Browsing: Kenya National Chamber of Commerce (KNCCI)

Kenyan Businesses Optimistic

Kenyan businesses emerge optimistic in survey despite hurdles

Industry and Trade
  • Kenyan businesses in the hospitality and tourism sector are the most confident they will post growth in Q2
  • Businesses in the energy sector are also optimistic of better Q2 despite challenges in the first quarter.
  • The education sector reflects a balanced sentiment, with 33 per cent expressing extreme, moderate, and slight confidence in revenue growth.

Kenyan businesses in the hospitality and tourism sector are the most confident that they will grow their revenues in the second quarter of 2024 according to a new survey by Kenya National Chamber of Commerce and Industry (KNCCI).

Compared to other sectors, the hospitality and tourism sector exhibits a stronger sense of optimism, with 41 per cent extremely confident, 29 per cent moderately confident, 18 per cent slightly confident, and 12 per cent not confident of increasing their revenues.

In the agriculture sector, results indicate a mixed outlook, with 17 per cent of Kenyan businesses …

The rising global prices which have been on an upward trend since January are putting pressure on Kenya’s economy, as the country’s population continues to dig deeper into their pockets to meet the cost of living. This is in the wake of a rising inflation which rose to 6.58 per cent in April from 4.35 per cent in March, the highest increase in the cost of living in 19 months, mainly driven by high food prices. Crude oil prices have been on the rise since January affecting the transport, manufacturing, agriculture and energy sectors in Kenya.

Global oil prices pile pressure on Kenya’s economy

Kenya

Global oil prices which have been on an upward trend since January are putting pressure on Kenya’s economy, as the country’s population continues to dig deeper into their pockets to meet the cost of living.

This is in the wake of a rising inflation in Kenya which rose to 6.58 per cent in April from 4.35 per cent in March, the highest increase in the cost of living in 19 months, mainly driven by high food prices.

Crude oil prices have been on the rise since January after edging up from USD59.50 per barrel in December. In January, a barrel traded at USD60.95.This went up to USD66.35 in February, USD 68.60(March) and USD73.05 in April.

Brent, which is a benchmark crude, is currently trading at USD71.90, with overall oil prices projected to surge.

Kenya which prices its oil products on the previous month’s market prices (due to the import period), …