Iran’s PMI Contracts 6.4%

The overall Purchasing Managers’ Index, known by its Farsi acronym Shamekh, for the Iranian economy settled at 45.47 in the month ending July 21 from 48.41 in the month ending June 20, indicating a 2.93-point or 6.42% contraction.
A report by the Statistics and Economic Analysis Center of the Iran Chamber of Commerce, Industries, Mines and Agriculture, the sponsor and coordinator of the survey, blames the shortage and increase in raw material purchase prices as the main factor behind the contraction in economic activities during the last month. 
The Purchasing Managers' Index is an indicator of economic health for manufacturing and service sectors.
The headline PMI is a number from 0 to 100, such that over 50 shows economic expansion when compared with the previous month. A PMI reading under 50 indicates contraction and a reading of 50 implies no change.