BLOM PMI revealed its lowest reading in eight months in June at 46.1, down from 46.6 in May, indicating a faster fall in overall business activity. The contraction in the private sector’s business conditions mainly resulted from sharper downturns in new orders and new export orders received by companies. Although most of the PMI sub-indicators saw faster decreases in June, output prices also fell over the month, yet at a slower rate, mostly due to subdued demand and competitive pressures. Commenting on June 2017 PMI results, Dr. Fadi Osseiran, General Manager at BLOMINVEST Bank, said: “The PMI fell in June to its lowest level in eight months reflecting a waning consumer sentiment and pessimism amongst private sector businesses. The outcome of approving a new electoral law by mid-June should be materialized in the coming few months especially that focus is now shifted towards 2017’s draft budget and the public sector’s salary scale.”
Full details about June’s results are available in the below BLOM PMI reports: