GDP reached
$50 billion

Growth was 2.5 percent in 2014

The Gross Domestic Product (GDP) accounted for $50 billion by the end of last year, according to the National Accounts issued by the Central Administration for Statistics.

It indicated that real GDP growth increased from 0.9 percent in 2011 to 2.8 percent in 2012, three percent in 2013 and 2.5 percent in 2014. Marwan Barakat, Head of Research at Audi Bank, said: “Consumption rather than investment boosted the growth, in light of the postponement of the country’s investment decisions.”

“The investment aggregates are still under pressure, but consumption is doing well, supported by the resilience of resident and nonresident Lebanese and Syrian refugees,” Barakat said.

“Growth figures are acceptable, in spite of the impact of the Syrian turmoil on Lebanon,” he said
Last year’s strong sectors were food and beverages, pharmaceuticals, energy and education. “These sectors performed well,” said Barakat.

Vulnerable sectors were hotels and restaurants, media and communication and contracting. Cyclical sectors, which grew slightly, were automotive, insurance, transportation, health, agriculture and textile, as well as clothing.

The average per capita reached $11,000 in 2014. “This average is equal to that of Turkey and higher than the average per capita in Egypt, Jordan and Syria,” said Barakat.