Contents
- Executive Summary
- Ethiopia
- Kenya
- Rwanda
- Uganda
- Quarterly & annual data tables
Executive summary
East African economies remained resilient in November 2025, with regional real GDP growth robust, averaging above 5% between Q2 and Q3 2025, supported by recovering demand and tourism and investment. Inflation is moderating across the region. For example, Kenya, Rwanda, Ethiopia, and Uganda all witnessed declines in inflation between October and November. Inflation across the tracked countries is within or below central bank targets, supporting a less aggressive monetary stance across the region that is supporting credit access and output growth.
However, currencies remain under strain in some cases; the Ethiopian birr maintained the downward trend, though the rate of depreciation has slowed—a trend we foresee continuing in the near term. The Kenyan shilling remained relatively stable, supported by central bank interventions. Meanwhile, the Ugandan shilling shed most of its gains this year in November as corporate forex demand,
