In Summary
  • The Markit Stanbic Bank Kenya Purchasing Managers’ Index (PMI) for manufacturing and services rose for the first time in four months to 42.8 in November from 34.4 in October.
  • PMI data is usually collected among 400 companies across agriculture, mining, manufacturing, services, construction and retail sectors.

Private sector activity in November recovered from a record low hit in the previous month as the economy bounced back from a period of intense politicking, data from a monthly survey conducted by CfC Stanbic Bank shows.

The Markit Stanbic Bank Kenya Purchasing Managers’ Index (PMI) for manufacturing and services rose for the first time in four months to 42.8 in November from 34.4 in October.

PMI data is usually collected among 400 companies across agriculture, mining, manufacturing, services, construction and retail sectors.

A reading below 50 on the index indicates contraction, while above indicates an expansion.

“Business conditions deteriorated at a slower pace, thanks in large part to the conjecture by the private sector that the political impasse is now behind us,” said Jibran Qureishi, economist for East Africa at Stanbic Bank.

Businesses in the country faced serious headwinds this year from a prolonged electioneering period, coupled with slowing credit growth and a severe drought. These forced many to cut back on spending and lay-off workers to survive.

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