Private sector growth high

Thursday January 7 2016

People walk past a CFC Stanbic Bank branch in Nairobi. PHOTO | FILE

People walk past a CFC Stanbic Bank in Nairobi. FILE PHOTO | NATION MEDIA GROUP 

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Kenya’s private sector expansion gathered momentum in December, having stalled somewhat just two months earlier in 2015.

This is according to the latest CfC Stanbic Bank Purchasing Managers’ Index™ released on Wednesday.

According to the report detailing business activity, growth rates in output, new work and employment all accelerated towards the tail end of 2015, as did that for input buying.

It shows that activity quickened to a one-year high, helped by a combination of stronger client demand and the opening of new branches.

“The private sector closed the year on a strong note as the Purchasing Managers’ Index™ (PMI) rose to an eight-month high of 55.5 from 53.7 in the previous month and a survey-record low of 51.7 in October,” said the report noting that the latest rise in output was “the most marked” seen throughout 2015.

The index shows that new business also exhibited growth, largely accelerated by enhanced marketing and higher new export work.