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Kenya PMI August 2023

Kenya: PMI improves in August

The Stanbic Bank and S&P Global Purchasing Managers’ index (PMI) jumped to 50.6 in August from July’s 45.5. August’s result marked the best performance since January. Consequently, the index rose above the 50.0 no-change mark, signaling an improvement in private-sector operating conditions from the previous month.

August’s improvement was driven by faster growth in output and new orders amid higher demand resulting from greater political stability. Additionally, employment also rose during the month. That said, input prices continued to rise at around a series-high pace, leading to the fastest increase in selling prices since June 2022. The deterioration of the shilling, higher tax burdens and rising fuel prices continued to be the main drivers of heightened price pressures. Turning to the business outlook, sentiment regarding the economic situation in the next 12 months picked up to a five-month high.

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