The "Bank Audi" quarterly economic report revealed that the Lebanese economy had entered a recession trap in the first half of 2020, where real economic activity was marked by a noticeable contraction in real GDP, as it is expected that output growth will reach -12% in 2020, according to the World Economic Outlook report issued by the International Monetary Fund.
In this context, the average general economic index issued by the Central Bank of Lebanon reached 210 during the first five months of 2020, an annual decline of 30.6% compared to the same period of 2019. Noting that the general economic index had recorded an average growth of 1.2% during the same periods of the previous three years and an average growth of 1.8% during the same periods of the previous five years.
The number of new car sales reached a negative growth of -70%, while the number of passengers via Beirut airport reached 59.9%, as for cement deliveries, it reached 56.6%, while imports reached 50.4%, as for the number of tourists, it decreased by -48.3%, and the volume of goods in the port reached -36%, while electricity production witnessed a negative growth - 12.4%, as for exports, the negative growth rate was -7.3%, while the value of cleared checks reached -3.8%. The only indicator that recorded a positive growth is the value of real estate sales by 97.9% in the first half of 2020 compared to the same period of the previous year.
Source (Economic Bulletin website, Edited)
