Kenya: PMI improves in November
December 7, 2016
The composite Purchasing Managers’ Index (PMI), produced by IHS Markit and CfC Stanbic Bank, increased from 52.0 in October to 53.3 in November. As a result, the index remains in expansionary territory, where it has been since the survey was launched in January 2014.
Nigeria's increase in November reflects better business conditions on the back of improvements in both domestic and external demand. New work expanded at the fastest rate since February and growth of new businesses increased in November. Analysts added that, “looking ahead, cost for firms could start edging higher owing to the weaker exchange rate, however more specifically we remain concerned around the sharp slowdown in private sector credit growth which could eventually prove to be a stumbling block for activity within Kenya’s private sector.”
Author: Dirina Mançellari, Senior Economist