LEBANESE ECONOMY GAINS BACK SOME GROUND IN EARLY 2016

Size: px
Start display at page:

Download "LEBANESE ECONOMY GAINS BACK SOME GROUND IN EARLY 2016"

Transcription

1 N 43 April 2016 Page 3 Consumption gains momentum into 2016 Page 4 Government revenues floundered in, debt ratings stable Page 5 Real estate kicks off the year with a bang Page 6 Profits at Alpha Group banks topped $2bn in Page 7 Latest data for Lebanon s key economic sectors Page 8 Key trends in the Lebanese economy LEBANESE ECONOMY GAINS BACK SOME GROUND IN EARLY 2016 Coincident indicator up 3.5% yoy in January Wider trade deficit weighed on balance of payments in January Almost $650m in foreign aid pledged in early 2016 The Lebanese economy started 2016 on a stronger footing than it did in. Banque du Liban s coincident indicator, a composite index that serves as a proxy for economic growth, increased by 3.52% yoy to points in January, thereby reversing a 3.71% drop registered in January. Improved activity likely resulted from a rebound in real estate transactions, faster growth in money supply, and continued strength in the consumer segment. Real estate transactions surged by 40.6% yoy to $1.41bn in the first two months of 2016, reviving hopes of a recovery in the realty market after years of cooling. Money supply (M2) was also 7.33% yoy higher in January 2016, as loans to the resident private sector grew by $128.8m during the month, compared with a contraction of $91.5m in January. New loans, however, are coming at an increasing cost for borrowers. The USD lending rate spiked to 7.18% in January, its highest level in over three years. Although helpful, improving spreads have yet to make a significant contribution to profit growth at Lebanese banks. Total net profits of the 14 Alpha banks, those with over $2bn in deposits, crossed $2bn in, buoyed by accelerating foreign growth. Indeed, domestic profits increased by just 6.24% to $1.66bn while those from foreign operations swelled 20.6% to $373m. CONSUMERS ON THE MEND Consumer confidence also appears to be on the mend despite the public s frustration with a trash crisis that started in July of and only ended in March. A confidence index published by ARA Research & Consultancy is up 12.7% on average in the 12 months through February 2016 amid improved security conditions. Average lending rate on USD Accounts 7.3% 7.2% 7.1% 7.0% 6.9% 7.05% 7.18% 7.09% 6.8% Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Source: ABL, Economena, SGBL Research Note: Average of the last three months on new loans. Tourist arrivals (% yoy) % Feb -10 Feb -11 Feb -12 Feb -13 Feb -14 Feb -15 Feb -16 Source: MoT, Economena, SGBL Research ext.11210

2 Consumers are still benefiting from improved purchasing power with prices falling by 3% on average in the first two months of 2016, data by the Central Administration of Statistics showed. The decrease in prices doesn t appear to reflect a drop in aggregate demand, but is more likely driven by lower fuel prices and depreciation in the Euro and other currencies against the US Dollar to which the Lebanese Pound is pegged. A stable security situation is also providing much-needed impetus for strong growth in tourism, a part of which likely reflects activity by foreign aid workers. Tourist arrivals rose by 9.1% yoy to 191,808 visitors in the first two months, amid record visitors from Europe, North America, Egypt, and Iraq during the period. Imports rose by 7.9% yoy to $2.87bn through February, contributing to a 13% yoy widening in the trade deficit to $2.46bn over the period. TRADE DEFICIT WIDENS Rising demand is pushing Lebanon s import bill back up despite continued savings from cheaper oil. Imports rose by 7.9% yoy to $2.87bn through February, contributing to a 13% yoy widening in the trade deficit to $2.46bn over the period. Export activity was also 14.9% slower in the first two months of 2016, particularly to Saudi Arabia and UAE. A bigger trade deficit and slower growth in the deposits of non-residents led to a $718.9m deficit in the balance of payments in January, its worst showing for the period in 5 years, before recovering slightly to $362.6m in February. FOREIGN AID AWAITS POLITICAL SOLUTION The country is missing out on hundreds of millions of dollars in financial flows from foreign aid as a result of a two-year political stalemate that has left Lebanon s top post vacant and Parliament virtually paralyzed, according to World Bank estimates. Lebanese aid agencies received only $89m as of March , or 5% of their $1.76bn appeal for the year, according to data by UNHCR. The country s official refugee response plan is seeking a total of $2.48bn for 2016, including direct financial support for the state. Donor countries had pledged $12bn in grants for the next 5 years at a February Syria conference in London, including $5.9bn for Almost 75% of the funding has yet to be allocated to the various refugee host countries, but at least $175m have been earmarked for Lebanon. Lebanon s budget deficit reached $3.95bn in, $880m more than in 2014 and the second highest in the country s history. Indeed, some of the aid is still flowing into the country despite the deadlock. In March, the World Bank announced a $100m loan to provide universal education for Syrian refugees in Lebanon, and the country s Council for Development and Reconstruction signed a $372m loan agreement with the Islamic Development Bank to improve water infrastructure. The country s public finances have been stretched thin by the economic slowdown and by pressure from an estimated 1.06 million registered Syrian refugees. Lebanon s budget deficit reached $3.95bn in, $880m more than in 2014 and the second highest in the country s history. Sovereign credit ratings are already at the risk of being downgraded by Standard & Poor s which affirmed its B- rating in March, but maintained its negative outlook for the coming 12 months. The credit agency said its ratings are predicated on banking sector s deposit growth of at least 4% in 2016 to maintain its ability to roll over government debt and subscribe to new issues. Even then, public finances and fiscal flexibility will remain constrained by structural expenditure pressures, including transfers to EdL, as well as by high interest payments, which account for more than two-fifths of general government revenues, stated S&P. Consumer confidence (12m moving avg, %yoy) Exports ($m, Jan-Feb) % Feb-13 Feb-14 Feb-15 Feb-16 Source: ARA Research & Consultancy, Economena, SGBL Research Source: Customs, Economena, SGBL Research

3 CONSUMERS CONSUMPTION GAINS MOMENTUM INTO 2016 Confidence highest among youth, high-income earners Car market sets new record through February Beirut retail activity shows mixed results Consumption in Lebanon regained some momentum at the end of and is making an even stronger showing in the early months of Imports of vegetable products, vehicles, textiles, prepared foods, footwear and other consumer products bounced back in the first two months of 2016, reflecting strengthening demand in the local market. The value of vegetable product imports rose by 6.8% yoy to $165.9m through February, and those of prepared foodstuffs, beverages, and tobacco increased by 6.4% yoy to $216.7m over the same period. Vibrant car market activity is confirming the rebound in consumer spending. New passenger car sales reached a record 5,204 vehicles in the first two months of 2016, a whopping increase of 13.7% over the same period in. A stronger dollar has lifted consumers purchasing power, while lower fuel prices are improving the appeal of cars in general to more people. Higher sales in the affordable car segment brought about much of the improvement in the new car market, with Kia, Toyota, and Hyundai accounting for 20%, 16%, and 13% of sales volumes respectively through February. Stronger results in the affordable segment partly reflect higher confidence levels among youth in Lebanon, and students in particular. Students had the country s highest consumer confidence among a list of 26 consumer groups at the end of. Those earning $2,500 and above per month came second, followed by those in the 21 to 29 years old group. Rising confidence is also carrying into 2016 with a consumer confidence index published by ARA Research & Consultancy increasing by 2.05% yoy on average in the first two months. RISKS REMAIN HIGH Worries over income growth, however, are coming back to haunt consumers. Consumer confidence in future individual income tumbled to its lowest level since 2014, according to the ARA monthly survey. Consumer confidence (, difference from average) $2500 and Above Student Years 60 Years and Above Mount Lebanon South Lebanon $ Housewife North Lebanon Less than $750 Private Sector Employee Female Self-Employed Years Male Years Bekaa $ Beirut Years Public Sector Employee Unemployed Source: AUB/Byblos Bank, Economena, SGBL Research Indeed, consumption trends do not reflect a widespread recovery in the economy, rather resilience in specific niches such as cars and healthcare. The Beirut retail trade index, a composite measure of sales activity in the capital, sank to 55.6 points in the fourth quarter of, compared with 58.4 points at the end of 2014, on the back of slumping sales of luxury products, building equipment, and furniture. On the other hand, sales at sports equipment and sportswear stores, restaurants and bars, and medical equipment stores showed double-digit increases in the last quarter of, according to data by the Beirut Traders Association via Economena Analytics. New passenger car sales (Jan-Feb, 2016) Beirut retail trade index (real) 64.5 Kia 20% Others 38% Renault 6% Nissan 7% Hyundai 13% Toyota 16% Source: AIA, Economena, SGBL Research 4q13 1q14 2q14 3q14 4q14 1q15 2q15 3q15 4q15 Source: BTA, Fransabank, Economena, SGBL Research

4 GOVERNMENT GOVERNMENT REVENUES FLOUNDERED IN, DEBT RATINGS STABLE Revenues fell by 12% to $9.6bn on lower telecom transfers Deficit widened to $3.95bn despite lower electricity spending Debt ratings affirmed at B-, outlook still negative Lebanon s public finances were saddled by sluggish economic activity in and by irregular telecom transfers, leaving the state with a $3.95bn deficit, $880m more than in 2014 and the second highest in the country s history. With lower fuel prices, transfers to Electricite du Liban were cut by almost a half to $1.1bn during the year. Longstanding divisions among the country s political parties have culminated in deadlock in the government s legislative and executive branches in recent years. Lebanon has been without a President since May 2014, and Parliament has only met once in recent months. The country was left without garbage collection for almost 8 months, highlighting the fragile state of the current Cabinet. In the absence of active fiscal policy, Lebanon s economic growth ground to a halt in, while regional conflict depressed investment in the country s once-booming real estate sector. Total revenues fell by 12% to $9.6bn from a peak of $10.9bn in Income from the Value Added Tax (VAT), the government s largest source of revenue, fell by 4.3% to $2.1bn in, equivalent to a drop of $95m. Public revenues in () Others, 2.96, 31% Telecom, 1.23, 13% Customs, 1.37, 14% VAT, 2.10, 22% Income Taxes, 1.92, 20% Source: MoF, Economena, SGBL Research Part of the decline in VAT revenues can be attributed to lower consumer prices, which fell by an average of 3.75% in, according to the Central Administration of Statistics. Still, lack of growth in the state s main taxation measure reflects dismal consumer and business spending trends in the country. In line with a cooling real estate market, revenues from real estate registrations slumped by 10.7% to $513.1m in. The biggest hit to revenues, however, came from a change in the way the Ministry of Finance (MoF) accounts for its revenues from telecommunications services. Starting, the MoF started reporting only actual cash transfers it receives from the Ministry of Telecom, after relying on its own estimates in previous years. The change, along with a one-off transfer in late 2014, left the government with just $1.2bn in telecom revenues in, down from $2bn in SOVEREIGN RATINGS STABLE Despite the government s swelling deficit and its large debt stock, bank deposits are still growing at a pace that is sufficient to meet public financing needs, according to Standard & Poor s (S&P). Private sector deposits grew by 5% in and would need to increase by at least 4% in 2016 for the country s sovereign debt ratings to remain stable at B-. S&P maintained a negative outlook for Lebanese sovereign debt ratings, citing risks to deposit growth, foreign currency reserves, and to the functioning of the Lebanese government amid regional tensions. Private sector deposits would need to increase by at least 4% in 2016 for the country s sovereign debt ratings to remain stable at B-. Fiscal deficit () Interest as a percent of revenues % 46.5% 47.8% 46.5% 45% % 38.5% 39.7% 2006 "07 "08 "09 "10 "11 "12 "13 "14 Source: MoF, Economena, SGBL Research 35% 2010 "13 "16f "17f Source: S&P, Economena, SGBL Research

5 REAL ESTATE REAL ESTATE KICKS OFF THE YEAR WITH A BANG Transactions surged by 40.6% yoy to $1.4bn through February Construction permits rebounded outside Beirut and Tripoli Office space construction on the rise in Ashrafieh Real estate transactions rebounded to $1.41bn in the first two months of 2016, up 40.6% from the same period in, reviving hopes of a recovery in the realty market after years of cooling. Property sales had floundered in amid increased regional uncertainty, especially in Syria, and prolonged domestic political deadlock. The number of transactions also increased considerably to 9,460 through February, up from 7,531 in the first two months of, adding critical depth to a market where liquidity had briefly appeared to be waning. Foreigners were a counterparty in 1.74% of the transactions, broadly in line with the norm in recent years. Developers have reportedly been more flexible on prices as they look to reduce their stock of unsold apartments, which likely contributed to higher sales volumes, particularly in Beirut. The average value per transaction rose by 27.3% yoy to $171,400 through February 2016, pointing to a possible sale of more higher-priced properties during the period than in previous months. Despite improved security in the country, the political environment has yet to contribute to the pick up in investor confidence that the real estate sector needs to make a full recovery. OUTLOOK FOR CONSTRUCTION IMPROVING The outlook for construction activity also received a boost from a surge in construction permits in the first two months, after investors had increasingly shied away from the sector in recent years. The area of permits increased by 12% yoy to 2.05 million sqm through February, and the number of permits rose by 27.2% yoy to 2,505. Demand for permits at the start of the year came largely from Mount Lebanon which made up 49.5% of the area of all permits. Developers sought more permits for construction across all regions except Beirut and Tripoli, where the area of issued permits fell by 35% yoy and 55.1% yoy respectively. The move away from the capital s center is also reflected in the office space market in municipal Beirut where 34 projects with 194,863 sqm of office space are under construction at the start of 2016, down from 37 projects and 195,694 sqm in, according to a survey by RAMCO, a real estate advisory company. However, unlike the Beirut Central District and Western Beirut, Ashrafieh appears to be bucking the downward trend. The area of office space under construction in Ashrafieh rose to 139,099 sqm over 24 projects in 2016, up from 130,752 sqm over 23 projects in, and 97,471 sqm at 18 projects in Real estate transactions (Jan-Feb, ) Construction permits (Jan-Feb, m sqm) Source: CADASTRE, Economena, SGBL Research 2006 "07 "08 "09 " "12 "13 "14 " Source: OEB, OET, Economena, SGBL Research

6 PROFITS AT ALPHA GROUP BANKS TOPPED $2BN IN Net profits are up 8.68% to $2.04bn in on foreign growth Deposit growth rates are down by half during the year Alpha banks added 15 local branches and 1,315 staff in Unaudited performance figures for the top 14 banks in Lebanon show that the Alpha group of banks with deposits above $2bn per bank has achieved total assets of $203.8bn at year end, representing an increase of 4.76% when compared with December The highly watched annual growth in customer deposits, which is considered vital for Lebanon s financial stability, halved from 9.4 % in 2014 to 4.55% with customer deposits reaching $168.3bn. Combined loan portfolios of Alpha banks expanded by 5.67% to $63.7bn. In addition, banks were hit by slowing trade volumes in Lebanon and the region, which pulled down letter-of-credit openings by 19.22% in and slowed growth in fee and commission income to 2.19% during the year, down from 13.3% in Still, faster growth in aggregate lending activity relative to deposits lifted the loans-to-deposits ratio at Alpha banks by 40 basis points to 37.87% at the end of. Amidst uncertain trends in international monetary developments, key performance ratios of Lebanese banks did not show a turnaround but reported slower rates of decline when compared with The return on average equity dropped five basis points to and the return on average common equity fell seven basis points to When compared with slowing growth of assets and deposits, some encouraging signals for the banking sector originated from the bottom line. Net profits of Alpha banks rose for the first time beyond $2 billion. Profits were buoyed by accelerating foreign growth in profits which made up 18.3% of the Alpha group s aggregate net income. Domestic profits increased by 6.24% to $1.66bn while those from foreign operations surged by 20.6% to $373m in. Alpha Group, December Assets () Net Profit ($m) Bank Audi BLOM Bank Fransabank Byblos Bank Societe Generale de Banque au Liban Bank of Beirut BankMed Banque Libano-Française Credit Libanais BBAC IBL Bank First National Bank Lebanon and Gulf Bank Creditbank Alpha Group ,035.9 Source: Bankdata FInancial Services, Economena, SGBL Research PROVISIONS SLOWING Profits from foreign operations were fully wiped out by a massive increase in provisions. The 14 Alpha banks were hit by $425.8m in net provisions for credit losses in, 15.2% more than in New collective provisioning requirements introduced by the Central Bank in late 2014 likely contributed to some of the uptick in provisions, and may continue to weigh on profit growth in coming years. On the other hand, substandard and doubtful loan ratios fell for the second year in a row, reaching 6.14% of gross loans at the end of, compared with 6.45% in The drop is likely partly a result of new Central Bank regulations offering banks more leeway to restructure struggling businesses that are suffering from the economic slowdown but with a demonstrated proven business model. BANKS SLOWING THEIR EXPANSION Alpha banks continued to expand their domestic and regional footprint in, albeit at a slower pace than in previous years. The country s largest banks by deposits added 32 branches during the year, down from 70 new branches in Lebanon s share of new branches reached 15 in while the rest of the world took in 17, bringing the combined network of Alpha banks to 1,233 branches, 34% of which located abroad. Slower network growth has also translated into fewer new hires, although all 14 Alpha banks still saw an increase in headcount in. The total number of staff employed increased by 1,315 to 30,737 personnel at the end of the year, compared with an increase of 1,653 staff members in More cautious organic growth among Alpha banks is helping keep operating costs in check at a time of rising domestic and global political and economic uncertainty. Staff expenses, which made up 27.2% of operating income in, rose by just 1.93% to $1.54bn during the year, down from growth of 11.2% in As a result, banks were able to cut their growth in operating expenses by over a half to 4.5% in, compared with 9.3% the year before. Alpha Group net profit () Source: Bankdata FInancial Services, Economena, SGBL Research

7 Key indicators Cleared cheques Real estate transactions Construction permits Cement deliveries Tourist arrivals Airport traffic Balance of payments Money supply: M3 BSE volumes Passenger car sales Hotel occupancy (average) Sqm, m Tons, m m m m % , , Jan , Feb-16 n.a n.a n.a n.a , YTD , PYTD , Indices Consumer Confidence Index - ARA Consumer Price Index Purchasing Managers' Index BdL Coincident Indicator Jan n.a. Feb n.a %YTD Trade Imports Exports Trade balance Port of Beirut volumes TEUs, m Jan Feb YTD PYTD Financial and monetary Commercial bank assets Claims on the resident private sector Claims on the non-resident private sector Claims on the public sector Resident private sector deposits Dollarization rate (average) Non-resident private sector deposits Dollarization rate (average) Private sector deposits with commercial banks Private loans / deposits Public sector deposits BdL foreign assets BSE market capitalization Gross public debt % % % Nov Jan n.a YTD %YTD Public finance Revenues Value Added Tax Telecommunications Income taxes Customs Expenditures Transfers to EdL Debt service Primary balance Fiscal balance $m Oct Nov , YTD: year-to-date, PYTD: previous year-to-date. Source: MoF, BdL, BSE, ARA, Customs, Markit, EY, RHIA, CAS, Economena, SGBL Research YTD PYTD

8 Lebanese inflation and the Euro (correlation = 0.64) The decrease in prices in Lebanon doesn t appear to reflect a drop in aggregate demand. Instead, falling consumer prices are more likely driven by depreciation in the Euro and in other currencies against the US Dollar to which the Lebanese Pound is pegged. 2,300 2,200 2,100 2,000 1,900 1,800 1,700 1,600 EUR/LBP CPI (% yoy) 12% 10% 1,500-6% Feb-10 Feb-12 Feb-14 Feb-16 8% 6% 4% 2% 0% -2% -4% Source: CAS, BdL, Economena, SGBL Research Beirut hotel occupancy and RevPAR (12m moving average) Beirut s hotels are lowering their prices to keep their occupancy rates above 55%. The Revenue per Available Room (RevPAR) for Beirut s 4- and 5-star hotels fell to $96.4 in the 12 months through February, RevPAR ($) Occupancy (%) Feb-10 Feb-12 Feb-14 Feb Source: EY, Economena, SGBL Research Lebanon exports (Jan-Feb 2016, yoy change, $m) Weighted average interest rate on USD deposits (%) Lebanese exports to South Africa regained momentum in the first two months of 2016, while those to Arab countries, including Saudi Arabia and UAE, are losing ground. Exports to China, Germany, Bulgaria, and Iran were also higher through February. South Africa Germany China / Hong Kong Bulgaria Iran Switzerland Syria Iraq ed Arab Emirates Saudi Arabia Source: Customs, Economena, SGBL Research THE APP TOMANAGE YOUR ACCOUNTS Banks in Lebanon are consistently paying more to attract dollar deposits. The average rate on new deposits in the three months through January, 2016 hit 3.19%, an increase of 9 basis points over the same period in Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Source: ABL, Economena, SGBL Research MOBILE BANKING sgbl.com

ECONOMIC ACTIVITY REBOUNDED TO 5-YEAR HIGH IN 1Q 2016

ECONOMIC ACTIVITY REBOUNDED TO 5-YEAR HIGH IN 1Q 2016 N 45 June 2016 Page 3 Bank lending accelerates despite slowdown in deposit growth Page 4 Construction activity may be turning the corner Page 5 Fiscal deficit hits record $1.4bn in the first quarter Page

More information

UNCERTAIN FISCAL POLICY, ELECTIONS LAW CLOUD ECONOMIC OUTLOOK

UNCERTAIN FISCAL POLICY, ELECTIONS LAW CLOUD ECONOMIC OUTLOOK N 55 April 2017 Page 3 Fiscal deficit at a record $4.9bn in despite stronger revenues Page 4 Private consumption offers significant promise in 2017 Page 5 Real GDP grew by 0.8% in 2015 led by financial

More information

MONETARY CONDITIONS IMPROVED AT THE START OF 2018

MONETARY CONDITIONS IMPROVED AT THE START OF 2018 N 65 February 2018 Page 3 Lebanese exports to the GCC rebounded in 2017 Page 4 Consumer prices accelerating on local and foreign pressures Page 5 Lebanese bond yields tighten even as the debt stock swells

More information

CONSUMERS UPBEAT AS TOURISTS FLOCK TO LEBANON

CONSUMERS UPBEAT AS TOURISTS FLOCK TO LEBANON N 51 December 2016 Page 3 Lebanese trade flows picked up in the third quarter of 2016 Page 4 Swap operations achieved objectives, BdL says Page 5 Fiscal deficit widens to $2.5bn through August 2016 Page

More information

LEBANESE ECONOMY ON TRACK FOR A REBOUND IN 2017

LEBANESE ECONOMY ON TRACK FOR A REBOUND IN 2017 N 52 January 2017 Page 3 Inflation returns to the Lebanese economy Page 4 Insurance premiums set to accelerate in 2017 Page 5 Banking activity cooled in October, still ahead in 2016 Page 6 Exports poised

More information

Smaller trade deficit is biggest impetus for growth in 2015

Smaller trade deficit is biggest impetus for growth in 2015 N 33 June 2015 Page 3 Bank profits may follow interest rates up in 2015 Page 4 More investment in electricity and higher tariffs are urgent, according to the World Bank Page 5 Industrial production and

More information

LEBANESE ECONOMY SENDS MIXED SIGNALS ON GROWTH

LEBANESE ECONOMY SENDS MIXED SIGNALS ON GROWTH N 56 May 2017 Page 3 More tourists from the GCC are warming to Beirut Page 4 Consumer prices rose by 5.1% yoy through March 2017 Page 5 Bank loans are increasingly de-dollarized Page 6 IMF brightens outlooks

More information

MARKETS RECOUP LOSSES, OUTLOOK HINGES ON POLITICAL DEVELOPMENTS

MARKETS RECOUP LOSSES, OUTLOOK HINGES ON POLITICAL DEVELOPMENTS N 63 December 2017 Page 3 Financial markets recovering, investor unease remains Page 4 Uncertainty clouds outlook for real estate and construction Page 5 Lebanon closes in on its first oil and gas exploration

More information

GOVERNMENT PROMISES FISCAL REFORMS IN 2019 AS GROWTH FLAGS

GOVERNMENT PROMISES FISCAL REFORMS IN 2019 AS GROWTH FLAGS N 76 January 2019 Page 3 Smaller gains on financial assets weigh on profits of Alpha banks Page 4 Fiscal deficit swelled to $4.5bn by on higher personnel costs Page 5 Moody s affirms Lebanon s B3 ratings,

More information

GROWTH REMAINS SUBDUED DESPITE SOME GAINS IN EARLY 2016

GROWTH REMAINS SUBDUED DESPITE SOME GAINS IN EARLY 2016 N 44 May 2016 Page 3 More tourists, less money in early 2016 Page 4 Car market shifts into high gear Page 5 Car insurance drove industry growth in Page 6 IMF lowers global, Lebanese growth outlook for

More information

Tourism and consumption driving economic rebound

Tourism and consumption driving economic rebound N 37 October 2015 Page 3 Foreign markets lift bank profits as domestic activity slows Page 4 Currency and commodity trends favor Lebanese consumers Page 5 Real estate correction underway, prices still

More information

RISING US RATES, POLITICAL RISK WEIGH ON ECONOMIC ACTIVITY

RISING US RATES, POLITICAL RISK WEIGH ON ECONOMIC ACTIVITY N 73 October 2018 Page 3 Government to revive housing subsidies as real estate falters Page 4 Fiscal deficit swelled through April 2018 despite revenue gains Page 5 Non-resident banking activity gains

More information

Political stalemate weighs on economic activity

Political stalemate weighs on economic activity N 38 November 2015 Page 3 Lebanon to issue more long-term debt, weighted yields rising Page 4 Resilient consumption buoying Lebanon s car market Page 5 Trade deficit down $2bn through August Page 6 Lebanon

More information

LEBANESE ECONOMY KICKS OFF 2017 ON STRONGER FOOTING

LEBANESE ECONOMY KICKS OFF 2017 ON STRONGER FOOTING N 53 February 2017 Page 3 Tourist arrivals surge through November, spending lags behind Page 4 New car sales will likely accelerate in 2017 Page 5 Real estate sales hit $8.5bn in 2016 despite headwinds

More information

LEBANON TO APPEAL FOR $9.8BN AT SYRIA DONORS CONFERENCE

LEBANON TO APPEAL FOR $9.8BN AT SYRIA DONORS CONFERENCE N 41 February 2016 Page 3 Beirut stocks outperformed regional peers in 2015 Page 4 Deposits to face headwinds from low oil prices Page 5 Slowing construction activity points to shrinking new supply Page

More information

THE LEBANESE ECONOMY IN 2016 BYBLOS BANK ECONOMIC RESEARCH AND ANALYSIS DEPARTMENT

THE LEBANESE ECONOMY IN 2016 BYBLOS BANK ECONOMIC RESEARCH AND ANALYSIS DEPARTMENT THE LEBANESE ECONOMY IN 2016 BYBLOS BANK ECONOMIC RESEARCH AND ANALYSIS DEPARTMENT ECONOMIC ACTIVITY Economic activity in Lebanon remained below potential in 2016, in line with the previous five years.

More information

CABINET HOPES LIFTED MARKETS IN OCTOBER

CABINET HOPES LIFTED MARKETS IN OCTOBER N 74 November 2018 Page 3 Tourism activity powers ahead with near-record arrivals Page 4 Higher oil prices offset export gains through August 2018 Page 5 Signs of a new Cabinet bring some relief to financial

More information

The Economic Letter September 2018

The Economic Letter September 2018 ASSOCIATION OF BANKS IN LEBANON Research & Statistics Department The Economic Letter September 2018 Summary: In the first three quarters of 2018, most real sector indicators retreated in relation to the

More information

The Economic Letter May 2018

The Economic Letter May 2018 ASSOCIATION OF BANKS IN LEBANON Research & Statistics Department The Economic Letter May 2018 Summary: In May 2018, real sector indicators were mixed with reference to the preceding month. Imports of goods

More information

The Economic Letter January 2018

The Economic Letter January 2018 ASSOCIATION OF BANKS IN LEBANON Research & Statistics Department The Economic Letter January 2018 Summary: In the first month of 2018, most real sector indicators retreated in relation to the preceding

More information

The Economic Letter March 2018

The Economic Letter March 2018 ASSOCIATION OF BANKS IN LEBANON Research & Statistics Department The Economic Letter March 2018 Summary: In the first quarter 2018, most real sector indicators retreated with regard to the corresponding

More information

The Economic Letter July 2018

The Economic Letter July 2018 ASSOCIATION OF BANKS IN LEBANON Research & Statistics Department The Economic Letter July 2018 Summary: In July 2018, real sector indicators progressed in relation to the preceding month. Both imports

More information

The Economic Letter December 2010

The Economic Letter December 2010 ASSOCIATION OF BANKS IN LEBANON Research & Statistics Department The Economic Letter December 2010 Summary: Despite the deceleration in the activities of a number of economic sectors in the fourth quarter,

More information

Emirates NBD Research UAE Sector Chart Pack

Emirates NBD Research UAE Sector Chart Pack Emirates NBD Research UAE Sector Chart Pack Thanos Tsetsonis athanasiost@emiratesnbd.com May 218 1 mn b/d USD / b UAE: Downside risks to 218 growth forecast due to lower oil production estimates Highlights

More information

The Economic Letter November 2018

The Economic Letter November 2018 ASSOCIATION OF BANKS IN LEBANON Research & Statistics Department The Summary: In November 2018, the majority of real sector indicators regressed in relation to the previous month. Imports and exports of

More information

The Economic Letter December 2016

The Economic Letter December 2016 ASSOCIATION OF BANKS IN LEBANON Research & Statistics Department The Economic Letter December 2016 Summary: In 2016, real sector indicators were mixed and their varied performance pointed to another year

More information

2nd Quarter of Head of Research: Nadim Kabbara, CFA

2nd Quarter of Head of Research: Nadim Kabbara, CFA 2nd Quarter of 2012 Contacts Head of Research: Nadim Kabbara, CFA n.kabbara@ffaprivatebank.com +961 1 985195 Analyst: Laura El Makary l.elmakary@ffaprivatebank.com +961 1 985195 Sales and Trading, FFA

More information

Lebanomics 1st. Mfcbopo t Ebticpbse pg!fdpopnjd Joejdbupst. Quarter of 2011

Lebanomics 1st. Mfcbopo t Ebticpbse pg!fdpopnjd Joejdbupst. Quarter of 2011 Lebanomics 1st Quarter of 2011 Mfcbopo t Ebticpbse pg!fdpopnjd Joejdbupst Contacts Head of Research: Nadim Kabbara, CFA n.kabbara@ffaprivatebank.com +961 1 985195 Sales and Trading, FFA Private Bank (Beirut)

More information

4 th Quarter of Head of Research: Nadim Kabbara, CFA

4 th Quarter of Head of Research: Nadim Kabbara, CFA 4 th Quarter of 2014 Contacts Head of Research: Nadim Kabbara, CFA n.kabbara@ffaprivatebank.com +961 1 985195 Analyst: Rima Gedeon r.gedeon@ffaprivatebank.com +961 1 985195 Sales and Trading, FFA Private

More information

May 30, 2014 ECONOMY. Lebanon ranks 85th among 160 countries on Logistics Performance Index

May 30, 2014 ECONOMY. Lebanon ranks 85th among 160 countries on Logistics Performance Index ECONOMY The LPI is a benchmarking tool developed by the World Bank to measure the efficiency of trade supply chains within a country. Lebanon ranks 85th among 160 countries on Logistics Performance Index

More information

Lebanon. Market Bulletin Q2.2018

Lebanon. Market Bulletin Q2.2018 Lebanon Market Bulletin Q2.2018 July 2018 Lebanon Market Bulletin (Q2-2018) Highlights: Lebanon s CPI (Consumer s Price Index) has been increasing since March 2018 to record 106.7, 107, and 107.2 for April,

More information

The LEBANON WEEKLY MONITOR

The LEBANON WEEKLY MONITOR CONTACTS The LEBANON WEEKLY MONITOR Treasury & Capital Markets Bechara Serhal (961-1) 977421 bechara.serhal@bankaudi.com.lb Nadine Akkawi (961-1) 977401 nadine.akkawi@bankaudi.com.lb Private Banking Toufic

More information

Hong Kong Economy: Recovering from Recession?

Hong Kong Economy: Recovering from Recession? Irina Fan Senior Economist irinafan@hangseng.com Joanne Yim Chief Economist joanneyim@hangseng.com September 29 Hong Kong Economy: Recovering from Recession? Hong Kong staged a strong rebound in the second

More information

Sep 18, 2015 ECONOMY. IIF revises Lebanon s GDP growth rate down to 1.1% in 2015

Sep 18, 2015 ECONOMY. IIF revises Lebanon s GDP growth rate down to 1.1% in 2015 ECONOMY IIF revises Lebanon s GDP growth rate down to 1.1% in 2015 IIF states that economic activity remains weak, reflecting policy inaction amid a protracted political crisis and rising regional insecurity.

More information

LEBANON WEEKLY REPORT

LEBANON WEEKLY REPORT Total imports decreased by a yearly 5% to reach USD 8,713 million in the first five months of 2014, while total exports dropped by 30% to reach USD 1,387 million. Imports from China accounted for the largest

More information

Report - Lebanon s Economic Performance in H1 2011

Report - Lebanon s Economic Performance in H1 2011 Report - Lebanon s Economic Performance in H1 2011 Executive Summary 2 General Introduction 3 Real Sector 3 Public Finances 7 Monetary Situation 8 Financial Sector 9 Foreign Sector 10 Economic Prospects

More information

ASSOCIATION OF BANKS IN LEBANON. Indicators of Economic Activity (million USD unless otherwise mentioned)

ASSOCIATION OF BANKS IN LEBANON. Indicators of Economic Activity (million USD unless otherwise mentioned) Key Indicators ASSOCIATION OF BANKS IN LEBANON Issue: December 2016 / January 2017 LBP= Lebanese Pound; USD= US Dollar; FC= Foreign Currency; ( ) indicates a negative number; CD= Certificate of Deposit;

More information

LEBANON WEEKLY REPORT

LEBANON WEEKLY REPORT Beirut recorded the 2 nd lowest occupancy rate among Arab markets. The average room rate in Beirut hotels dropped to USD 167 in January 2014, compared to USD 173 in January 2013. Occupancy rate at Beirut

More information

LEBANON THIS WEEK. Charts of the Week. Quote to Note. Number of the Week. Economic Research & Analysis Department. In This Issue

LEBANON THIS WEEK. Charts of the Week. Quote to Note. Number of the Week. Economic Research & Analysis Department. In This Issue Issue 540 Economic Research & Analysis Department In This Issue Charts of the Week Economic Indicators...1 Capital Markets...1 Lebanon in the News...2 Lebanon's piracy rate at 69% in 2017, 37th highest

More information

ASSOCIATION OF BANKS IN LEBANON Sep-2017 Oct-2017 Nov Building permits (000 m 2 ) 12, ,

ASSOCIATION OF BANKS IN LEBANON Sep-2017 Oct-2017 Nov Building permits (000 m 2 ) 12, , Key Indicators ASSOCIATION OF BANKS IN LEBANON Issue: November / December 07 LBP= Lebanese Pound; USD= US Dollar; FC= Foreign Currency; ( ) indicates a negative number; CD= Certificate of Deposit; BDL=

More information

2016: Deterioration of Lebanon s Fiscal Performance

2016: Deterioration of Lebanon s Fiscal Performance BLOMINVEST BANK June 17, 2017 Contact Information Jr. Analyst: Rouba Chbeir rouba.chbeir@blominvestbank.com Head of Research: Marwan Mikhael marwan.mikhael@blominvestbank.com Research Department Tel: +961

More information

Lebanon Weekly Report

Lebanon Weekly Report ECONOMY World Bank forecasts Lebanon real GDP growth at 2% in 2015 and 2.5% in 2016 The World Bank said that Lebanon s economic activity continues to tick along at a modest pace despite the political dysfunctionality.

More information

Algeria's GDP growth is expected to stand at 3.5%, inflation at 7.5% for 2018.

Algeria's GDP growth is expected to stand at 3.5%, inflation at 7.5% for 2018. Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Key Messages: MENA Economic Monitor- April 2018 Economic growth in MENA is projected

More information

IN THIS ISSUE ECONOMY

IN THIS ISSUE ECONOMY IN THIS ISSUE ECONOMY Coincident Indicator Improves by 5.8% Y-O-Y in October 2013 Fiscal Deficit Widened by 32% to USD 3,519 Million in the First Ten Months of 2013 Trade Deficit Goes up on a Yearly Basis

More information

LEBANON WEEKLY REPORT

LEBANON WEEKLY REPORT Lebanon s major entrepreneurship weakness is in product innovation, being the ability to provide unique products or services. The country s greatest strength in entrepreneurship is found in its perception

More information

LEBANON WEEKLY REPORT

LEBANON WEEKLY REPORT ECONOMY Lebanon ranks 18 th worldwide and 2 nd in the Arab world in gold holdings Lebanon s gold reserves reached 287 tons, accounting for 24% of the country s total foreign reserves. The August 2016 edition

More information

The LEBANON WEEKLY MONITOR

The LEBANON WEEKLY MONITOR CONTACTS The LEBANON WEEKLY MONITOR Treasury & Capital Markets Bechara Serhal (961-1) 977421 bechara.serhal@bankaudi.com.lb Nadine Akkawi (961-1) 977401 nadine.akkawi@bankaudi.com.lb Private Banking Toufic

More information

HKU announces 2015 Q2 HK Macroeconomic Forecast

HKU announces 2015 Q2 HK Macroeconomic Forecast Press Release HKU announces 2015 Q2 HK Macroeconomic Forecast April 9, 2015 1 Overview The APEC Studies Programme of the Hong Kong Institute of Economics and Business Strategy at the University of Hong

More information

CREDIT LIBANAIS S.A.L.

CREDIT LIBANAIS S.A.L. CREDIT LIBANAIS S.A.L. Issue No. 482 December 21 st December 30 th 2015 Economic Research Unit Credit Libanais Headquarters Adlieh Beirut, Lebanon Tel +961.1.608000 Fax +96.1.608000 Ext. 1285 research@cl.com.lb

More information

SME Monitor Q aldermore.co.uk

SME Monitor Q aldermore.co.uk SME Monitor Q1 2014 aldermore.co.uk aldermore.co.uk Contents Executive summary UK economic overview SME inflation index one year review SME cost inflation trends SME business confidence SME credit conditions

More information

LEBANON WEEKLY REPORT

LEBANON WEEKLY REPORT ECONOMY Net Foreign Direct Investment flows record a 6% yearly increase in 2016 FDI inflows were estimated at USD 2,564 million in 2016 recording a 9% surge from USD 2,353 million in 2015. According to

More information

LEBANON WEEKLY REPORT

LEBANON WEEKLY REPORT ECONOMY Beirut recorded the 3 rd lowest occupancy rate among Arab markets. The average room rate in Beirut hotels was USD 169 in 2013, down from USD 201 in 2012. OCCUPANCY RATE AT BEIRUT HOTELS REACHES

More information

ASSOCIATION OF BANKS IN LEBANON. 5- Balance of Trade in Goods = (4) - (3) (16,738) (1,591) (1,224) n.a.

ASSOCIATION OF BANKS IN LEBANON. 5- Balance of Trade in Goods = (4) - (3) (16,738) (1,591) (1,224) n.a. Key Indicators ASSOCIATION OF BANKS IN LEBANON Issue: October / November 08 LBP= Lebanese Pound; USD= US Dollar; FC= Foreign Currency; ( ) indicates a negative number; CD= Certificate of Deposit; BDL=

More information

Upside Risk to Inflation and Downside Risk to Growth

Upside Risk to Inflation and Downside Risk to Growth Irina Fan Senior Economist irinafan@hangseng.com Joanne Yim Chief Economist joanneyim@hangseng.com July 28 Upside Risk to Inflation and Downside Risk to Growth The economic landscape has changed significantly

More information

ASSOCIATION OF BANKS IN LEBANON. Indicators of Economic Activity (million USD unless otherwise mentioned)

ASSOCIATION OF BANKS IN LEBANON. Indicators of Economic Activity (million USD unless otherwise mentioned) Key Indicators ASSOCIATION OF BANKS IN LEBANON Issue: September / October 07 LBP= Lebanese Pound; USD= US Dollar; FC= Foreign Currency; ( ) indicates a negative number; CD= Certificate of Deposit; BDL=

More information

LEBANON THIS WEEK

LEBANON THIS WEEK Issue 502 July 31 - August 5, 2017 Economic Research & Analysis Department LEBANON THIS WEEK In This Issue Economic Indicators...1 Capital Markets...1 Lebanon in the News...2 Charts of the Week Performance

More information

The LEBANON WEEKLY MONITOR

The LEBANON WEEKLY MONITOR CONTACTS The LEBANON WEEKLY MONITOR Treasury & Capital Markets Bechara Serhal (961-1) 977421 bechara.serhal@bankaudi.com.lb Nadine Akkawi (961-1) 977401 nadine.akkawi@bankaudi.com.lb Private Banking Toufic

More information

Equity Research - Lebanese Banks - Q3/15 Preview

Equity Research - Lebanese Banks - Q3/15 Preview EQUITY RESEARCH LEBANESE BANKS - October Q3/15 PREVIEW 13, 2015 1 Equity Research - Lebanese Banks - Q3/15 Preview Domestic banking sector deposits grew +5% YoY in July 2015 supported by non-residents

More information

The LEBANON WEEKLY MONITOR

The LEBANON WEEKLY MONITOR CONTACTS Treasury & Capital Markets Micky Chebli (961-1) 977419 micky.chebli@banqueaudi.com Nadine Akkawi (961-1) 977401 nadine.akkawi@banqueaudi.com Bechara Serhal (961-1) 977421 bechara.serhal@banqueaudi.com

More information

Eurozone. EY Eurozone Forecast June 2014

Eurozone. EY Eurozone Forecast June 2014 Eurozone EY Eurozone Forecast June 2014 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Finland

More information

Global PMI. Global economy buoyed by rising US strength. June 12 th IHS Markit. All Rights Reserved.

Global PMI. Global economy buoyed by rising US strength. June 12 th IHS Markit. All Rights Reserved. Global PMI Global economy buoyed by rising US strength June 12 th 2018 2 Global PMI rises but also brings signs of slower future growth At 54.0 in May, the headline JPMorgan Global Composite PMI, compiled

More information

Pre-budget economic analysis Key facts and figures

Pre-budget economic analysis Key facts and figures Pre-budget economic analysis Key facts and figures June 2008 Advisory Table of Contents Page 1 Macro-economic overview 1 2 External sector 10 3 Government finance 16 Appendix 1 - Glossary 21 Section 1

More information

Content. Introduction. Part I: The Lebanese Macroeconomy. 1. Gross Domestic Product. 2. Monetary Situation. 3. Banking Sector. 4. Balance of Payments

Content. Introduction. Part I: The Lebanese Macroeconomy. 1. Gross Domestic Product. 2. Monetary Situation. 3. Banking Sector. 4. Balance of Payments Content Introduction Part I: The Lebanese Macroeconomy 1. Gross Domestic Product 2. Monetary Situation 3. Banking Sector 4. Balance of Payments 5. Public Finance 6. Financial Markets 7. Foreign Trade 8.

More information

Holcim (Liban) BANK S.A.L.

Holcim (Liban) BANK S.A.L. d BLOMINVEST Holcim (Liban) BANK S.A.L. FULL YEAR UPDATE FOR 2012 Share Price (USD): 14.41 Sector: Basic Materials & Industrial Products Target Price (USD): 15.10 Country: Lebanon Downside: 4.79% Date:

More information

HKU Announced 2013 Q3 HK Macroeconomic Forecast

HKU Announced 2013 Q3 HK Macroeconomic Forecast COMMUNICATIONS & PUBLIC AFFAIRS OFFICE THE UNIVERSITY OF HONG KONG Enquiry: 2859 1106 Website: http://www.hku.hk/cpao For Immediate Release HKU Announced 2013 Q3 HK Macroeconomic Forecast Hong Kong Economic

More information

1 RED June/July 2018 JUNE/JULY 2018

1 RED June/July 2018 JUNE/JULY 2018 1 RED June/July 20 JUNE/JULY 20 2 RED June/July 20 MAJOR HIGHLIGHTS Headline consumer inflation grew by 4.9 per cent in June 20 compared to 4.8 per cent recorded in May 20 Inflation rate (% y/y) 4.9 (June)

More information

2012 6 http://www.bochk.com 2 3 4 ECONOMIC REVIEW(A Monthly Issue) June, 2012 Economics & Strategic Planning Department http://www.bochk.com An Analysis on the Plunge in Hong Kong s GDP Growth and Prospects

More information

Hong Kong Economic Update

Hong Kong Economic Update Irina Fan Senior Economist irinafan@hangseng.com Joanne Yim Chief Economist joanneyim@hangseng.com May 28 Hong Kong Economic Update Hong Kong s March export growth stayed low at 7.6 yoy, as exports to

More information

LEBANON THIS WEEK. Charts of the Week. Quote to Note. Number of the Week. Economic Research & Analysis Department. In This Issue

LEBANON THIS WEEK. Charts of the Week. Quote to Note. Number of the Week. Economic Research & Analysis Department. In This Issue Issue 549 Economic Research & Analysis Department In This Issue Charts of the Week Economic Indicators...1 Capital Markets...1 Lebanon in the News...2 1 Development Level of Electronic Government in Arab

More information

KBank Capital Markets Perspectives 29 February 2016

KBank Capital Markets Perspectives 29 February 2016 KBank Capital Markets Perspectives 29 February 2016 Thailand Economic Monitor and BoT Forecast : March 2016 Thailand s economy steadied in February, though domestic demand decelerated slightly from January

More information

CREDIT LIBANAIS S.A.L.

CREDIT LIBANAIS S.A.L. CREDIT LIBANAIS S.A.L. Issue No. 575 November 11 th November 17 th Economic Research Unit Credit Libanais Headquarters Adlieh Beirut, Lebanon Tel +961.1.608000 Fax +96.1.608231 research@cl.com.lb TABLE

More information

Monetary Policy Report

Monetary Policy Report CENTRAL BANK OF THE GAMBIA Monetary Policy Report November 20 The Central Bank of The Gambia Monetary Policy Report provides summary of reports presented at the Monetary Policy Committee Meeting. It entails

More information

BDO MONTHLY BUSINESS TRENDS INDICES April Copyright BDO LLP. All rights reserved.

BDO MONTHLY BUSINESS TRENDS INDICES April Copyright BDO LLP. All rights reserved. BDO MONTHLY BUSINESS TRENDS INDICES April 2017 Copyright BDO LLP. All rights reserved. INTRODUCTION The BDO Monthly Trends Indices are polls of polls that pull together the results of all the main UK business

More information

HKU announces 2015 Q3 HK Macroeconomic Forecast

HKU announces 2015 Q3 HK Macroeconomic Forecast Press Release HKU announces 2015 Q3 HK Macroeconomic Forecast July 7, 2015 1 Overview The APEC Studies Programme of the Hong Kong Institute of Economics and Business Strategy at the University of Hong

More information

Hong Kong First Quarter GDP Preview Nearing Full Capacity and a Wary Inflation Outlook

Hong Kong First Quarter GDP Preview Nearing Full Capacity and a Wary Inflation Outlook Irina Fan Senior Economist irinafan@hangseng.com Joanne Yim Chief Economist joanneyim@hangseng.com May 11 Hong Kong First Quarter GDP Preview Nearing Full Capacity and a Wary Inflation Outlook The Hong

More information

ASSOCIATION OF BANKS IN LEBANON. 5- Balance of Trade in Goods = (4) - (3) (16,738) (1,401) (2,100) (1,591)

ASSOCIATION OF BANKS IN LEBANON. 5- Balance of Trade in Goods = (4) - (3) (16,738) (1,401) (2,100) (1,591) Key Indicators ASSOCIATION OF BANKS IN LEBANON Issue: August / September 08 LBP= Lebanese Pound; USD= US Dollar; FC= Foreign Currency; ( ) indicates a negative number; CD= Certificate of Deposit; BDL=

More information

IMPACT OF FINANCIAL REFORMS: EXPERIENCES IN THE EURO- MEDITERRANEAN AREA. MOHAMAD JABRI Executive Director Training and Development Department

IMPACT OF FINANCIAL REFORMS: EXPERIENCES IN THE EURO- MEDITERRANEAN AREA. MOHAMAD JABRI Executive Director Training and Development Department IMPACT OF FINANCIAL REFORMS: EXPERIENCES IN THE EURO- MEDITERRANEAN AREA MOHAMAD JABRI Executive Director Training and Development Department OUTLINE A. Economic cooperation between Lebanon and the EU

More information

Inflation Update. Mild pick-up in inflation rates

Inflation Update. Mild pick-up in inflation rates December 8 Saudi CPI inflation Monthly change Annual change October 8 -.3. September 8 -.. Year-to-October average.3. Inflation rates in trade partners (latest) Kuwait Bahrain Oman Japan UAE S. Korea Euro

More information

The Economic Outlook of Taiwan

The Economic Outlook of Taiwan The Economic Outlook of Taiwan by Ray Yeutien Chou and An-Chi Wu The Institute of Economics, Academia Sinica, Taipei October 2017 1 Prepared for Project LINK 2017 Fall Meeting, Geneva, Oct. 3-5, 2017 2

More information

ASSOCIATION OF BANKS IN LEBANON. 5- Balance of Trade in Goods = (4) - (3) (16,738) (2,100) (1,591) n.a.

ASSOCIATION OF BANKS IN LEBANON. 5- Balance of Trade in Goods = (4) - (3) (16,738) (2,100) (1,591) n.a. Key Indicators ASSOCIATION OF BANKS IN LEBANON Issue: August / September 08 LBP= Lebanese Pound; USD= US Dollar; FC= Foreign Currency; ( ) indicates a negative number; CD= Certificate of Deposit; BDL=

More information

The LEBANON WEEKLY MONITOR

The LEBANON WEEKLY MONITOR CONTACTS The LEBANON WEEKLY MONITOR Treasury & Capital Markets Bechara Serhal (961-1) 977421 bechara.serhal@bankaudi.com.lb Nadine Akkawi (961-1) 977401 nadine.akkawi@bankaudi.com.lb Private Banking Toufic

More information

Economic Update 4 July 2017

Economic Update 4 July 2017 Economic Update July 17 Macroeconomic outlook UAE: Growth set to moderate slightly in 17 amid crude oil cuts > Dana Al-Fakir Economist +9 9 373, danafakir@nbk.com > Nemr Kanafani Senior Economist +9 9

More information

2014 Fiscal Balance: Short-Term Improvement

2014 Fiscal Balance: Short-Term Improvement BLOMINVEST BANK In June 2014, oil prices were slashed from a high of $112 to a low of $58 in December 2014. This bearish trend meant different things to the fiscal balances of oil importing countries and

More information

JORDAN ECONOMIC MONITOR

JORDAN ECONOMIC MONITOR JORDAN ECONOMIC MONITOR DISCLAIMER: The information and opinions contained in this document have been compiled in good faith from sources believed to be reliable. Capital Investments makes no warranty

More information

By John Praveen, Chief Investment Strategist of Prudential International Investments Advisers, LLC.*

By John Praveen, Chief Investment Strategist of Prudential International Investments Advisers, LLC.* By John Praveen, Chief Investment Strategist of Prudential International Investments Advisers, LLC.* For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com

More information

HKU Announced 2011 Q3 HK Macroeconomic Forecast

HKU Announced 2011 Q3 HK Macroeconomic Forecast COMMUNICATIONS & PUBLIC AFFAIRS OFFICE THE UNIVERSITY OF HONG KONG Enquiry: 2859 1106 Website: http://www.hku.hk/cpao For Immediate Release HKU Announced 2011 Q3 HK Macroeconomic Forecast Economic Outlook

More information

LEBANON WEEKLY REPORT

LEBANON WEEKLY REPORT Lebanon is the 9 th most entrepreneurial country in the MENA region and 63 rd among 137 countries On a global perspective, North America ranks at the top with a strong entrepreneurial ecosystem achieving

More information

UAE: Update November 2015

UAE: Update November 2015 Report Series UAE: Update Executive Summary Economics Department Samba Financial Group P.O. Box 833, Riyadh 11241 Saudi Arabia ChiefEconomist@samba.com +44 207659-8200 (London) This and other publications

More information

Lebanon Weekly Report

Lebanon Weekly Report Lebanon ranks 98 th most prosperous country in the world The Legatum Prosperity Index defines prosperity as a combination of wealth and wellbeing, benchmarking 142 countries in eight categories. In the

More information

LEBANON THIS WEEK 29,880 25,547 22,650 19,391 11,775 8,354 8,850 6,982 6,008. The Lebanese government must do its part too. Number of the Week

LEBANON THIS WEEK 29,880 25,547 22,650 19,391 11,775 8,354 8,850 6,982 6,008. The Lebanese government must do its part too. Number of the Week Issue 534 Economic Research & Analysis Department In This Issue Charts of the Week Economic Indicators...1 Capital Markets...1 Lebanon in the News...2 Remittance inflows to Lebanon down 2% to $5.4bn in

More information

LEBANON WEEKLY REPORT

LEBANON WEEKLY REPORT Value of real estate transactions increase by a yearly 8.8% in January 2017 The average value per real estate transaction reached USD 131,226 in January 2017, up from USD 122,191 in the previous year.

More information

July 31, 2015 ECONOMY. Lebanon ranks 19 th worldwide and 2 nd in the Arab world in gold holdings

July 31, 2015 ECONOMY. Lebanon ranks 19 th worldwide and 2 nd in the Arab world in gold holdings ECONOMY Lebanon ranks 19 th worldwide and 2 nd in the Arab world in gold holdings Lebanon s gold reserves reached 287 tons, accounting for 21% of the country s total foreign reserves. The July 2015 edition

More information

BTA-Fransabank Retail Index for the second quarter of 2018 (Q2-2018) Inflation accelerates... Markets are in crisis Wait and See

BTA-Fransabank Retail Index for the second quarter of 2018 (Q2-2018) Inflation accelerates... Markets are in crisis Wait and See BTA-Fransabank Retail Index for the second quarter of 2018 (Q2-2018) Beirut, August 16, 2018 Inflation accelerates... Markets are in crisis Wait and See The Lebanese economic organizations have been voicing

More information

Industry anticipating 1.8 percent rise in GDP. Global upturn is the main factor

Industry anticipating 1.8 percent rise in GDP. Global upturn is the main factor QUARTERLY REPORT GERMANY Industry anticipating 1.8 percent rise in GDP. Global upturn is the main factor Quarter III / 2017 The German economy is picking up speed considerably. We are expecting real economic

More information

THE LEBANON BRIEF. ISSUE 898 Week of December, 2014

THE LEBANON BRIEF. ISSUE 898 Week of December, 2014 Your Investment Reference THE LEBANON BRIEF ISSUE 898 Week of 08 13 December, 2014 ECONOMIC RESEARCH DEPARTMENT Rashid Karame Street, Verdun Area P.O.Box 11-1540 Beirut, Lebanon T (01) 747802 F (+961)

More information

LEBANON WEEKLY REPORT

LEBANON WEEKLY REPORT ECONOMY Cement deliveries and construction permits report a yearly decrease of 4.1% and 17.6% in the first five months of 2018 The coincident indicator of building activity, cement deliveries, recorded

More information

The LEBANON WEEKLY MONITOR

The LEBANON WEEKLY MONITOR CONTACTS The LEBANON WEEKLY MONITOR Treasury & Capital Markets Bechara Serhal (961-1) 977421 bechara.serhal@bankaudi.com.lb Nadine Akkawi (961-1) 977401 nadine.akkawi@bankaudi.com.lb Private Banking Toufic

More information

KEYNOTE SPEECH Deputy Governor of Bank Indonesia, Bp. Perry Warjiyo Ph.D at BNP Paribas Economic Outlook 2016 Jakarta, 23 March 2016

KEYNOTE SPEECH Deputy Governor of Bank Indonesia, Bp. Perry Warjiyo Ph.D at BNP Paribas Economic Outlook 2016 Jakarta, 23 March 2016 KEYNOTE SPEECH Deputy Governor of Bank Indonesia, Bp. Perry Warjiyo Ph.D at BNP Paribas Economic Outlook 2016 Jakarta, 23 March 2016 Introduction Following the success of strong macroeconomic policy adjustments

More information

LEBANON WEEKLY REPORT

LEBANON WEEKLY REPORT ECONOMY The changes of net foreign assets in the financial sector (balance of payments) record a surplus of USD 67.4 million in November 2017 alone The BOP in the first eleven months of 2017 is a combination

More information

MonitorING Turkey ING BANK A.Ş. Further fiscal support in the Medium Term Plan. Emerging Markets 4 October 2017

MonitorING Turkey ING BANK A.Ş. Further fiscal support in the Medium Term Plan. Emerging Markets 4 October 2017 q ING BANK A.Ş. ECONOMIC RESEARCH GROUP MonitorING Turkey October 17 Emerging Markets October 17 USD/TRY MonitorING Turkey Further fiscal support in the Medium Term Plan In 17, accelerated spending and

More information