This new economic index established by Saghir Consulting and Bank Audi should go some way to providing a reliable monthly indicator of Syria’s economic health. Syria Comment is constantly confronted with the dearth and unreliability of economic data from Syria. Abdullah Dardari is trying to fix this as he recognizes how investment shies away from the unknown. If his drive to boost private investment is to be successful, Syria will have to rapidly improve data collection. I spoke to Saghir less than a year ago, when he and Hamwi first floated the idea of establishing this index. The speed with which the proposed index was adopted and Daradari’s ability to cut through bureaucratic inertial is reassuring.

Syria Purchasing Managers Index Launched
Dec 29, 2010, SANA

Damascus, (SANA)- Deputy Prime Minister for Economic Affairs Abdullah al-Dardari on Tuesday stressed the need for having other economic indexes along with those of the Central Bureau of Statistics (CBS) and the Central Bank of Syria to get better acquainted with the situation of the Syrian economy and its reflections on society.

Al-Dardari was speaking at a press conference at the launching of Syria Purchasing Managers Index by the private Bank Audi Syria in cooperation with Saghir Company for Consulting Services.

He stressed the importance of launching this economic index by a non-governmental party, which works on an immediate and monthly basis and for a new type of data, particularly at this point of starting the 11th five-year plan, to make use of it in drawing up the economic policy and the executive programs along with the other existing indicators.

Al-Dardari called upon the business sector to deal positively and objectively with the questionnaire due to be conducted on the new Index, adding it is important that the launching of this Index be an opportunity to encourage other parties to launch new indexes in an atmosphere of competitiveness given their importance in assessing the economy and its changes.

“This index will be a tool in the hands of the Syrian and foreign investors to keep them up to date with the latest developments in the Syrian economy with its various sectors,” said General Manager of Bank Audi Syria Bassel Hamwi.

He highlighted the importance of a monthly indicator as a reliable source of information on the variations of the performance of the economic sectors.

George Saghir, the Chief Executive of Saghir Company for Consulting Services, for his part, noted that the success of the new index is contingent on the way companies respond to a monthly questionnaire that consists of five questions related to production volume, demand, employment, delivery date accuracy and the purchases through a few-minute secret internet-based operation.

The questionnaire’s design is based on reaching conclusions about the percentage of monthly variation so that results will be released at the beginning of every month according to the international style.