BLOM Bank said business activity in december saw the sharpest decline since October 2016. (The Daily Star/Hasan Shaaban)
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Lebanon's private sector continued to reel from political instability in December of 2017, BLOM PMI said Thursday.Commenting on the December 2017 PMI results, Ali Bolbol, chief economist of BLOM Bank: "Still reverberating from the political shock of Prime Minister [Saad] Hariri's resignation in early November 2017, the December 2017 BLOM Lebanon's PMI stood at a lowly 46.1, despite the withdrawal of the resignation in late November 2017 ".He added that only employment seemed to have held steady, against faster declines in output, exports and new orders.The report added that the level of business activity in Lebanon's private sector fell sharply again at the end of the fourth quarter, and at the fastest rate seen since October 2016 .The bank noted that the impact of the latest decrease in workloads on the labor market was somewhat limited, with employment declining only marginally and at the slowest rate seen since February.
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