All economic indicators in Lebanon down except those of banking

The economic crisis in Lebanon continues to escalate given the nebulous political situation at the local, regional and international levels and the escalating national debt.  Meanwhile, the banking sector continues to retain solid and strong indicators. According to the statistics of the Banks' Association and the Ministry of Finance, the national debt has increased by USD 489.55 million, reaching USD 73.38 billion in July 2016 compared to USD 72.89 billion in June 2016.  On annual basis, the national debt grew by USD 4.19 billion in 2016 on top of USD 69.19 billion recorded in 2015.  The performance of various economic sectors remained sluggish especially the real estate sector as well as industrial exports.  According to Byblos Bank real estate indicators, this sector has reached its lowest score during the last 36 quarters.  Industrial exports decreased by 18% during the second quarter of 2016 reaching USD 667 million compared to USD 812.9 million during the same period of last year according to the industrial information bureau of the Ministry of Industry.  The indicator of retail sales noted a decrease during the last summer and which was described as "worrying" by the president of the Lebanese Franchise Association, Charles Arbid.  This decrease was mostly noted within important retail goods and reached some 58% of total retail sales. Meanwhile, the annual newsletter of the Banks' Association noted a 2,65% increase in the aggregate banks budget amounting to LBP 7,444 billion and reaching LBP 287,823 billion, i.e USD190.93 billion, by the end of July 2016. (An-Nahar, Al-Diyar, Al-Mustaqbal 11,12 & 21 September 2016)

 

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