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Financial News: Kenya Private Sector Growth At 10-month Low

Kenya Private Sector Growth At 10-month Low

10/03/2018 - 04:04:00 (RTTNews)

(RTTNews) - Kenya's private sector expanded at the slowest pace in ten months during September amid sharp slowdowns in output and new business growth, survey data from IHS Markit showed on Wednesday.

The Stanbic Bank Kenya Purchasing Managers' Index fell to 52.7 from 54.6 in August. A reading above 50 suggests growth in the sector.

The Kenyan private sector expanded for a tenth month in a row, but the latest growth was weaker than the historical average.

Price pressures intensified amid higher taxation and fuel bills.

"Indeed, the improvement in business conditions in the second quarter was consistent with the official GDP growth rate which expanded by 6.3% y/y in Q2 up from 5.7% in Q1," Stanbic Bank economist Jibran Qureishi said.

"However, cost pressures and enhanced business uncertainty due to new fiscal year tax measures in the third quarter, is likely to moderate the pace of GDP growth."

Stanbic Bank revised its 2018 GDP growth estimate for Kenya to 5.8 percent from 5.6 percent, owing to a solid performance from the agriculture, information and communication technology, and tourism sectors in the first half of the year.

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