Increasing inflationary pressures dented private sector business activity during July as the headline Stanbic Purchasing Managers’ Index (PMI) dipped below the threshold 50.0 no-change mark for the first time this year. The PMI dropped from 50.9 recorded in June to 48.2 in July with firms scaling back their employment and purchasing activity and ending an 11-month sequence of expansion. Readings above 50.0 mean improvement in business conditions on the previous month while readings that are below 50.0 show deterioration. The Stanbic PMI is based on findings that cover agriculture, industry, construction, wholesale & retail and service sectors. It is a…
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The persistent high cost of fuel contributed to negative private sector activity in May with the Stanbic Headline Purchasing Managers Index (PMI) dropping to 51.5 from to 53.9 recorded in April—readings above 50.0 mean improvement in business conditions on the previous month while readings that are below 50.0 show deterioration. The Stanbic PMI covers the agriculture, industry, construction, wholesale & retail, and service sectors. It is a composite index, calculated as a weighted average of five individual sub-components: New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%) and Stocks of Purchases (10%). The Stanbic PMI is an analysis…
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The Stanbic Purchasing Managers’ Index (PMI) rose to 53.9 in April from 51.9 in March on account of further improvement in private sector output and new orders as demand strengthened, helping generate new jobs. Readings above 50.0 indicate improvement in business conditions on the previous month while readings that are below 50.0 show deterioration—the Stanbic PMI covers the agriculture, industry, construction, wholesale & retail, and service sectors. Ronald Muyanja, Head of Trading at Stanbic Bank Uganda, said: improving customer numbers enabled companies to secure greater volumes of new business at the start of the second quarter, in turn feeding through…
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headline Stanbic Purchasing Managers’ Index (PMI) posted 51.9 in March, down from 55.7 in February, but still signaling an improvement in business conditions as the health of Uganda’s private sector continues to strengthen during the last eight successive months. Released today, the index shows that conditions improved towards the end of the opening quarter of the year, with output, new orders and employment all rising again in March. However, there are ongoing inflationary pressures and signs that this had acted to deter customers in some cases. Ronald Muyanja, the Head of Trading, Global Markets at Stanbic Bank Uganda said, “The…
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A return to normality in the Ugandan economy helped lead to a further improvement in business conditions in the private sector during February, according to the Stanbic Bank sponsored Purchase Managers Index produced by IHS Markit. According to the index, output, new orders, employment and purchasing activity were all up and companies were optimistic for the coming year. That said, inflationary pressures remained evident. The headline PMI rose to 55.7 in February, up from 54.9 in January and comfortably above the series average. The health of the private sector has now improved in each of the past seven months, according…
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The final month of 2021 saw further increases in output and new orders in the Ugandan private sector as demand continued to improve, according to Stanbic’s Purchasing Managers’ Index published today. However, the index shows, employment decreased following a rise in November and that price pressures were evident again. As a result, the headline PMI fell to 51.5 in December, down from 54.1 in November. Although pointing to a fifth successive improvement in business conditions in the private sector, the latest PMI figure was below the average since the series began in June 2016. Ronald Muyanja, the Head of Trading…
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Uganda’s private sector recorded a third successive monthly increase in business activity during October thanks to a return to normal operating conditions and increase in new orders, but companies were not hiring more workers during this period. The headline Stanbic Purchasing Managers’ Index (PMI) rose to 54.6 in October from 52.5 in September above the threshold 50.0 reading that indicates a positive outlook. However, employment continued to fall in October as some firms were reluctant to hire additional staff amid cost pressures. Workforce numbers decreased for the fifth month running, with employee expenses also down. Ronald Muyanja, the Head of…
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Business sentiment in Uganda’s private sector remained positive but slow in September on account of new orders and higher output, according to the monthly Stanbic Bank Purchasing Managers Index (PMI). The headline PMI registered 52.5 in September compared to the 50.2 in August; a weak gain although still above the 50.0 threshold for the third month running. Nonetheless, the latest reading is slightly lower than the monthly average of 52.9 recorded since the survey first began in June 2016. Ronald Muyanja, the Trading, Global Markets Head at Stanbic Bank Uganda said, the Ugandan private sector was able to build on…
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The headline Stanbic Purchasing Managers’ Index (PMI) moved back above the 50.0 mark in August, posting 50.2 from 34.6 in July. Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration. The growth is attributed to the partial lifting of the 42-day COVID-19 lockdown in Uganda which helped spur a return to growth of both business activity and new orders in August, with companies confident of further growth over the coming year. Ronald Muyanja, the Head of Trading at Stanbic Bank Uganda said, “a return to growth in output and…
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Stanbic Bank Uganda, every year, holds the financial market event that focuses on the state of the economy, more so on the financial markets. Ronald Muyanja, the Head of Trading explains what the event is meant to achieve and gives the Uganda financial markets 2022 outlook Briefly tell us about this financial market event and why Stanbic Bank organizes it annually? The event today is a discussion with our clients, focused on the state of the Ugandan economy and more specifically the financial markets. We wanted to discuss and share views on where trends and outlook on foreign exchange and…
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