Political unrest caused mostly by protests against the Independent Electoral and Boundaries Commission drove private sector business to a near standstill in June, according to a study by CfC Stanbic Bank. “There were reports that subdued demand and political unrest had hampered growth,” states the PMI Index report, which is based on data compiled from purchasing executives in approximately 400 private sector companies. “Some survey respondents pointed to escalating political unrest as a contributing factor to the slowdown in the pace of growth in activity. The CfC Stanbic Purchasing Managers Index for June compiled by Markit shows the private sector was almost stagnating due to low demand and output. The results of the Brexit vote, by exacerbating uncertainty, could hurt private sector activity in coming months,” said regional economist for East Africa at CfC Stannic Bank Jibran Qureishi.

Source: The Star July 06, 2016 01:39 UTC