Businesses shrug off October blues

(Photo: Courtesy)

Private sector activity has begun to pick up, although growth still remains in the negative, according to the latest Stanbic’s Purchasing Managers Index (PMI).

Rates of decline in both output and new orders eased from the survey’s record low in October.

The PMI - which is a composite indicator designed to provide an overall view of activity in the Kenyan economy - rose from a survey record low of 34.4 in October to 42.8 in November.

The index has stayed put below the 50 per cent mark for seven straight months.

Jibran Qureishi, regional economist East Africa at Stanbic Bank, said business conditions are likely to recover from January if the political climate remains calm.