Private sector activity expands steadily in September
Kenya’s private sector activity rose in September on the back of a recovery in tourism and a rise in orders from new export markets, a survey showed on Wednesday.
The Markit CFC Stanbic Kenya Purchasing Managers’ Index (PMI) stood at 53.5, unchanged from August, but still well above the 50.0 mark that denotes growth.
Jibran Qureishi, regional economist for East Africa at CFC Stanbic Bank, said tourism, a top foreign exchange earner, had improved after the government boosted security following a spate of militant attacks that scared off holidaymakers.
He said respondents to the survey had also reported higher export orders from countries like Namibia, Sudan and Ethiopia.
“This diversification of export markets will only serve to underpin the Kenyan private sector’s resilience,” Qureishi said.
Kenya’s economy expanded by 6.2 percent in the second quarter of this year, up from 5.9 percent in the year ago period, mainly due to a rebound in tourism.
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