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FINANCIAL NEWS
Lebanon’s 2011 economic growth down to 1.5%
22 Jan 2012
(MENAFN) Lebanon’s central bank vice governor, Saad Andary, said that last year, the country’s economic growth slowed significantly to nearly 1.5 percent, recording the slowest level in almost 6 years, reported Reuters.
Andary added that the level matches an estimate by the International Monetary Fund (IMF); however, it was below the central bank’s 2 percent growth forecast in November.
He also said that according to October data, the country’s foreign currency reserves reached around USD33 billion, besides its gold stock.
It is worth noting that Lebanon’s economic growth was nearly 9 percent in 2009, followed by 7 percent of real gross domestic product (GDP) in 2010.
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