Protesters carry banners outside Lebanon's central bank in Beirut as they demand their savings from Lebanese banks. AFP
Protesters carry banners outside Lebanon's central bank in Beirut as they demand their savings from Lebanese banks. AFP
Protesters carry banners outside Lebanon's central bank in Beirut as they demand their savings from Lebanese banks. AFP
Protesters carry banners outside Lebanon's central bank in Beirut as they demand their savings from Lebanese banks. AFP

Lebanon’s business conditions hit four-month low as output and new orders fall


Massoud A Derhally
  • English
  • Arabic

Lebanon’s business conditions fell to a four-month low in September, reversing an earlier move into expansion territory during August as output and new orders declined amid persistent hyperinflation in the country.

The Blom Lebanon Purchasing Managers' Index reading dropped to 48.8 last month, from 50.1 in August, which was its highest since June 2013.

A reading above the neutral level of 50 indicates growth while one below it points to a contraction.

“As the summer season has come to an end, Lebanon is evidently witnessing a decrease in tourist arrivals and spending, in addition to the strike of banks,” said Stephanie Aoun, a research analyst at Blominvest Bank.

“Therefore, the business activity in Lebanon's private sector is continuously shrinking amid rising inflation, political instability and weakening of the Lebanese pound.”

New orders fell at a quicker pace, reflecting weaker sales performances both domestically and abroad, the survey showed. Output also declined at a stronger rate, although backlogs of work fell for the first time in three months as private businesses made inroads in fulfilling outstanding orders.

The Lebanese pound's unfavourable exchange rate against the US dollar, which has resulted in the local currency losing more than 90 per cent of its value, continues to exacerbate inflationary pressures.

This has led to an increase in selling charges as companies sought to pass greater expenses on to clients.

Lebanon recorded its 26th consecutive month of triple-digit Inflation in August, with the Central Administration of Statistics' Consumer Price Index rising to 162 per cent from the same month a year earlier. The index increased by about 7.6 per cent from July 2022.

The country is expected to post the second-highest inflation rate in the world this year, trailing Sudan, according to Fitch Solutions.

The weaker client purchasing power weighed on new business intakes. As a result, companies directed additional resources to clearing outstanding work. This led to backlogs falling.

Employment levels fell fractionally for a second successive month as a result of the weakening new orders.

Business confidence remained subdued, with companies expecting a challenging year ahead due to political and economic uncertainty.

Last month, the International Monetary Fund called on Lebanese authorities to put in place critical structural and financial reforms, a prerequisite to securing $3 billion of assistance from the lender that is expected to help the country emerge from its worst economic crisis.

Lebanese politicians are deadlocked over the formation of a new Cabinet more than four months after parliamentary elections were held.

The country's political elite have also yet to agree on a new president as the six-year term of incumbent Michel Aoun expires on October 31.

Political impasses have previously led to political vacuums in the country and stalled its economic progress.

Lebanon was without a president for two and a half years until Mr Aoun's election by the 128-seat Parliament in 2016. His predecessor, Michael Sleiman, was elected in 2008 after the position had been vacant for 18 months.

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5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

The specs

Engine: 1.5-litre, 4-cylinder turbo

Transmission: CVT

Power: 170bhp

Torque: 220Nm

Price: Dh98,900

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MATCH INFO

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De Bruyne (70')

Man of the Match: Kevin de Bruyne (Manchester City)

England's Ashes squad

Joe Root (captain), Moeen Ali, Jimmy Anderson, Jofra Archer, Jonny Bairstow, Stuart Broad, Rory Burns, Jos Buttler, Sam Curran, Joe Denly, Jason Roy, Ben Stokes, Olly Stone, Chris Woakes. 

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Price: From Dh39,500

Engine: 1.2L inline four-cylinder

Transmission: Four-speed auto

Power: 86hp @ 6,000rpm

Torque: 122Nm @ 4,000rpm

Fuel economy, combined: 6.0L / 100km

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Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

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December 2024

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May 2025

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July 2025

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August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

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Directed by Ashwiny Iyer Tiwari

Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta

Rating: 3.5/5

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Graduated from the American University of Sharjah

She is the eldest of three brothers and two sisters

Has helped solve 15 cases of electric shocks

Enjoys travelling, reading and horse riding

 

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Slow loris biog

From: Lonely Loris is a Sunda slow loris, one of nine species of the animal native to Indonesia, Malaysia, Thailand and Singapore

Status: Critically endangered, and listed as vulnerable on the International Union for Conservation of Nature red list due to growing demand in the global exotic pet trade. It is one of the most popular primate species found at Indonesian pet markets

Likes: Sleeping, which they do for up to 18 hours a day. When they are awake, they like to eat fruit, insects, small birds and reptiles and some types of vegetation

Dislikes: Sunlight. Being a nocturnal animal, the slow loris wakes around sunset and is active throughout the night

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Kandahar%20
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The years Ramadan fell in May

1987

1954

1921

1888

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The National's picks

4.35pm: Tilal Al Khalediah
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8.50pm: Calandogan
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Updated: October 06, 2022, 5:09 AM