Kenya private sector activity expands faster in December - PMI

NAIROBI, Jan 6 (Reuters) - Kenyan business activity expanded at the fastest rate in eight months in December, boosted by domestic demand that spurred production, hiring and purchasing by firms, a survey showed on Wednesday. The Markit and CFC Stanbic Kenya Purchasing Managers' Index (PMI) rose to 55.5 last month from 53.7 in November, climbing further above the 50-point line that denotes growth in business activity. The PMI is one of the indicators watched by the central bank's Monetary Policy Committee. "Underpinning the pick-up in momentum was a robust increase in output during December. Activity growth quickened to a one-year high, helped by a combination of stronger client demand and the opening of new branches," Markit said. The quarterly average was however the weakest since the CFC Stanbic Kenya PMI began in January 2014. The index averaged 53.6 in the final three months of last year, dragged down by October's record low reading of 51.7.