Kenya’s private sector held steady in February, expanding at a similar pace to the previous month, a survey showed on Wednesday.

The Stanbic Bank Kenya Purchasing Managers’ Index (PMI) rose to 50.6 in February from 50.5 a month earlier. Readings above 50.0 signal growth in activity.

“Sector divergences were apparent … with output and new business growth driven by agriculture, manufacturing and construction. Meanwhile, wholesale and retail and services firms recorded declines,” Stanbic Bank said in comments accompanying the survey.

However, most companies surveyed took a dim view of business conditions overall.

“Only 5 per cent of surveyed firms expect output to rise over the next 12 months, with positivity only recorded in three of the five monitored categories: construction, wholesale & retail and services,” Stanbic Bank said.

The finance ministry forecasts the economy will grow 5.3 per cent in 2025 and 2026, speeding up from an estimated 4.6 per cent expansion last year.

• A Reuters report