Contraction of the Lebanese private economy fastened during the fourth month of 2016 with the Purchasing Managers’ Index (PMI), sponsored by BLOMINVEST Bank and compiled by Markit, registering a survey-record low of 44.1 points. The continuous deterioration of output and new orders pointed out to the persisting low-demand environment which in turn drove most of the surveyed companies to slightly reduce their purchasing levels.Dr. Fadi Osseiran, General Manager at BLOMINVEST Bank, commented on the month’s results noting that “It comes as no surprise that the Lebanon PMI plummeted to a survey-record low. Policy inaction here at home and the persistent unrest in the region are continuing to heavily weigh on investors’ and consumers’ confidence alike. The resulting slump in local and foreign demand has inevitably translated into sharper falls in output and new orders. Lebanon’s private sector businesses are attempting to adjust to the burdensome operating conditions but a true turnaround can only be achieved by actively tending to the macroeconomic issues at hand.”
Full details about April’s sub-indicators are available below: