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BLOM Lebanon PMI Well Inside Contraction Territory at 45.6 in August

06 September 2018

Dr. Fadi Osseiran, General Manager of Blominvest Bank, commented the following on BLOM Lebanon PMI’s August 2018 results:

“Given the absence of positive economic and political developments, it is not surprising to see the BLOM Lebanon PMI remaining well-below the 50 benchmark at 45.6 in August 2018. In fact, other major economic indicators are also pointing in the same direction. Weak demand continues to be the main impediment to progress in Lebanon’s private sector economy. However, in what is otherwise a grim picture, the decline in staff numbers and the pessimistic outlook of surveyed companies have eased as compared to previous months. Looking ahead, it is of utmost importance to swiftly form a government in order to prevent any snow-ball effect in Lebanon’s economic problems.”

 

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