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Private sector’s activity shrinks during electioneering period

Rising political temperatures in October had a toll on the private sector, with hiring and new orders declining sharply, according to Stanbic Bank.

The latest Purchasing Manager’s Index (PMI), an important barometer for the health of the country’s private sector, fell to a record 34.4 in October compared to 40.9 in September with output and new orders contracting.

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