$1.2 billion invested in hospitality last year. Seven percent direct contribution to GDP

The direct contribution of travel and tourism to GDP in 2016 was seven percent, at $3.3 billion, according to the World Travel and Tourism Council (WTTC). The contribution reflects the economic activity generated by subsectors such as hotels, travel agents, airlines and other passenger transportation. The sector's turnover decreased eight percent compared to 2015.

Pierre Achkar, Chairman of the Syndicate of Hotels Owners, said: "Touristic institutions launched several offers and reduced ...

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Spending by Gulf tourists down 15 percent in ten years. More visitors from low-spending nationalities

Spending distribution for tourists from the KSA, the UAE, Kuwait, and Qatar reached 51 percent of the total number of tourist spending in 2009. This percentage lost 15 percentage points during the last ten years, registering the lowest percentage last year (36 percent), according to the Global Blue report: 'Ten Years in Review in Spending Behavior for Tourist from: Saudi Arabia, United Arab Emirates, Kuwait and Qatar.'

The report aims to explain the position of these market segments in te...

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National Accounts: GDP at $49.4 billion in 2015. Real growth rate 0.8 percent

GDP was calculated at $49.4 billion in 2015, up from $47.8 billion for 2014, according to the National Accounts 2004-2015 report published by the Central Administration for Statistics (CAS).

The figures are slightly lower than estimates by the International Monetary Fund (IMF): $50.8 billion for 2015, and $49.9 billion for 2014.

According to the CAS report, Real GDP growth continued to slow down over the 2012-2015 period. It fell from 2.8 percent in 2012, to 2.6 percent in 2013, ...

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Industrial production reported at $8.8 billion. Industrial indicators launched

The Association of Lebanese Industrialists (ALI) has launched the Industrial Indicators, based on data collected from the Ministry of Finance. The indicators include number of establishments, workforce, local and exported sales, net revenues from the sector, raw materials, and net cost of industry.

According to the indicators, industrial production volume reached $8.8 billion in 2015, decreasing from $10.5 billion in 2012.

The number of industrial establishments reached 1,977 down...

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Retail activity continues to slip. Sales in six out of nine categories decreased in 2016

Retail sales fell one percent in 2016 compared to 2015, according to the Retail Sales Index by the Lebanese Franchise Association (LFA) and Chamber of Commerce, Industry, and Agriculture in Beirut and Mount Lebanon (CCIA-BML).

Albert Khoury, whose company prepared the statistics, said: "This confirms the fact that the retail activity's minimal rates of improvement witnessed in 2015 have failed to create recovery momentum in 2016."

The overall retail sales index for 2016 remained te...

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Fiscal deficit up to near $5 billion. Primary surplus almost zero

The fiscal deficit widened by close to $1 billion (25 percent) to reach $4.94 billion in 2016 compared to 2015. The increase is attributed to arrears paid to municipalities, as well as an escalating debt service.

The budget deficit widened by 24 percent to $3.67 billion, while the treasury deficit escalated by 30 percent to $1.28 billion, according to data released by the Ministry of Finance. The total primary surplus narrowed by 97 percent from $724 million to just $21 million.

On...

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