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Kenya PMI November 2023

Kenya: PMI eases in November

The S&P Global Purchasing Managers’ Index (PMI) came in at 45.8 in November, down from October’s 46.2. Consequently, the index fell further below the 50.0 no-change threshold, signaling a sharper deterioration in private sector operating conditions compared to the previous month.

The reading was dragged down by lower new orders and reduced activity due to a slowdown in demand caused by elevated prices and constraints on cash flows. Additionally, November witnessed the swiftest decline in employment since the early stages of the Covid-19 lockdown. On the price front, both input and output prices increased at near-record paces due to the recent depreciation of the country’s currency, high taxes and greater fuel charges. Lastly, sentiment about the economic outlook for the next 12 months slightly worsened to a four-month low.

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