Kenya PMI October 2021

Kenya

Kenya: PMI improves in October

November 3, 2021

The IHS Markit Purchasing Managers’ Index (PMI) rose to 51.4 in October, up from 50.4 in September. As a result, the index moved further above the 50-threshold, but pointed to a moderating improvement in business conditions from the previous month.

October’s improvement was largely attributed to a quicker growth in output and new orders, notably in firms in the services sector, while demand in the agricultural and construction sectors eased. Against this backdrop, firms raised their headcounts for the sixth successive month and hiked their purchasing activity. On the price front, raw material shortages, coupled with higher VAT and energy costs, pushed inflation upwards, prompting firms to increase their selling prices, in turn.

FocusEconomics Consensus Forecast panelists expect fixed investment to expand 4.3% in 2022, which is down 0.1 percentage points from last month, and 4.7% in 2023.


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Kenya PMI October 2021

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 IHS Markit.


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