Noted Resilience and Adaptability of SMEs, KNCCI reports
The Kenya National Chamber of Commerce and Industry launched the KNCCI Business Barometer Report Q3/2024 at the Radisson Blu Hotel at Upperhill, Nairobi.
The KNCCI Q3 2024 Business Barometer Report aims to elucidate businesses’ expectations for Q3 2024, drawing insights from their Q2 2024 experiences regarding financial performance and the broader business environment.
This provides a forecast into the country’s business environment ensuring that all our efforts in advancing the economy are proactive.
This particular report was focused on the reasons behind the different expectations of the business enterprises identified.
“The businesses are more confident in the reduction of their primary input cost compared to Q2 though manufacturing is coming out at the least optimistic sector on this metric. There is a need for increased efforts to support this struggling yet vital sector,” said Dr. Eric Rutto, KNCCI President.
Noted Resilience and Adaptability of SMEs, KNCCI reports
One of the most significant insights from this report is the resilience and adaptability of our SMEs. It is encouraging to see that similar to Q2, majority of businesses sampled are
optimistic about the growth of their revenue (71%) and staff size (66%) in Q3.
Despite the challenges posed by the global economic downturn, our small and medium enterprises have demonstrated remarkable tenacity.
They have pivoted, innovated, and found new ways to thrive. This spirit of resilience is a testament to the entrepreneurial spirit that is the backbone of our economy.
The Principal Secretary State Department of Investment Promotion, Abubakar Hassan Abubakar who graced the occasion, commended KNCCI on the unwavering commitment to advancing the interests of the business community saying “As the State Department of Trade, we are committed to addressing these issues head-on. We will work closely with the KNCCI and other stakeholders to create a conducive environment for business growth. This includes streamlining regulatory processes, enhancing access to finance, and fostering Ban ecosystem that encourages innovation and competitiveness,”
More about KNCCI https://africabusinessnews.co.ke/kenya-national-chamber-of-commerce-and-industry-hosts-mou-signing-between-finsco-consulting-limited-and-go-greenwood-bank-llc/
