Published On: Sat, Apr 4th, 2020

Kenya private sector activity plunges in March – PMI

Reuters

Private sector activity in Kenya tumbled in March as the global coronavirus pandemic hammered consumer demand and forced businesses to reduce their operations and staffing levels, a survey showed on Friday.

The Markit Stanbic Bank Kenya Purchasing Managers’ Index (PMI) for manufacturing and services plunged to 37.5 in March from 49.0 in February. Readings above 50.0 indicate growth.

March’s number was the second-lowest in the survey’s history.

“Kenyan firms saw a marked drop in business activity during the month, which was widely linked to the impact of the COVID-19 pandemic on consumer demand,” the data compilers said in their survey report.

“Many surveyed businesses noted that worries surrounding the virus meant that customers cancelled or reduced new orders, leading to a steep fall in total sales that was the second-sharpest on record.”

Source: Reuters

https://www.reuters.com/article/kenya-economy-pmi/kenya-private-sector-activity-plunges-in-march-pmi-idUSL8N2BQ2SS

 

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