BLOM Lebanon PMI August 2021: PMI drops to five-month low in August

Commenting on the BLOM Lebanon PMI for August 2021, Ms. Tala Nasrallah, Senior Research Analyst at BLOMINVEST Bank, said:
'Lebanon's Purchasing Managers' Index hit a five-month low reaching 46.6, reflecting the deterioration in business conditions and the instability residing both economically and politically. Coming into the third quarter of 2021, the impact of fuel shortages and the rising cost of the US dollar against the Lebanese pound continue to put pressure on business inflow and impose a fast reduction in new orders. Moreover, private sector firms continue to witness a sharp drop in demand conditions and, as a result, faster rounds of staff reduction are observed. As such, business outlook remains negative, especially given higher inflation and the shortage of dollars, leading to a low vendor performance from the business side as well as a low level of purchasing activity from domestic clients. And just as bad, no end in sight is seen yet!'

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