Greetings and welcome to the Money Weekly Newsletter, where we’re zooming in on the Kenya National Bureau of Statistics (KNBS) Economic Survey 2025—and the outlook was (kind of) gloomy. Kenya trailed nearly all of its neighbors in real Gross Domestic Product (GDP) growth for 2024, recording 4.7%, ahead of only South Sudan (4.2%) and Somalia (4.0%). Uganda posted a higher growth rate of 5.7%, Burundi 6.0%, Tanzania 6.1%, and Rwanda led at 7.0%.

Economic indicators also hinted at a weakening economy. Motorcycle registrations dropped sharply from 248,000 in 2020 to just 68,000 in 2024. Similarly, the number of registered motor vehicles fell from 119,205 in 2023 to 93,646 in 2024—a drop of 25,559. Buying a new vehicle—whether for personal use or business—is a major financial commitment. When individuals and companies start holding back on such purchases, it often signals reduced disposable income, tighter credit conditions, or declining confidence in future financial stability.

Flipside: Despite the slowdown, the report showed that 782,000 jobs were created in 2024, though this represents a 7.8% decline from 2023. In the wider job market, top-paying roles had a median monthly salary of Ksh353,048, while lower-tier jobs averaged Ksh29,443. (Check our coverage on the highest-paying jobs here.)

In the investment sector, real estate remained attractive, delivering profit margins of up to 8%, with rental occupancy rates at a high of 88.8%. Two-bedroom townhouses (median monthly rent: Ksh120,000) recorded the highest gross rental yield at 8.3%, followed closely by three-bedroom maisonettes (Ksh140,000 rent) at 8.0%. (Full coverage here.)

We’ve covered these and more stories in this issue—here’s a quick recap.

NEWS RECAP

What happened this week

KNBS Report

• The 2025 KNBS Economic Survey shows that in 2024, top private sector earners worked in extraterritorial organizations like the UN, with an average monthly salary of Ksh353,048, while those in electricity and finance followed closely. In the public sector, the highest salaries were in accommodation and food services (Ksh249,863), transport (Ksh217,737), and finance (Ksh190,652).

• The survey also showed a sharp 21.4% drop in newly registered motor vehicles in 2024, signaling economic distress as both personal and commercial vehicle purchases fell—largely due to reduced disposable income, tighter credit, and lower business confidence. This trend not only reflects weakened consumer and business activity but also hits related sectors like auto sales, finance, insurance, and logistics, reinforcing a broader economic slowdown.

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MONEY TIPS & TOOLS

This week’s finance tips

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That’s a wrap for this week’s Money Weekly!

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Tony and the Money254 editorial team.