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The latest Stanbic Purchasing Managers’ Index (PMI) survey revealed that the December festive season activities saw Kenyan businesses record the sharpest rise in activity since February, giving new hopes that the economy was on the road to recovery. This has led to accelerated increases in output and employment. The pick-up of the economy was also due to softening of inflationary pressures and reining in of the cost of production
The latest Stanbic Purchasing Managers’ Index (PMI) survey revealed that the December festive season activities saw Kenyan businesses record the sharpest rise in activity since February, giving new hopes that the economy was on the road to recovery. This has led to accelerated increases in output and employment. The pick-up of the economy was also due to softening of inflationary pressures and reining in of the cost of production.
The PMI survey however indicated that the business outlook for 2023 was subdued due to continued worries about global economic conditions. The sustained improved activity for the previous months saw the headline figure derived from the Stanbic Purchasing Managers’ Index (PMI) survey pick up to a three-month high of 51.6 in December, rising from 50.9 in November. It has remained above the 50.0 neutral mark for the fourth month running, indicating a modest improvement in operating conditions for businesses. Any increase above the 50 mark is considered a positive development.
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The survey noted that new order inflows increased amid reports of improving demand conditions for businesses. The rate of sales growth also quickened to a ten-month high. Sectoral performances varied, with positive growth in agriculture, manufacturing, and wholesale & retail. However, sectors like construction and services did not show positive growth. Export growth also dropped to a nine-month low.
