Kenyan companies recorded expanded production and got more new orders in April as demand for exports grew in regional markets. This is according to a survey released on Thursday showed.
Anything above 50.0 denotes growth; anything below, contraction. The PMI is one of the indicators watched by the Central Bank’s Monetary Policy Committee. The rise in April’s PMI was the fastest since the series began in January 2014.
The CfC Stanbic Bank Kenya Purchasing Managers‘ Index™ (PMI™) is a composite indicator designed to provide an overall view of activity in the Kenyan
The Markit and CFC Stanbic Kenya Purchasing Managers’ Index (PMI) rose to 54.8 in April, from 52.6 in March.
“As regional infrastructure is bolstered, through developments such as the Standard Gauge Railway, we suspect this avenue will continue to show more promise in the coming years,” said Jibran Qureishi, the regional economist for East Africa at CFC Stanbic, he added that respondents indicated exports to neighbouring Uganda had increased.
Despite the rise, the latest Kenya PMI was the lowest reading during the month of April since the series started.