LEBANON WEEKLY REPORT

Transcription

1 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 of USD 1,504 million surplus recorded by the Central Bank and a USD 2,515 million deficit recorded by banks and financial institutions. The changes of net foreign assets in the financial sector (balance of payments) registered a surplus of USD 67.4 million in November 2017 alone, compared to a deficit of USD million recorded in October 2017 and a surplus of USD 453 million recorded in November In the first eleven months of 2017, the BOP registered an aggregate deficit of USD 1,011 million, deteriorating from a cumulative surplus of USD million reported during the same period last year. The balance of payments in the first eleven months of 2017 is a combination of a USD 1,504 million surplus recorded by the Central Bank and a USD 2,515 million deficit recorded by banks and financial institutions. 1

2 ECONOMY The Coincident Indicator increases by 3.9% on a yearly basis in November 2017 The Coincident Indicator registered points in November 2017, going up by a yearly 3.9% from points registered in November The Coincident Indicator, the composite indicator of economic activity in Lebanon monitored by the Central Bank, reached points in November 2017, increasing by 3.9% from points recorded in November 2016 and reporting a monthly increase of 5.8% when compared to October Overall, during the period extending from November 2016 to November 2017, the coincident indicator recorded eight monthly increases: November 2016 and from January until April and July, October, and November The Coincident Indicator is an average of eight weighted economic indicators including electricity production, cement deliveries, cleared checks, money supply M3, passenger flows, imports of petroleum derivatives, total imports, and exports. Bankmed - Market & Economic Research Division 2

3 ECONOMY Revenues at the Port of Beirut increase by a yearly 0.46% in 2017 The number of imported cars via the Port of Beirut increased by a yearly 0.2% in 2017 to reach 79,907 cars, slightly up from 79,775 cars reported in According to the latest figures released by the Port of Beirut, its total income reached USD 240 million in 2017, reporting a yearly 0.46% increase when compared to USD million reported in Over the same period, the number of imported cars via the port of Beirut reached 79,907 cars increasing by a yearly 0.2% from 79,775 cars reported during 2016, while the number of containers (excluding transshipment) increased by an annual 4.9% to reach 897,787. As for the number of transshipment, it increased by a yearly 39.8% in 2017 to reach 407,251 containers. The number of ships that used the port during 2017 increased by a yearly 0.4% amounting to a total of 2,262 vessels. The number of containers at the Port of Beirut, including transshipment, increased by a yearly 13.8% to reach 1,305,038. Source: Port of Beirut, Bankmed Research Bankmed - Market & Economic Research Division 3

4 BANKING & FINANCE The Central Bank s assets reach USD billion as at mid-january 2018 with USD 12.4 billion in gold reserves BDL s total reserves, including gold, reached USD 54.9 billion as at mid-january Banque du Liban (BDL) s bi-monthly balance sheet as at mid-january 2018 reported total assets of USD billion, recording a yearly 17.6% increase from mid-january 2017 (USD billion). As at mid-january 2018, gold stood at USD 12.4 billion reporting a year-on-year increase of 12% when compared to the same period in 2017, while foreign assets recorded a yearly 4.7% increase to reach USD 42.5 billion. Moreover, loans to the local financial sector increased by a yearly 114.9% to reach USD 13.8 billion as at mid-january 2018, up from USD 6.4 billion in the same aforementioned period last year. On the liabilities front, BDL reported an increase of 19.4% year-on-year in financial sector deposits to reach USD 99.5 billion, accounting for about 82% of total liabilities along with a 3.6% decrease in public sector deposits, which amounted to USD 6.2 billion as at mid-january Bankmed - Market & Economic Research Division 4

5 BANKING & FINANCE Deposits denominated in foreign currencies decrease by USD 62 million during the week of December 28, 2017 January 04, 2018 Local currency term deposits M2 decreased by USD 35 million during the week of December 28, 2017 January 04, 2018 to reach USD billion. On the monetary front, the overall money supply M4 decreased by USD 40 million during the week of December 28, 2017 January 04, 2018 to USD billion, while the non-banking sector treasury bills portfolio increased by USD 57 million during the same week. Lebanese Pound denominated deposits and currency in circulation M1 decreased by 1.14% (or USD 79 million) during the aforementioned week to USD billion. In parallel, local currency term deposits M2 decreased by USD 35 million during the same week to stand at USD billion. The private sector term and saving deposits denominated in LBP (M2-M1) increased by USD 44 million during the mentioned week to USD billion, while deposits denominated in foreign currencies (M3- M2) decreased by USD 62 million during the same week to reach USD billion. Bankmed - Market & Economic Research Division 5

6 BUSINESS New car sales increase by a yearly 2.5% in 2017 The total number of new passenger cars sold in the country increased by a yearly 2.5% reaching 37,222 cars in 2017, compared to 36,326 cars sold during According to the Association of Car Importers in Lebanon, the total number of new passenger cars sold in the country increased by a yearly 2.5% reaching 37,222 cars in 2017, compared to 36,326 cars reported during On a month-on-month basis, new registered passenger cars amounted to 3,226 in December 2017, compared to 2,672 cars sold in the previous month of November 2017 and reporting a year-on-year increase of 18.9% from December 2016 alone. In terms of car sales by brand for the year 2017, Kia topped the list with a market share of 20.4%, followed by 13.3% for Hyundai. In addition, Toyota and Nissan respectively held 11.4% and 9.2% shares of total sales. Japanese cars accounted for 36.9% of total car sales in 2017, followed by Korean, European, and American vehicles with a share of 33.9%, 20%, and 8%, respectively. Moreover, Japanese cars accounted for 36.9% of total car sales in 2017, followed by Korean, European, and American vehicles with a share of 33.9%, 20%, and 8%, respectively. Source: Association of Car Importers in Lebanon, Bankmed Research Bankmed - Market & Economic Research Division 6

7 BUSINESS Source: Association of Car Importers in Lebanon, Bankmed Research Kia topped the list of passenger car sales with a total of 7,610 sold cars in It was followed by Hyundai (4,962), Toyota (4,269), Nissan (3,426), Suzuki (1,954), and Chevrolet (1,820). Furthermore, the highest year-on-year increase in car sales by brand was seen by LADA cars which increased by a yearly 150% in It was followed by a yearly 63.3% increase in Land Rovers, a yearly 62.8% increase by GMC, and a yearly 32.9% increase by Honda. On the other hand, BMW witnessed the highest yearly decrease of 32.3%, followed by Mitsubishi and Peaugot with a yearly 20.8% and 14.6%, respectively. According to the Association of Car Importers in Lebanon, Kia topped the list of passenger car sales with a total of 7,610 sold cars in It was followed by Hyundai (4,962), Toyota (4,269), Nissan (3,426), Suzuki (1,954), and Chevrolet (1,820). Mazen Soueid, Ziad Hariri, Rita Nehme and Nadine Abdel Fattah Source: Association of Car Importers in Lebanon, Bankmed Research Disclaimer This material has been prepared by Bankmed, sal based on publicly available information and personal analysis. It is provided for information purposes only. It is not intended to be used as a research tool nor as a basis or reference for any decision. The information contained herein including any opinion, news and analysis, is based on various publicly available sources believed to be reliable but its accuracy cannot be guaranteed and may be subject to change without notice. Bankmed, sal does not guarantee the accuracy, timeliness, continued availability or completeness of such information. All data contained herein are indicative. Neither the information provided nor any opinion expressed therein, constitutes a solicitation, offer, personal recommendation or advice. Bankmed, sal does not assume any liability for direct, indirect, incidental or consequential damages resulting from any use of the information contained herein.