Kenya's economic activity in the private-sector has grown since January for the first time since April 2017.
The Markit Stanbic Bank Kenya Purchasing Managers' Index (PMI) for manufacturing and services rose to 53 in December, from 42.8 in November 2007, after political risks subsided following a prolonged presidential election campaign.
The 50 mark separates expansion from contraction, and the index has risen consistently hitting the 53.1 mark last month.
Kenya's economic activity in the private-sector has grown since January for the first time since April 2017.
The Markit Stanbic Bank Kenya Purchasing Managers' Index (PMI) for manufacturing and services rose to 53 in December, from 42.8 in November 2007, after political risks subsided following a prolonged presidential election campaign.
The 50 mark separates expansion from contraction, and the index has risen consistently hitting the 53.1 mark last month.
"The private sector began to benefit from political stability," said Jibran Qureishi, regional economist for East Africa at Stanbic Bank.
The expansion signals increased production on factory floors, which offers room for firms to stop layoffs and hire more.
The Kenya National Bureau of Statistics (KNBS) said the economy grew by 6.3 per cent year-on-year from 4.7 per cent in the second quarter 2017, pointing to a recovery.
This was due to better performance in agriculture, manufacturing, accommodation and food services.
“The increased activity in the sector was mainly attributable to improved security, a stable political environment and aggressive marketing strategies undertaken by the government,” KNBS said.
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