BLOM BANK SAL Commenting on BLOM Lebanon PMI for September 2023, Aline Azzi, Research Analyst at BLOMINVEST BANK, said:
With the economic and financial crisis still hounding the country, the Lebanese private sector faced increased operating expenses and businesses registered a contraction in September, though the rate of decline moderated compared to August. Interestingly, September's survey data revealed that businesses were facing pressures on their operating capacities, leading to an increase in backlogs of work. While the rate of accumulation was marginal, it was the fastest in three months. Surprisingly, despite the decline in new work and activity, employment levels remained stable during this period. On the positive side, it is worth noting that steady exchange rates eased inflationary pressures in September. As a result, Lebanon's Purchasing Managers' Index increased marginally to 49.1; but still suggested that private sector companies remain skeptical about the political environment and its negative pressure on their business. However, all this could be turned around - albeit slowly - if the political deadlock ended and a reforming government is formed."
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Blom Bank SAL published this content on 04 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 October 2023 10:15:16 UTC.
