Contraction in the private sector’s economy shrank in November to its lowest level since February, with BLOM Purchasing Managers’ Index (PMI) recording a reading of 46.9, still below the neutral mark of 50 points separating economic contraction from growth. The slowing rate of contraction of the Lebanese private sector’s economy came on the back of a slower falls in companies’ output and new orders. Commenting on the November 2016 PMI results, Marwan Mikhael, Head of Research at BLOMINVEST Bank, said: “Albeit business activity did not accelerate at Lebanon’s private companies in November, the election of a new President, after more than 2 years of political deadlock, did not pass unnoticed and managed to slow down the deterioration of business conditions. The picture could further improve in the upcoming months if a smooth cabinet formation takes place, which would spur additional positive vibes capable of attracting once again capital inflows and foreign direct investments.”
Full details about November’s results are available in the attached BLOM PMI reports.