{"id":116109,"date":"2024-04-04T20:03:29","date_gmt":"2024-04-04T20:03:29","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/factory-new-orders-and-output-dropped-in-march-survey"},"modified":"2024-04-04T20:39:07","modified_gmt":"2024-04-04T20:39:07","slug":"factory-new-orders-and-output-dropped-in-march-survey","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/factory-new-orders-and-output-dropped-in-march-survey","title":{"rendered":"Factory new orders and output dropped in March – survey"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Kenya’s private sector activities recorded a slight deterioration in operating conditions in March, the latest Standard Bank private sector index indicates, as order book volumes and output levels contracted.<\/p>\n

The downturn was a contrast to February, which saw an improvement in the private sector for the first time in six months.<\/p>\n

Despite the overall decline, the survey data provided some positive signals for Kenyan businesses.<\/p>\n

Staffing and inventories showed further growth, indicating potential opportunities for expansion.<\/p>\n

Additionally, input cost inflation slowed to its lowest level in over three years, amid a recovery in the shilling.<\/p>\n

Savings were passed on to customers as output prices also rose at a slower pace.<\/p>\n

The headline figure derived from the survey is the Purchasing Managers\u2019 Index Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.<\/p>\n

The headline PMI registered below the 50.0 neutral mark in March, falling to 49.7 from 51.3 in February.<\/p>\n

The reading was the lowest recorded for three months and signalled a slight decline in operating conditions.<\/p>\n

\u201cOutput, new orders and purchasing activity contracted due to fewer sales and less readily available cash flow.Firms noted that, despite lower inflation, a stronger shilling against the USD in March, and increased marketing efforts, cost-of living pressures are still subduing consumer demand,” said Christopher Legilisho, Economist at Standard Bank.<\/p>\n

Output contracted modestly, which survey panellists attributed to lower new order intakes and cash flow problems.<\/p>\n

The decline in new orders signalled by the survey was only fractional, however, as firms reported an easing of price pressures that supported customer spending.<\/p>\n

Price metrics pointed to a sustained slowdown in inflationary pressures at the end of the first quarter.<\/p>\n

Overall input costs rose at the slowest pace since February 2021, as a stronger exchange rate in the Kenyan shilling against the US dollar helped reduce import costs.<\/p>\n

Lower fuel prices were also cited, though some firms reported higher VAT payments.<\/p>\n

The softer increase in input prices led to a weaker uptick in selling charges, the lowest since January 2022 and one that was below the long-run trend.<\/p>\n

Kenyan firms meanwhile reduced their purchases of inputs in line with weaker sales.<\/p>\n

The rate of decrease was the quickest recorded since last November. Reduced buying contributed to shorter supplier delivery times as pressure on vendors relaxed.<\/p>\n

Concurrently, firms managed to build their inventories for the second month running, driven by hopes of improving customer demand.<\/p>\n

For a similar reason, companies raised their employment numbers for the third month running during March.<\/p>\n

\u201cThat said, positively, firms continued to hire and increase inventories because they foresee improved demand. Though off a low base, business expectations for 2024 recovered somewhat, led by wholesale and retail services firms; the index for future expectations had hit the weakest level on record in February,” Legilisho said.<\/p>\n

Lower inflation trends boosted the demand outlook and supported expansion plans, with services and wholesale and retail firms being the most optimistic.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Kenya’s private sector activities recorded a slight deterioration in operating conditions in March, the latest Standard Bank private sector index indicates, as order book volumes and output levels contracted. The downturn was a contrast to February, which saw an improvement in the private sector for the first time in six months. Despite […]<\/p>\n","protected":false},"author":84,"featured_media":116108,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-116109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nFactory new orders and output dropped in March - survey - kenya<\/title>\n<meta name=\"description\" content=\"Kenya's private sector activities recorded a slight deterioration in operating conditions in March, the latest Standard ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/factory-new-orders-and-output-dropped-in-march-survey\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Factory new orders and output dropped in March - 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