KABANDA CHULU, Lusaka
STANBIC Bank says business activity is pointing to a building growth momentum in the Zambian private sector, with output and new orders each increasing at sharper rates.
In turn, companies raised their purchasing activity, but employment was scaled back slightly due to cost considerations.
“Indeed, purchase prices increased at the fastest pace in more than six years, largely reflecting currency weakness. But the headline Purchasing Managers’ Index (PMI) rose to 51.3 in February, up from 50.6 in January and signalling a second successive monthly strengthening of business conditions in the private sector,” said Stanbic head of global markets Victor Chileshe.
PMI readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.
Releasing the findings of the PMI survey, Mr Chileshe said the improvement was modest but the most pronounced since December 2021.
“Business activity expanded solidly in February, rising for the second month in a row and at CLICK TO READ MORE