Kenya’s whole economy Purchasing Managers’ Index (PMI), compiled by Markit on behalf of CfC Stanbic Bank, eased in May, but still signalled that business conditions in the East African country are improving at a robust pace, underpinned by a strong growth in new orders and a survey-record rise in employment, Markit said in a statement. The seasonally-adjusted PMI fell to 55.1 last month from 56.2 in April.
The rise in new business, which was stronger than the series average, was supported by another increase in new export orders during the month. On the other hand, private sector output growth was slower than in April and below the series average.
“Notably, cost pressures intensified with both input and output prices rising sharply probably due to the weakness in the Shilling which increased the cost of imports for most firms. The cost pressures arising from the weaker currency aren’t likely to be entrenched considering that policymakers are likely to take measures to manage the pace of this depreciation while keeping a close eye on the trade weighted Shilling,” CfC Stanbic Bank economist Jibran Qureishi said in the statement.
The CfC Stanbic Bank Kenya PMI covers Kenya’s agriculture, mining, manufacturing, services, construction, and retail sectors.
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