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Financial News: Lebanon Private Sector Downturn Continues In March

Lebanon Private Sector Downturn Continues In March

04/04/2018 - 07:03:00 (RTTNews)

(RTTNews) - Lebanese private sector activity deteriorated further at the end of the first quarter, survey figures from IHS Markit showed Wednesday.

The BLOM Purchasing Managers' index, or PMI, dropped to 46.5 in March from 47.3 in February. Any reading below 50 suggests contraction in the sector.

Among components, both output and new orders declined at the sharpest rate in three months.

Employment returned to contraction in March after edging higher in February.

"With private companies remaining pessimistic regarding the outlook over the next 12 months, parliamentary elections in May might constitute a catalyst for business activity in the period to come," Myrna Chami, Senior Economist at BLOMINVEST Bank, said

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