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Recent Topicals

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Kenya’s Real Estate Investment Trusts (REITs) FY’2024 Report

Apr 13, 2025

Following the release of the FY’2024 results by all four authorized Real Estate Investment Trusts (REITs) in Kenya, the Cytonn Real Estate Research Team undertook an analysis of the financial performance of the REITs and identified the key factors that shaped the performance of the sector. For the earnings notes of the various REITs, click the links below: ILAM Fahari I-REIT FY’2024 Earnings Note LapTrust Imara I-REIT FY’2024 Earnings Note Acorn I-REIT FY’2024 Earnings Note Acorn D-REIT FY’2...

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Cytonn Note on the 8th April 2025 Monetary Policy Committee (MPC) Meeting

Apr 6, 2025

The Monetary Policy Committee (MPC) is set to meet on Tuesday, 8th April 2025, to review the outcome of its previous policy decisions and recent economic developments, and to decide on the direction of the Central Bank Rate (CBR). In their previous meeting held on 5th February 2025, the committee noted that they would closely monitor the impact of the policy measures taken, as well as developments in the global and domestic economy, and stood ready to reconvene earlier if necessary. Additionally, the MPC decided to cut the CBR by 50.0 bps citing that its previous interventions successfully curbed inflation to below the midpoint of the CBK’s target range, which came in at 3.6% in March 2025, supported by the exchange rate stability, and lower fuel inflation. This was in line with our

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Kenya Macroeconomic Review

Apr 6, 2025

According to the Kenya National Bureau of Statistics (KNBS) Q3’2024 Quarterly Gross Domestic Product Report, the Kenyan economy recorded a 4.0% growth in Q3’2024, lower than the 6.0% growth recorded in Q3’2023. The main contributor to Kenyan GDP remains to be Agriculture, Fishing and Forestry sector which grew by 4.2% in Q3’2024, lower than the 5.1% expansion recorded in Q3’2023. In Q3’2024 all sectors, except Mining and Quarrying and Construction recorded positive growths, with varying magnitudes across activities. Most sectors recorded declining growth rates compared to Q3’2023 with Accommodation and Food Services, Mining and Quarrying and Financial & Insurance Sectors recording the highest declines of 20.8%, 11.9%, and 10.8% points, respectively. Other sectors that recorded a contraction in growth rate, from what was recorded in Q3’2023 were Construction, Electricity and Water Supply and Real Estate sectors, of 6.0...

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Sub-Saharan Africa Regional Review

Apr 6, 2025

Sub-Saharan Africa Region Review According to the World Bank, the Sub-Saharan economy is projected to grow at a moderate rate of 4.1% in 2025, which is 0.9% higher than the 3.2% growth estimate recorded in 2024. The expected recovery is primarily driven by private consumption growth as declining inflation boosts the purchasing power of household incomes. Nevertheless, the risk of debt distress remains high with more than half of countries facing unsustainable debt burdens. The public debt is expected to remain high due to increased debt servicing costs as a result of continued currency depreciation and high interest rates in developed economies. Additionally, many countries are providing subsidies in order to mitigate inflationary pressures, which could worsen public finance, increase public debt, and weigh do...

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Global Markets Review

Apr 6, 2025

Global Economic Growth: According to the World Bank the global economy is projected to grow at 2.7% in 2025, matching the 2.7% recorded in 2024. This forecast marks a slight upward revision from earlier projections, reflecting economic recovery, particularly for emerging markets. The World Bank’s growth projection is 0.6% points lower than the IMF’s 2025 forecast of 3.3%. However, recent developments indicate that some central banks, such as those in the United States and England, have begun to cut interest rates in response to easing inflat...

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