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Kenya PMI May 2023

Kenya: Private-sector PMI increases in May but stays downbeat

The S&P Global Purchasing Managers’ index (PMI) rose to 49.4 in May from April’s 47.2. As a result, the index moved closer to the 50.0 no-change threshold, signalling a softer deterioration in private-sector operating conditions compared to the previous month.

May’s upturn was chiefly due to the increase in employment, the fastest since November 2021. Stockpiling efforts amid possible future cash flow challenges also contributed to the improvement. Moreover, output and new orders fell at softer rates. Businesses’ costs saw the largest increase since the series began amid a weaker shilling and higher fuel prices. Finally, sentiment among firms was slightly positive but still muted by historical standards.

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