15 Apr 2013
(MENAFN) The Association of Banks in Lebanon announced that at the end of January, the country’s public debt reached USD58 billion, with a gain of 8 percent from 2012’s same period, reported Arabian Business.
At the end of last year, Lebanon’s public debt surged to 140 percent of gross domestic product (GDP) from nearly 130 percent of GDP in 2011.
The ballooning public debt is attributed to slowing economy accompanied with the country’s lack of fiscal and structural reforms, in addition to the war in neighboring Syria.
The regional unrest has hampered the country’s tourism sector, with the number of tourists falling by 3.7 percent in 2012, while construction permits declined by 10.8 percent.
In the mean time, the fiscal deficit grew to around 9.4 percent of GDP compared with 6.1 percent in 2011.
In 2012, Lebanon’s GDP has contracted to almost 0.6 percent from 1.8 percent a year before, whereas foreign direct investment (FDI) inflows, which made up nearly 2.7 percent of GDP, dived by 68 percent to USD1.1 billion.
27 Jan 2025
BBK offers customers with exclusive Tas’heel and Mazaya Finance to own their dream home
15 Jan 2025
BBK Signs Strategic Partnership with Bahrain Airport Company to Develop “Express Cargo Village”
08 Jan 2025
Bank of Bahrain and Kuwait and Global Payment Services Deliver the First Advanced Fraud Prevention Solution for Wallet Provisioning in the Kingdom of Bahrain
26 Dec 2024
BBK proudly supports “Celebrate Bahrain” as a gold sponsor in cooperation with BTEA
17 Nov 2024
BBK and Asia Jewellers announce exclusive offers to its customers at Jewellery Arabia 2024
12 Nov 2024
BBK partners with Durrat Al Bahrain to offer exclusive financing for Jawhart Al Marjan
05 Nov 2024
As part of its digital transformation journey, BBK adds Google Wallet to its range of digital wallets
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more