BLOM Lebanon PMI Steadied at 49.3 in July

The BLOM PMI stabilized at 49.3 in July signaling an unchanged slight slowdown of the private sector’s economic activity, as it stood just below the threshold of 50.0 separating growth from contraction. Foreign demand for the Lebanese firms’ products and services steadied during July. Similarly, output revealed no change from the prior month, thus remaining in the contraction zone. However, employment levels went back to contraction in July following consecutive rises in each of the 2 previous months. Commenting on July’s PMI results, Marwan Mikhael, Head of Research at BLOMINVEST Bank, said: “The PMI stagnated in July reflecting the political deadlock in the country and indicating a very slow but continuous decline in the private sector activity. New orders are still declining however at a lower rate than the previous two months. Although output prices also deteriorated, it may be largely due to the depreciation of the Euro and the decline in oil prices. Private sector firms are trying to cope with a situation that may drag in the future in light of the political and security developments in the region.”

 

Full details about July’s results are available in the BLOM PMI reports below:

BLOM_PMI_Press Release_ENG

BLOM_PMI_Report_ENG

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