Kenya PMI November 2018


Kenya: PMI declines in November

December 5, 2018

Private sector activity weakened slightly in November, reflected by a decline in the Purchasing Managers’ Index (PMI), produced by IHS Markit and Stanbic Bank. The index dropped from 54.0 in October to 53.1 in November, moving closer to the critical 50-point threshold that separates expansion from contraction, signaling a slower improvement in business conditions.

November’s print reflected improved demand in domestic and overseas markets, which fueled solid growth in output and new orders, albeit slightly weaker than the previous month. Backlogs of work continued to rise, although at a more tepid pace. Firms hired more workers to deal with the increase in new business, although the rate of job creation lost pace from the previous month. On the price front, input prices rose again owing to higher prices for fuel and raw materials, and an increase in staffing costs. Output prices climbed in tandem, also reflecting the roll-out of the Michuki transport laws.

FocusEconomics Consensus Forecast panelists expect fixed investment to expand 6.2% in 2019, which is unchanged from last month, and also forecasts an expansion of 6.2% in 2020.


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Kenya PMI Chart

Kenya PMI November 2018

Note: Purchasing Managers’ Index. Readings above 50 indicate an expansion in business conditions while readings below 50 point to a contraction.
Source: Stanbic Bank Kenya and IHS Markit.

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