They've spoken about Ramadan seasonality on calls in the past, this is probably normal annual seasonality rather than a sign of a turnaround. Sounds like a large proportion of the populiation go on leave for a couple of weeks and things really slow down during that period
"Reduced working hours is common during Ramadan. A two-hour workday reduction, as occurs in Pakistan and Egypt, brings an estimated 7.7% decrease in the country’s monthly GDP. For countries that only cut an hour of its workday – such as Indonesia and Malaysia – the decrease is around 3.8%.Workers’ productivity tends to decline during Ramadan. A rough figure of decrease in productivity in Muslim majority countries is between 35% and 50%. However, the slowing down of productivity in Ramadan is predictable, meaning the economy can anticipate it."
FDV Price at posting:
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