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Report shows expanding Kenya private sector despite shilling woes

Published on July 09, 2015

Kenya's private sector weathered the depreciating shilling to record growth in business in June according to a June Purchasing Managers’ Index survey.

The PMI released Wednesday by CFC bank indicate a robust growth of the Kenya’s private sector characterised by strong expansions in both output and new orders.

CfC Stanbic bank Economist Jibran Qureishi said the overall expansion in growth was bolstered by new project opportunities and high customer turnout as companies reported improved marketing strategies to the drive stronger order books.

“The latest PMI reading of 55.3 in June from 55.1 in May further supports our view of a rebound in economic activity in the second quarter of the year. With exceptionally good rains and a recovery in global tea prices, the agriculture sector was probably a dominant driver of this improving growth. Moreover, the expansionary fiscal policy for FY2015/16 is likely to further underpin growth in the Kenyan private sector,” Mr Qureishi said. Read more. Source | Daily Nation