« Back BLOM Lebanon PMI July 2021: PMI drops to four-month low in July
05 August 2021

Commenting on the BLOM Lebanon PMI for July 2021, Dr Ali Bolbol, Chief Economist/Head of Research, at BLOM BANK said:
'At 47, the Lebanon PMI for July 2021 dropped further and was the lowest in four months. Initially, this is a surprising result, given the intensity of tourist activity this summer, especially among expatriates. But when combined with the political deadlock that saw Prime Minister-designate Saad Hariri withdraw his nomination, and the deterioration in the exchange rate of the LBP vis a vis the USD that followed, the result becomes much more understandable. Unfortunately, it shows yet again the subservience of the economic to the politic in the life of this country. The only silver lining from the July PMI results is the notable increase in exports, which perhaps reveals that it is the 'outside world' that remains the savior of Lebanon.'

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Blom Bank SAL published this content on 05 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 August 2021 08:25:09 UTC.