× Business BUSINESS MOTORING SHIPPING & LOGISTICS DR PESA FINANCIAL STANDARD Digital News Videos Health & Science Lifestyle Opinion Education Columnists Moi Cabinets Arts & Culture Fact Check Podcasts E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×

Kenyan firms are upbeat on elections

NEWS
By Otiato Guguyu | August 4th 2017

 

Business sentiment has improved slightly as Kenya gears for next Tuesday’s General Election, although the outlook remains largely gloomy.

According to Stanbic Bank’s Purchasing Managers Index (PMI), the seasonally adjusted index rose from a survey record low of 47.3 to 48.1 in July.

“The overall contraction of the private sector was driven by declining output, albeit a slower fall than in June. New orders and employment rose, but only marginally,” said Stanbic Bank in the report.

The PMI has now registered below the neutral 50.0 threshold for the third consecutive month, the longest sequence of decline recorded since the inception of the series in January 2014.

Last month was indicative of a modest contraction of the private sector, but was still the second-lowest in the series to date.

Where a decrease was registered, firms widely linked this to the upcoming elections, customers facing money shortages, high inflationary pressures, and weak demand.

“Elevated political temperatures and a lack of access to credit for firms and households kept the Stanbic PMI in contractionary territory for the third consecutive month,” said Jibran Qureishi, regional economist at Stanbic Bank. 

Share this story
MV Jambo, the new ferry, finally arrives at Mombasa port
The modern ferry can carry up to 1,350 passengers and 60 vehicles and can make up to 40 trips in a day.
Dog walking becomes the newest hustle in town
Dog walking is now a status symbol. Owning a pet is cool. I nowadays meet lots of Kenyans and foreigners walking their dogs and some running.
.
RECOMMENDED NEWS
Feedback