Markets & Finance

Private sector rebounds in April after slowdown

cfc

The CFC Stanbic Bank branch along Kimathi Street in Nairobi. PHOTO | FILE

Growth of Kenya's private sector gathered speed in April after a slowdown in March, according to data compiled by CfC Stanbic Bank.

The Purchasing Managers’ Index (PMI) data released by the bank on Monday indicates a turnaround in growth of the private sector, following a substantial slowdown at the end of the first quarter.

The PMI picked up from five-month low to signal robust improvement in business conditions.

“Business conditions improved at a solid pace, helped by sharp expansions in output and new orders. Notably, the rise in total new business was boosted by a survey-record increase in new export work,” said the bank.

The lender however noted that despite the growth of purchasing activity, the rate of job creation eased slightly.

“On the price front, charges rose on the back of a sharper increase in input costs,” said CfC Stanbic Bank.