Kenya’s private sector expanded at the strongest pace in eight months in December underpinned by increased activity at both manufacturers and services providers.
The Markit Stanbic Bank Kenya Purchasing Managers’ Index (PMI) for manufacturing and services rose to 53.0, from 42.8 in November. The 50.0 mark separates expansion from contraction.
“The private sector began to benefit from political stability,” said Jibran Qureishi, regional economist for East Africa at Stanbic Bank.
“Growth will recover over the coming year, supported by the agriculture and tourism sector, while a resumption in public spending will also add some much-needed stimulus,” he said.
The sector declined by 34.4 in October its lowest level.
Genghis Capital Analysts had projected a print of below 50 in December.