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Private business going downhill since 6 years
9-7-2019
The BLOM Bank Purchasing Managers’ Index for June indicated a continuous decline in the business level of the private sector over the past six years, but the index remained unchanged from May’s level (46.3 points). According to the index, the downswing in recruitment in the private sector is mainly the result of constant pullback in production. The June decline rate was slightly lower than that posted in the month of May, but the pullback remained sharp compared to the levels recorded over the years. The volume of new orders in private sector companies has also shrunk in the third trimester of the year, which indicates a persistence of deterioration over more than six years. The June Index also displayed a weakening purchasing activity in companies in June, meaning that the purchase of production inputs has declined each month during the past 3 and a half years. In terms of prices, the index has shown that the cost of production inputs in private sector companies jumped for the fourth month in a row, noting that the rate of inflation did not change from May and remained generally marginal. Data has shown that the rise in the purchase of production inputs is due to a rise in prices and wages. (Al Akhbar, July 9, 2019)
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