Kenya PMI May 2022

Kenya

Kenya: PMI falls in May as elevated inflation weighs on demand

June 6, 2022

The S&P Global Purchasing Managers’ Index (PMI) came in at 48.2 in May, down from April's 49.5. Consequently, the index fell further below the 50.0 no-change threshold, signaling a sharper deterioration in business conditions compared to the previous month.

May’s reading was due to the sharpest fall in output in over one year and a renewed drop in employment. Moreover, new business declined for the second straight month in May, while business confidence fell to a record low and input price inflation remained at an over eight-year high, amid supply shortages and a strong U.S. dollar.

FocusEconomics Consensus Forecast panelists expect fixed investment to expand 4.4% in 2022, which is unchanged from last month, and 4.7% in 2023.


Author:, Economist

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Kenya PMI May 2022

Note: Purchasing Managers’ Index. Readings above 50 indicate an overall improvement in business conditions and below 50 an overall deterioration.
Source: Stanbic Bank Kenya and S&P Global.


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