MARKETS

Kenya Business Activity Continues to Rise but Confidence at Record Low

By Muindi2021-09-041 Comment1 Min Read

Nairobi, the capital City of Kenya. PHOTO: KHUSOKO

Kenya’s private sector activity continued its upward trend and reached a new high attributed to increased demand and new hirings in August.

The Markit Stanbic Bank Kenya Purchasing Managers’ Index (PMI) rose to 51.1 in August from 50.6 in July.

Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

“The pace of the recovery in business conditions accelerated driven by higher levels of demand and employment,” said Kuria Kamau, fixed income and currency strategist at Stanbic Bank.

“Firms were, however, unable to raise their output to meet all the additional demand and consequently, the number of backlogs rose,” Kamau added.

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Muindi

Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.