,00023,460
2,200 22,920
22,380
1,950 21,840
21,300
1,700 20,760
20,220
1,450 19,680
19,140
1,200 18,600
Shanghai Composite (SSEC) SZSE Composite Index (SZSC) Nikkei 225 (N225)
Data source: Country Stock Exchanges; http://www.investing.com   
 
(d): African stock markets  
4,000 15,500
3,500 14,500
13,500
3,000
12,500
2,500
11,500
2,000
10,500
1,500
9,500
1,000 8,500
500 7,500
FTSE South Africa (FTWIZAFL) NSE20 (Kenya) NGSE30 (Nigeria) EGX30 (Egypt)
Data source: Country Stock Exchanges; http://www.investing.com   
32 
 
FTWIZAFL, NGSE30, and NSE20 indices SSCE & SZSC
Oct-19 Oct-19
Nov-19 Nov-19
Dec-19 Dec-19
Jan-20 Jan-20
Feb-20 Feb-20
Mar-20 Mar-20
Apr-20 Apr-20
May-20 May-20
Jun-20 Jun-20
Jul-20 Jul-20
Aug-20 Aug-20
Sep-20 Sep-20
Oct-20 Oct-20
Nov-20 Nov-20
Dec-20 Dec-20
Jan-21 Jan-21
Feb-21 Feb-21
Mar-21 Mar-21
Apr-21 Apr-21
May-21 May-21
Jun-21 Jun-21
Nikkei 225
EGX30 index
6. RISK-RELATED FACTORS 
The Purchasing Managers’ Index (PMI) for Kenya has increased from a low of 41.50 in 
April 2021 to a high of 52.50 in May 2021 then a slight drop to 51.00 in June 2021. April’s 
contraction can be largely attributed to the renewed COVID-19 travel restrictions and 
lockdown of some zoned counties. The country recorded an average rainfall of 288.00mm 
in March-May, which was lower than that recorded in the same season in the previous 
year (491.73mm). This contributed to increased prices of food in the second quarter of 
2021. In terms of credit rating for Kenya, the March 2021 fitch rating indicates a negative 
outlook for long term issuer default rating and local currency long-term issuer default 
rating. COVID-19 cases continue to pose a threat to the economy although we have 
witnessed a relatively low positivity rate in the second half of April to June 2021 quarter.  
 
Figure 40: Kenya purchasing managers’ index  
60.0
58.0
56.0
54.0
52.0
50.0
48.0
46.0
44.0
42.0
40.0
38.0
36.0
34.0
Data Source: Stanbic Bank (https://www.stanbicbank.co.ke); IHS-Markit 
(https://ihsmarkit.com)   
Key: 50.0 = Neutral; Above 50.0 = Expansion; Below 50.0 = Contraction 
 
 
 
 
 
 
 
 
33 
 
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Figure 41: Mean annual and seasonal rainfall (millimeters)  
1200
1000
800
600
400
200
0
March-May June-August October-December Annual
2018 2019 2020 2021
 
Data Source: Kenya National Bureau of Statistics; Kenya Meteorological Department; 
https://www.worldweatheronline.com/    
Figure 42: Mean monthly temperature (degrees celsius)   
27.00
26.00
25.00
24.00
23.00
22.00
21.00
20.00
19.00
2018 2019 2020 2021
 
Data Source: Kenya Meteorological Department; https://www.worldweatheronline.com/  
 
34 
 
Mean Monthly Temperature Rainfall in Milimeters
January
February
March
April
May
June
July
August
September
October
November
December
Table 1: Fitch rating for Kenya  
Type Current Rating  Prior Rating  
(as at 26 March 2021) (as at 19 June 2020) 
 Rating  Outlook Action Rating Outlook Action 
LTR (Long term  B+ Negative Affirmed B+ Negative Affirmed 
Issuer  
default rating)  
STR (Short-term B  Affirmed B  Affirmed 
Issuer default 
rating) 
Local Currency B  Affirmed B  Affirmed 
Short Term Issuer 
Default Rating 
Country Ceiling B+  Affirmed B+  Downgrade 
Local Currency B+ Negative Affirmed B+ Negative Affirmed 
Long Term Issuer 
Default Rating 
Data source: https://www.fitchratings.com/entity/kenya-86485911#ratings  
 
Figure 43: Kenya COVID-19 positivity rate (%) 
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
 
Data Source: https://ourworldindata.org/coronavirus/country/kenya  
*Positivity rate is calculated by dividing the number of new cases with the sample 
tested.  
 
 
 
 
35 
 
Positivity rate
01-Apr-20
14-Apr-20
27-Apr-20
10-May-20
23-May-20
05-Jun-20
18-Jun-20
01-Jul-20
14-Jul-20
27-Jul-20
09-Aug-20
22-Aug-20
04-Sep-20
17-Sep-20
30-Sep-20
13-Oct-20
26-Oct-20
08-Nov-20
21-Nov-20
04-Dec-20
17-Dec-20
30-Dec-20
12-Jan-21
25-Jan-21
07-Feb-21
20-Feb-21
05-Mar-21
18-Mar-21
31-Mar-21
13-Apr-21
26-Apr-21
09-May-21
22-May-21
04-Jun-21
17-Jun-21
30-Jun-21
Figure 44: Other COVID-19 statistics for Kenya, April 2020- June 2021 
  
  
 Data Source: World Health Organization, 
https://www.worldometers.info/coronavirus/country/kenya/   
 
 
 
36