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Browsing: Kenya Protests
- Kenya protests led to a steep decline in business activity in July.
- Kenya’s private sector reported backlogs of work build-up and lengthened supplier lead times.
- In the month under focus, however, rates of inflation remain muted.
July 2024 has proven to be a turbulent month for Kenya’s economy, as widespread protests wreaked havoc on the nation’s private sector. The resulting decline in business activity and output has raised concerns about the long-term implications of political instability on Kenya’s economic health.
According to the Stanbic Bank Purchasing Managers’ Index (PMI) survey Kenya protests, which started in June with calls for the rejection of Finance Bill 2024, have triggered a significant downturn in business conditions, posing grim implications for various sectors, and the broader economy.
The PMI Plunge: A stark indicator of economic strain
The Stanbic Bank PMI report for July 2024 offers a sobering snapshot of the state of Kenya’s private …