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Private companies in fastest decline

8-10-2019

The BLOM Bank’s Purchasing Managers’ Index (PMI) recorded the fastest deterioration in the private sector’s business in three months, down from 47.8 points in August to 46.4 in September. According to the Index, this swift decline was the result of an accelerating contraction in outputs during said month which was the quickest recorded since June, and remained noticeable overall. New orders at private sector firms witnessed a decline against a surge in input prices. The PMI showed further, that following a short stabilization in employment during the month of August, private sector companies cut staff numbers in September. At the same time, the private sector purchasing activity continued to deteriorate recording its quickest pace in three months. Commenting on the report’s findings, BLOM economic specialist, Ruba Shbeir, clarified that the statements issued by rating agencies weighed down heavily on investors’ confidence, stressing the need to implement structural reforms and reduce the fiscal deficit to unlock CEDRE funds and restore the waning confidence of investors. ( Al Akhbar, October 8, 2019)

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