Kenya private sector activity edged down in February: PMI

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reuters

Kenyan business activity slowed in February after reaching a 13-month peak the previous month but growth remained robust, a survey showed on Thursday.

The Markit CFC Stanbic Kenya Purchasing Managers’ Index (PMI) fell to 55.2 percent last month from January’s reading of 56.4 but remained well above the 50-point mark denoting growth.

The PMI is one of the indicators watched by the central bank’s Monetary Policy Committee.

“The private sector continued to maintain firm growth momentum in February, albeit at a slower pace,” said Jibran

Qureishi, regional economist for East Africa at CFC Stanbic Bank.

He said a backlog of production requirements meant hiring had improved in the Kenyan private sector, adding that a stable foreign exchange rate would help contain costs and support future output. The shilling has risen 0.93 percent against the dollar this year.