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Firms cautious on growth prospects

Modern cotton spinning equipment at Rift Valley Textiles (RIVATEX) in Eldoret. [Kevin Tunoi/Standard]

Optimism among businesses about growth was at a 33-month low in November on the back of a harsh economic environment.

According to Stanbic Bank’s monthly Purchasing Managers’ Index (PMI) – a survey that measures the health of the private sector – companies expressed a gloomy outlook for the next 12 months, akin to that of early 2017 before the General Election.

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