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Kenya private sector activity inches up in December -PMI

BUSINESS NEWS
By Reuters | January 6th 2021

Kenya’s private sector activity increased only slightly in December as firms struggled with a jump in prices of materials and shortages in some cases, a survey showed on Wednesday.

The Markit Stanbic Bank Kenya Purchasing Managers’ Index (PMI) rose slightly to 51.4 last month from 51.3 in November. The 50.0 mark separates growth from contraction.

“The modest month-on-month improvement in the Stanbic PMI indicates that the pace of the post-pandemic recovery is slowing down,” said Kuria Kamau, fixed income and currency strategist at Stanbic Bank.

The PMI had reached 59.1 in October, the highest since the survey began in 2014, after the country relaxed some of the lockdown measures put in place to curb the spread of the coronavirus.

“A resurgence in COVID-19 cases as well as the re-introduction of lockdowns in some international markets has lowered expectations for the post-pandemic recovery in 2021,” said Kamau.

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