INTERNATIONAL – Kenya’s private sector expanded at a slower pace in November compared with the previous month, a survey showed on Wednesday.
The Markit Stanbic Bank Kenya Purchasing Managers’ Index(PMI) for manufacturing and services fell to 53.1 percent in November from 54.0 the previous month. A reading above 50.0 marks growth.
“Despite the Stanbic PMI dipping slightly in November, purchasing activity remains solid,” said Jibran Qureishi, regional economist for East Africa at Stanbic Bank.
Operating conditions for firms improved in the month, the survey found, with respondents citing lower cost pressures as energy and food costs fell. But growth in output and new orders fell slightly below October’s levels.
“The level of growth remained solid with anecdotal evidence showing the continued impact of rising customer numbers on the market,” Markit said.
Detailed PMI data are only available under licence from IHS Markit and customers need to apply for a licence.Reuters