KENYA'S BUSINESS OUTLOOK FOR Q3 2024 REVEALED IN KNCCI BAROMETER REPORT.

BY NJOKI KARANJA. 

 Today, the Kenya National Chamber of Commerce and Industry (KNCCI) unveiled the Q3 2024 Business Barometer Report at the prestigious Radisson Blu Hotel in Upperhill, Nairobi. This eagerly anticipated report provides crucial insights into the expectations of businesses for the upcoming quarter, drawing on their experiences from Q2 2024 and offering forecasts on financial performance and the broader economic landscape.


Key highlights from the report indicate a cautiously optimistic outlook among businesses despite prevailing challenges. According to Dr. Eric Rutto, KNCCI President, there is a notable confidence among businesses in reducing primary input costs, although the manufacturing sector remains cautiously pessimistic in this regard. This discrepancy underscores the need for targeted support to bolster this vital industry.



An encouraging trend highlighted in the report is the resilience demonstrated by Kenya's small and medium enterprises (SMEs). Despite global economic pressures, a significant majority of surveyed businesses expressed optimism about increasing both revenue (71%) and staff size (66%) in Q3. This resilience reflects the entrepreneurial spirit that drives Kenya's economy forward.


Addressing the launch as the Chief Guest, PS Abubakar Hassan Abubakar of the State Department of Investment Promotion acknowledged KNCCI's commitment to advocating for the business community. He emphasized governmental efforts to enhance the business environment by tackling issues such as regulatory streamlining, improved access to finance, and fostering an innovative ecosystem conducive to competitiveness.



However, challenges persist, with unfavourable taxes and levies identified as a primary obstacle to a conducive regulatory environment, as pointed out by Kiprono Kitonny, Chairman of the Nairobi Securities Exchange. He stressed the importance of government intervention in settling pending bills to stimulate commercial activity in Kenya.



Patrick Nyangweso, CEO of KNCCI, underscored the report's significance in empowering businesses with critical decision-making information. He highlighted the report's role in guiding resource allocation strategies aimed at enhancing Kenya's business landscape.



The survey, which engaged 1011 businesses across sectors nationwide, highlighted varying sector-specific outlooks. Education and agriculture sectors expressed optimism about decreasing primary input costs, while hospitality & tourism and manufacturing sectors remained less sanguine. Moreover, a majority of businesses are taking deliberate climate change mitigation measures in their operations, with disparities noted across sectors in the adoption of these actions.



Looking forward, businesses identified limited financial resources, high interest rates, and regulatory uncertainties as potential challenges likely to impact performance in Q3. The report's comprehensive data collection, including online surveys and physical interviews, underscores KNCCI's commitment to capturing diverse business perspectives across formal and informal sectors.



The KNCCI Q3 2024 Business Barometer Report serves as a critical tool in navigating the evolving economic landscape, offering actionable insights to stakeholders across Kenya's business community.

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