Kenya's private sector activity grew faster in October
Kenya’s private sector activity grew faster in October, a survey in the East African nation showed on Wednesday.
In late October, President Uhuru Kenyatta lifted a Covid-19 restrictions that had been in place since March 2020, a move that was expected to spur economic activity. read more
The Markit Stanbic Bank Kenya Purchasing Managers' Index (PMI) rose to 51.4 in October from 50.4 a month earlier. The 50.0 mark separates growth from a contraction in activity.
"Business activity expanded at the fastest pace in the past five months driven by higher demand and output. The improvement in domestic demand was driven by increased client spending primarily in wholesale and retail trade," said Kuria Kamau, Fixed Income and Currency Strategist at Stanbic Bank.
The finance ministry forecasts an economic growth rate of 6% this year compared with a 0.3% contraction in 2020.