Business confidence dropped marginally in September. 38.7% of Kenyan CEO surveyed see better business growth prospects over the next twelve months, compared to 39.1% and 42.1% in July and May, respectively.
Interestingly, CEOs also believe they will outperform their sectors as well as the economy in general.
In the Central Bank’s September survey, only 28.5% saw higher growth prospects for their sector, and only 19.7% saw high growth prospects for the economy as a whole! Within sectors, 50% of manufacturing sector CEOs see lower growth prospects for their own companies, and 65.2% for the whole economy.
In July, all the agricultural sector CEOs thought prospects with remain the same or better. Two months later in September, one third now believe prospects will be worse!
Still, overall negative sentiment on the economy dropped. In September, 41.6 percent of CEOs saw lower growth prospects for the economy, compared to more than half (56.1%) in July.