Kenyan firms experienced increased business activities in the third quarter of 2021 following the easing of COVID-19 restrictions, says a new survey released on Monday by the Central Bank.
The study interviewed leaders in various sectors, who noted that sales and orders rose compared to the first two quarters as they expressed optimism of further growth in quarter four.
“There was sustained optimism in quarter three about the growth prospects mainly driven by higher confidence in the services sector. The business leaders expect higher growth prospects for their companies and sectors,” said the apex bank.
The optimism is mainly attributed to the containment of the COVID-19 pandemic and prospects for strong global recovery.
While the pandemic continues to be a significant factor that could constrain expansion of business, the executives said the roll-out of vaccines in the country has moderated its impact and firms have also instituted measures to work around the pandemic.
However, the business leaders are concerned about heightened political activity in the country ahead of 2022 polls, which may have a negative impact on the economy.
The apex bank interviewed 230 private sector firms chief executives from agriculture, mining and energy, manufacturing, wholesale and retail trade, hotels and restaurants, information and communications technology, media, transport and storage, real estate, pharmaceuticals, building and construction, finance and insurance.
Those sectors account for over 74 percent of Kenya’s gross domestic product.