LIST OF TABLES. Page Number. iii

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2 LIST OF TABLES Page Number Table 1(a): Kenya Consumer Price Indices... 4 Table 1(b): Kenya Inflation rate... 5 Table 2: Mean Foreign Exchange rates of Kenyan Shilling against Selected Major Currencies at the end of the Month... 7 Table 3: Interest Rates (%)... 8 Table 4: Nairobi Securities Exchange... 9 Table 5 (a): Money Supply Table 5(b): Gross Foreign Exchange Reserves Table 6: Coffee Sales and Prices* Table 7: Tea Production and Auction Prices Table 8: Cane Deliveries Table 9(a): Monthly Retail Prices for Dry Maize, 2015 (per Kg) Table 9(b): Monthly Retail Prices for Dry Maize, 2016 (per Kg) Table 9(c): Average Monthly Retail Prices for Dry Beans, 2015 (per Kg) Table 9(d): Average Monthly Retail Prices for Dry Beans, 2016 (per Kg) Table 10: Exports of Coffee and Tea Table 11: Monthly Exports of Fresh Horticultural Produce Table 12: External Trade Table 13(a): Major Destinations of Domestic Exports Table 13 (b): Domestic Exports by Broad Economic Category Table 14 (b): Imports by Broad Economic Category Table 15(a): Local Electricity Generation by Source Table 15(b): Generation and Consumption of Electricity Table 15 (c): Consumption of Petroleum Fuels Table 15 (d): Average Retail Prices for Selected Fuel Products within Nairobi Table 15 (e): Average Retail Prices for Selected Fuels in Kenya Table 15(f): Murban ADNOC Crude Oil Prices Table 16: Value of Building Plans Approved by Nairobi City County Planning Compliance & Enforcement Department Table 17(a): Domestic Production of Sugar Table 17(b): Production of Soft Drinks Table 17(c): Production of Assembled Vehicles Table 17(d): Production of Galvanized Sheets Table 17(e): Cement Production and Consumption Table 17(f): Milk Intakes in the Formal Sector Table 18: Visitor Arrivals through J.K.I.A and M.I.A Table (19b): Jomo Kenyatta international airport- Landed Passengers by Port of Origin iii

3 LIST OF FIGURES Page Number Fig. 1: Inflation rates... 6 Fig. 2: End of Month Mean Exchange rate of Kenya Shillings against Major Selected Currencies... 7 Fig. 3: Nairobi Securities Exchange 20 Share Index Fig. 4: Foreign Exchange Reserves Fig.5: Coffee Sales at the Nairobi Coffee Exchange Fig.6: Tea Production Fig.7: Cane Deliveries Fig. 8: Electricity Generation by Source Fig. 9: Electricity Generation, Consumption and Power Losses Fig. 10: Average Prices for Liquefied Petroleum Gas in Kenya ( 000 KSh per 13 Kg cylinder) Fig. 11: Trends for Different world Crude Oil Prices Fig. 12: Milk Intake in the Formal Sector Fig. 13: Visitor Arrivals through J.K.I.A and M.I.A iv

4 KEY HIGHLIGHTS OVERVIEW The Leading Economic Indicators highlights trends in Consumer Price Indices (CPI) and inflation, interest rates, exchange rates, international trade, agriculture, energy, manufacturing, building and construction, tourism and transport. MACROECONOMIC INDICATORS Consumer Price Index (CPI) increased from points in Febuary 2017 to points in March The overall rate of inflation rose from 9.04 per cent to per cent during the same period. In March 2017, the Kenyan Shilling appreciated against its major trading currencies except the South African Rand. The average yield rate for the 91-day Treasury bills, which is a benchmark for the general trend of interest rates, increased from 8.64 per cent in February 2017 to 8.68 per cent in March 2017 while the inter-bank rate fell to 6.41 in February 2017 from 7.70 per cent in January The Nairobi Securities Exchange (NSE) 20 share index increased from 2,962 points in February 2017 to 3,112 points in March 2017, while the total number of shares traded decreased from 651 million shares to 636 million shares during the same period. The total value of NSE shares traded decreased from KSh billion in February 2017 to KSh billion in March Broad money supply (M3), a key indicator for monetary policy formulation, expanded from KSh 2, billion in February 2017 to KSh 2, billion in March Gross Foreign Exchange Reserves expanded from KSh 1, billion in February 2017 to KSh 1, billion in March Net Foreign Exchange Reserves increased from KSh billion in February 2017 to KSh billion in March A). AGRICULTURE The quantity of coffee auctioned at the Nairobi Coffee Exchange declined from 6, MT in February 2017 to 5, in March 2017 while the average auction price decreased from KSh per kilogram to KSh per Kilogram over the same period. The quantity of produced tea decreased from 32,991 MT in January 2017 to 22,605 MT in February The price of processed tea increased from KSh to KSh per kilogram over the same period. The amount of cane deliveries decreased from thousand tonnes in January 2017 to thousand tonnes in February Average price for dry maize declined from KSh per kilogram in November 2016 to KSh per kilogram in December The average price per Kilogram for 1

5 dry beans in the month of December 2016 was KSh Milk deliveries to formal processors fell from 47.7 million litres in January 2017 to 36.3 million litres in February The quantity of cutflower horticultural exports went up from 12, MT in November 2016 to 12, MT in December 2016 while the value of exports increased from KSh 5, million to KSh 5, million during the period.the volume of vegetable exports decreased from 8, MT in November 2016 to 6, MT in December The value in KSh million of vegetable exports expanded from 1, to 1, in the same period. B). INTERNATIONAL TRADE Quantity of coffee exported rose from 3,213.6 MT in January 2017 to 3,868.4 MT in February 2017 while its value increased from KSh 1,552.6 million to KSh 2,093.6 million over the same period. The quantity of tea exported contracted from 46,434.4 MT in January 2017 to 33,897.7 MT in February 2017, while its value decreased from KSh 14,072.1 million to KSh 10,879.8 million over the same period. Volume of trade declined from KSh billion in January 2017 to KSh billion in February The value of total exports fell by 1.8 per cent to KSh 48.0 billion while the value of imports decreased from KSh billion in January 2017 to KSh billion in February Domestic exports by Broad Economic Category (BEC) indicated that food and beverages was the main export category in February 2017 accounting for 43.3 per cent of exports, while non-food industrial supplies and consumer goods not elsewhere specified accounted for 24.6 per cent and 28.5 per cent of the value of total domestic exports, respectively. Imports by BEC indicate that non-food industrial supplies was the main import category in February 2017 with a share of 34.1 per cent. Machinery & other capital equipment; fuel and lubricants; and transport constituted 21.9, 15.0 and 9.2 per cent, of the total value of imports, respectively. Imports of food and beverage recorded a share of 9.2 per cent of the total imports while consumer goods not elsewhere specified recorded a share of 8.3 per cent. C). ENERGY Total electricity generation increased to million KWh in March 2017 from in Febuary Domestic consumption of electricity expanded from million KWh in February 2017 to million KWh in March In the international market, the price of Murban crude oil dropped from an average of US Dollars per barrel in February 2017 to US Dollars per barrel in February, The national average domestic retail oil prices of motor gasoline premium rose from KSh per litre in Febuary, 2017 to KSh per litre retailed in March, The price of light diesel oil increased to retail at KSh

6 in March, 2017 from KSh in February, The average price for Kerosene rose to retail at KSh in March Charcoal prices averaged KSh during the period. The price of a 13-Kg cylinder of gas averaged KSh 1, in March, D). MANUFACTURING, BUILDING AND CONSTRUCTION The quantity of cement produced fell from 565,440 MT in January 2017 to 509,977 MT in February, Consumption of cement contracted from 535,018MT in January 2017 to 478,713 MT in February Sugar production contracted from 53,071 Metric tonnes in January 2017 to 49,094 Metric tonnes in February Production of assembled vehicles increased from 375 units in January 2017 to 559 units in February E). TOURISM AND TRANSPORT The total number of visitors arriving through Jomo Kenyatta (JKIA) and Moi International Airports (MIA) decreased to 72,730 in February 2017 from 79,690 in January The number of passengers who landed at Jomo Kenyatta International Airport (JKIA) decreased from 179,601 in November 2016 to 179,577 in December 2016, while passengers who embarked increased from 180,274 persons to 180,327 persons in the same period. The total number of vehicles registered increased to 27,480 in February 2017 from 20,733 in January Motorcycles and station wagons accounted for 69.3 per cent and 16.8 per cent, of total motor vehicles registered in February 2017, respectively. 3

7 Table 1(a): Kenya Consumer Price Indices Kenya CPI: Base period February 2009=100 Group Nairobi Lower Income Middle Income Upper Income Nairobi Combined Rest of Urban Areas Kenya CPI 2015 January February March April May June July August September October November December January February March April May June July August September October November December January February March Notes 1. NairobiI LowerIncomegroup - Households spending less than KSh 23,670 in October Nairobi Middle Income Group- Households spending betweenksh 23,671 to KSh 119,999 in October Nairobi Upper Income Group - Households spending above KSh 120,000 in October 2005 Rest of Urban areas includes Mombasa, Malindi, Machakos, Nyeri, Thika, Nakuru, Kisii, Kisumu, Eldoret, Nyahururu, Garissa and Bungoma. 4

8 Table 1(b): Kenya Inflation rate Inflation Rates Period 2015 Nairobi Nairobi Nairobi Lower Middle Upper Nairobi Rest of Urban Kenya Income Income Income Combined Areas CPI March April May June July August September October November December January February March April May June July August September October November December January February March

9 Fig. 1: Inflation rates 6

10 Table 2: Mean Foreign Exchange rates of Kenyan Shilling against Selected Major Currencies at the end of the Month Year Currency Jan Feb March April May June July Aug Sep Oct Nov Dec Jan Feb Mar 1 US Dollar Pound Sterling Euro Japanese Yen SA Rand USHS/KES TSHS/KES Source: Central bank of Kenya Fig. 2: End of Month Mean Exchange rate of Kenya Shillings against Major Selected Currencies 7

11 Table 3: Interest Rates (%) Month/Year 2015 Average Yield Rates 91 Days Treasury Bills Central Bank Rate Rates for Commercial Banks Loans and Advances (Weighted Average) Overdraft Rates Average Deposit Rate Inter Bank Rates Savings (Commercial Banks Rates) January February March April May June July August September October Nov Dec January February March April May June July August September October November December January February March Source: Central Bank of Kenya 8

12 Table 4: Nairobi Securities Exchange Month 2015 Number of Transactions Number of Shares (Million) Value of Shares (Million KSh) NSE 20 Share Index January 39, ,715 5,212 February 42, ,491 March 44, ,516 5,346 April 36, ,642 5,091 May 35, ,331 4,788 June 33, ,251 4,906 July 33, ,554 4,405 August 31, ,792 4,176 September 30, ,375 4,173 October 27, ,837 3,869 November 27, ,149 4,016 December 23, ,109 4, January 26, ,999 3,773 February 25, ,161 3,871 March 30, ,449 3,982 April 25, ,066 4,009 May 24, ,721 3,868 June 26, ,247 3,641 July 22, ,613 3,489 August 29, ,655 3,179 September 24, ,872 3,243 October 21, ,846 3,251 November 26, ,439 3,247 December 16, ,107 3, January 19, ,054 2,794 February 19, ,579 2,962 March 23, ,460 3,112 Base Jan 1966=100 9

13 share index Fig. 3: Nairobi Securities Exchange 20 Share Index 5,500 5,000 4,500 4,000 3,500 3,000 2,500 Month 10

14 Table 5 (a): Money Supply As at end of month Money (M1)* Quasi Money NBFI's** Total (M2)*** 2015 Foreign currency deposits Broad Money (M3)**** % Change January 939,593 1,048, ,987, ,943 2,350, February 946,469 1,085, ,031, ,143 2,407, March 971,266 1,075, ,046, ,992 2,398, April 999,702 1,087, ,087, ,268 2,464, May 991,192 1,107, ,098, ,558 2,501, June 1,000,097 1,138, ,138, ,461 2,552, July 1,016,663 1,126, ,142, ,725 2,548, August 1,015,251 1,146, ,161, ,811 2,569, September 979,788 1,153, ,133, ,694 2,556, October 1,022,867 1,159, ,182, ,430 2,574, November 1,025,979 1,165, ,191, ,834 2,604, December 1,023,672 1,211, ,234, ,369 2,658, January 1,044,549 1,157, ,202, ,624 2,613, February 1,039,668 1,191, ,231, ,228 2,627, March 1,076,765 1,186, ,262, ,938 2,662, April 1,101,052 1,185, ,286, ,680 2,691, May 1,113,811 1,184, ,298, ,286 2,708, June 1,133,709 1,199, ,333, ,815 2,756, July 1,107,635 1,190, ,296, ,108 2,712, August 1,112,409 1,192, ,304, ,574 2,738, September 1,236,724 1,087,513 3,410 2,320, ,014 2,761, October 1,272,055 1,063,410 3,359 2,332, ,318 2,750, November 1,285,795 1,047,945 3,183 2,330, ,583 2,767, December 1,308,928 1,036,699 3,002 2,342, ,904 2,753, January 1,271,223 1,050,403 3,072 2,318, ,653 2,748, February 1,285,150 1,050,161 3,096 2,332, ,670 2,767, March 1,314,854 1,081,483 2,976 2,393, ,367 2,832, Source: Central Bank of Kenya KSh million 11

15 Table 5(b): Gross Foreign Exchange Reserves Month Central Monetary Authority Total Foreign Assets Gross Total 2015 Central Bank National Government** Commercial Banks NBFI KSh Million* Net of Foreign Exchange Liabilities ^ January 702,738 1, , , , ,974 February 713,564 1, , , , ,461 March 707,206 1, , , , ,813 April 704,648 1, , , , ,129 May 711,734 1, , , , ,477 June 708,191 1, , , , ,495 July 707,262 2, , , , ,935 August 710,823 2, , , , ,805 September 683,381 2, , , , ,419 October 737,960 2, , , , ,570 November 726,542 2, , , , ,906 December 765,127 2, , , , , January 758,250 1, , ,676 1, , ,728 February 763,307 1, , , , ,514 March 786,160 2, , , , ,919 April 803,930 2, , , ,016, ,094 May 799,984 1, , , ,010, ,573 June 826,995 1, , , ,055, ,983 July 819,852 1, , , ,046, ,330 August 819,867 1, , , ,046, ,824 September 824,645 1, , , ,070, ,122 October 810,612 1, , , ,044, ,317 November 779,924 1, , , ,032, ,286 December 751,911 1, , ,471 1, , , January 762,878 1, , , ,000, ,719 February 761,269 1, , , ,016, ,889 March 837,107 1, , , ,087, ,954 Source: Central Bank of Kenya * Includes encumbered reserves 12

16 KSh Billion Fig. 4: Foreign Exchange Reserves 1, Gross Foreign Reserves Month Net Foreign Reserves 13

17 Table 6: Coffee Sales and Prices* Month *** QUANTITY (MT) PRICE ($ /kg) PRICE (Ksh /kg) QUANTITY (MT) PRICE ($ /kg) PRICE (Ksh /kg) QUANTITY (MT) PRICE ($ /kg) PRICE (Ksh /kg) January 2, , , February 4, , , March 5, , , April 3, , May 2, , June** , July** 2, August 3, , September 2, , October 1, , November 1, , December 1, , Annual 32, , Source: Coffee Directorate * Auction Price NB: MT denotes Metric Tonnes *** Provisional ** Nairobi Coffee Exchange was in recess for most of June 2015 & June/July 2016 Fig. 5: Coffee Sales at the Nairobi Coffee Exchange 14

18 Table 7: Tea Production and Auction Prices Months QUANTITY (MT) PRICE ($/Kg) PRICE (KSh/Kg) QUANTITY (MT) PRICE ($/Kg) PRICE (KSh/Kg) QUANTITY (MT) PRICE ($/Kg) PRICE (KSh/Kg) QUANTITY (MT) 2017* PRICE ($/Kg) PRICE (KSh/Kg) January 44, , , , February 33, , , , March 33, , , April 39, , , May 41, , , June 31, , , July 30, , , August 26, , , September 33, , , October 45, , , November 38, , , December 45, , , Annual 445, , , Source: Tea Directorate MT denotes Metric Tonnes *Provisional 15

19 Fig. 6: Tea Production 16

20 Table 8: Cane Deliveries 000 Metric Tonnes Month * January February March April May June July August September October November December Total 5, , , , , , Source : Sugar Directorate * Provisional 17

21 Fig. 7: Cane Deliveries 18

22 Table 9(a): Monthly Retail Prices for Dry Maize, 2015 (per Kg)- Market/Month JAN FEB MAR APR MAY JUNE JULY AUG SEP OCT NOV DEC Kiambu Limuru Thika Gatundu Kutus Sagana Kerugoya Muthithi Makuyu Kiriaini Engineer Nyeri Endarasha Karatina Gakindu Nanyuki Nyahururu Kaloleni Malindi Kibauni Kilifi Ukunda Kwale Mpeketoni Mkunguni Mwembe Tayari Majengo Sega Kongowea Hola Garsen Bura Tana Runyenjes Embu Town Siakago Mwingi Kalundu Machakos Town Tawa Tala Maua Kianjai Gakoromere Chuka Town Kaanwa Wote Wajir Town Marsabit Daraja Mbili Kibirigo Nyangusu Riochanda Nyabite Mogonga Igare Kibuye Ahero Kiboswa Sondu Bondo Siaya Ngiya Unguja Kegonga Homabay Oyugis Kehacha Migori Kabarnet Kimulot Sotik Bomet Muthurwa Narok Nakuru Town Kapsabet Mulot Kitale Eldoret Burn Forest Turbo Kipkaren Iten Kajiado Bungoma Town Kimilili Kapsokwony Bumala Busia Town Butere Kakamega Mumias Mundeta Cheptula Mbale Muthurwa Kawangware Burma Gikomba Kangemi Korokocho Toi Total Data not available 19

23 Table 9(b): Monthly Retail Prices for Dry Maize, 2016 (per Kg) Month/Town JAN FEB MAR APR MAY JUNE JULY AUG SEPT OCT NOV DEC Kiambu Limuru Thika Gatundu Kutus Sagana Kerugoya Muthithi Makuyu Kiriaini Ol Kalou Ndaragwa Nyeri Endarasha Karatina Gakindu Nanyuki Nyahururu Ukunda Kwale Wundanyi Voi Mwatate Mpeketoni Mkunguni Mokowe Mwembe Tayari Majengo Sega Kongowea Hola Garsen Bura Tana Runyenjes Embu Town Siakago Mwingi Kalundu Machakos Town Tawa Tala Maua Kianjai Gakoromere Chuka Town Kathwana Wote Marsabit Kibuye Ahero Kiboswa Sondu Bondo Akala Siaya Ngiya Unguja Kegonga Homabay Oyugis Kehacha Migori Turkana Kabarnet Kimulot Sotik Fort Ternan Bomet Muthurwa Narok Nakuru Town Mulot Kitale Kapenguria Eldoret Burn Forest Turbo Kipkaren Iten Kajiado Bungoma Town Kimilili Kapsokwony Bumala Busia Town Butere Kakamega Mumias Mundeta Cheptula Mbale Muthurwa Kawangware Burma Gikomba Kangemi Korokocho Toi Total

24 Table 9(c): Average Monthly Retail Prices for Dry Beans, 2015 (per Kg) Market/Month JAN FEB MAR APR MAY JUNE JULY AUG SEP OCT NOV DEC Kiambu Limuru Thika Gatundu Kutus Sagana Kerugoya Muthithi Makuyu Kiriaini Engineer Nyeri Endarasha Karatina Gakindu Nanyuki Nyahururu Kaloleni Malindi Kibauni Kilifi Ukunda Kwale Mpeketoni Mkunguni Mwembe Tayari Majengo Sega Kongowea Hola Garsen Bura Tana Runyenjes Embu Town Siakago Mwingi Kalundu Machakos Town Tawa Tala Maua Kianjai Gakoromere Chuka Town Kaanwa Wote Wajir Town Marsabit Daraja Mbili Kibirigo Nyangusu Riochanda Nyabite Mogonga Igare Kibuye Ahero Kiboswa Sondu Bondo Siaya Ngiya Unguja Kegonga Homabay Oyugis Kehacha Migori Kabarnet Kimulot Sotik Bomet Muthurwa Narok Nakuru Town Kapsabet Mulot Kitale Eldoret Burn Forest Turbo Kipkaren Iten Kajiado Bungoma Town Kimilili Kapsokwony Bumala Busia Town Butere Kakamega Mumias Mundeta Cheptula Mbale Muthurwa Kawangware Burma Gikomba Kangemi Korokocho Toi Total

25 Table 9(d): Average Monthly Retail Prices for Dry Beans, 2016 (per Kg) Month/Town JAN FEB MAR APR MAY JUNE JULY AUG SEPT OCT NOV DEC Kiambu Limuru Thika Gatundu Kutus Sagana Kerugoya Muthithi Makuyu Kiriaini Ol Kalou Ndaragwa Nyeri Endarasha Karatina Gakindu Nanyuki Nyahururu Ukunda Kwale Wundanyi Voi Mwatate Mpeketoni Mkunguni Mokowe Mwembe Tayari Majengo Sega Kongowea Hola Garsen Bura Tana Runyenjes Embu Town Siakago Mwingi Kalundu Machakos Town Tawa Tala Maua Kianjai Gakoromere Chuka Town Kathwana Wote Marsabit Kibuye Ahero Kiboswa Sondu Bondo Akala Siaya Ngiya Unguja Kegonga Homabay Oyugis Kehacha Migori Turkana Kabarnet Kimulot Sotik Fort Ternan Bomet Muthurwa Narok Nakuru Town Mulot Kitale Kapenguria Eldoret Burn Forest Turbo Kipkaren Iten Kajiado Bungoma Town Kimilili Kapsokwony Bumala Busia Town Butere Kakamega Mumias Mundeta Cheptula Mbale Muthurwa Kawangware Burma Gikomba Kangemi Korokocho Toi Total