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Commenting on the BLOM PMI for March 2019, Dr. Ali Boblol, Chief Economist of BLOM Bank, said:
“The rise in the PMI of February 2019 to 46.9 was short lived, for the PMI of March 2019 fell back to 46.3. The fall was the result of fast declines in output and exports that worsened excess capacity and could not be stemmed by lower output prices. It seems that political instability that presumably ended with the formation of the new government was replaced by more economic uncertainty arising from the complete inaction of the government on the economic and reforms fronts. One wonders when the private sector and the long-suffering economy will get the reprieve that they deserve!”