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Business activity in Kenya rose for the second time in three months during October, primarily driven by rising sales and greater client interest. However, overall sales growth remained modest as many businesses continued to face cash flow challenges, tough economic conditions, rising costs, and political uncertainties
Kenya’s private sector activity edged up slightly in October on the uptick in demand for goods and services, prompting firms to grow their workforce for the first time in three months.
The growth in business operating conditions was, however, fractional with companies and households still battling cash flow challenges amid a tough economic setting riddled with political uncertainty, findings of the Stanbic Kenya Purchasing Managers Index (PMI) suggested.
The Stanbic Bank Kenya PMI rose to 50.4 in October 2024 from 49.7 in the previous month, indicating a moderate stabilization in private sector operating conditions.
Business activity in Kenya rose for the second time in three months during October, primarily driven by rising sales and greater client interest. However, overall sales growth remained modest as many businesses continued to face cash flow challenges, tough economic conditions, rising costs, and political uncertainties.
Employment levels also saw a slight increase, marking the first workforce expansion since July and allowing firms to clear backlogs. On the price front, input cost inflation remained mild, while selling prices rose only marginally.
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Lastly, confidence for the coming year reached a four-month high, with new outlets, revised marketing strategies, and increased investment often highlighted as expected growth drivers.
