The Manufacturing PMI decreased to 50.6 in July indicating a neutral performance in comparison to 55.1 in June 2016. The decline in July in comparison to June was mainly due to the decrease in New Orders and Production Indices. The month-on-month decline of the PMI and the sub-indices follows the significant increase observed in the month of June compared to May 2016. All sub-indices of PMI, apart from Employment and Stock of Purchases Indices, declined compared to the previous month. Overall data points to an expansion on the strength of Production and Stock of Purchases Indices while all the other sub-indices remained below the neutral 50.0 threshold. The expectations for activities indicated an improvement for the next three months.