Weather, low credit to hurt firms – sur­vey

The Star (Kenya) - - News Business - RICHARD MUNGAI

Agri­cul­tural pro­duc­tion is likely to drop in the com­ing months ow­ing to un­even rain­fall in the coun­try, a monthly sur­vey by Stan­bic Bank sug­gested yes­ter­day. Pur­chas­ing Man­agers’ In­dex in­di­cates bad weather has badly hit the key food grow­ing coun­ties of Bun­goma, Bu­sia, El­geyo Marak­wet, Kakamega, Nakuru, Nandi, Narok, Trans Nzoia, Uasin Gishu and Mig­ori. “More­over, the slow­down in credit growth also poses as a down­side risk to the prom­ise of the pri­vate sec­tor,” Stan­bic Bank’s re­gional economist Ji­bran Qureishi (pic­tured) said yes­ter­day cit­ing the in­dex. The in­dex shows busi­ness con­di­tions im­proved mod­estly in Oc­to­ber, with out­put and new or­ders ris­ing at rel­a­tively sub­dued rates. The pace of growth in new work, how­ever, re­mained ro­bust over­all, help­ing both em­ploy­ment and in­put

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