Business conditions in Lebanon’s private sector fell to a seven-month low in August from a 10-year high in July, as output and new orders declined.
The downturn follows two consecutive months of the headline survey being in expansionary territory as the country endures its worst economic crisis since its independence.
Lebanon's Blom purchasing managers’ index, a measure of the strength of the country’s private sector economy, fell to 48.7 in August from 50.3 in July, sliding into contraction territory.
The contraction was the fastest in six months, dragged down by challenging domestic conditions that dented output volumes.
A reading above 50 indicates an expansion in business conditions, while one below represents a contraction.
"This contraction was precipitated by a simultaneous decrease in output and new orders, while employment stabilised," said Stephanie Aoun, research analyst at Blominvest Bank
"The Lebanese economy heavily relied on tourism and expats activity and it seems that in August 2023, there was a drop in summer engagement activity."
Softer demand drove business activity lower in August, marking the first contraction in new orders for three months, with the decline of a similar strength to that seen for output.
New work intakes were adversely affected by political and economic uncertainty, with new export business declining for the first time since March.
Lebanon has been without a president since the end of October 2022, when the six-year term of Michel Aoun ended. It is being run by a caretaker cabinet led by Prime Minister Najib Mikati, with limited powers.
The election of a president requires the consensus of the country's political elite.
Political vacuums have stalled Lebanon's economic progress and the existing one is salient because it threatens the enactment of reforms deemed necessary for the nation to emerge from its worst financial crisis.
"As the Lebanese economy navigates these turbulent waters, it's concerning to note that the absence of substantial economic reforms continues to cast a shadow," said Ms Aoun.
"Without meaningful changes, Lebanon's trajectory remains uncertain, underscoring the pressing need for impactful reforms to steer the nation towards a more promising economic future.”
The World Bank has dubbed Lebanon's economic meltdown as among the world's worst since the 1850s.
PMI survey respondents cited exchange rate fluctuations that drove input costs higher, prompting businesses to lift their charges. The Lebanese pound has lost more than 90 per cent of its value and inflation has soared after the central bank devalued the currency in February.
The official exchange rate changed to 15,000 pounds to the US dollar, compared with the peg in place since 1997 of 1,507.50 to the dollar.
Despite the decline in the PMI index, the survey found there was "a marked improvement in business sentiment in August as firms became less pessimistic in their assessment of year-ahead prospects for business activity". The survey's Future Output Index rose to its highest level since March 2020.
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Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
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Launched: 2008
Categories: Health, energy, water, food, global high schools
Prize: Dh2.2 million (Dh360,000 for global high schools category)
Winners’ announcement: Monday, January 13
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335 million people positively impacted by projects
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Benefits of first-time home buyers' scheme
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UAE currency: the story behind the money in your pockets
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The five pillars of Islam
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No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
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