Economic Research | Lebanon This Week | Lebanon This Week 667 | Tourism revenues down 68% to $1.3bn in first half of 2020 | Lebanon | Byblos Bank
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Lebanon This Week 667
Home
Economic Research
Lebanon This Week 667
Tourism revenues down 68% to $1.3bn in first half ...
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Tourism revenues down 68% to $1.3bn in first half of 2020
Figures released by Banque du Liban (BdL) show that revenues generated by tourism activity in Lebanon, defined by BdL as "Travel Services", totaled $1.3bn in the first half of 2020, constituting a decrease of 67.8% from $4.2bn in the same period of 2019. Tourism receipts in the first half of 2020 reached their lowest semi-annual level since BdL started publishing detailed figures about the balance of payments in 2002. Tourism receipts in Lebanon averaged $3.2bn during the first half of each year between 2002 and 2020. BdL's figures are the only official data on receipts from tourism activity in Lebanon and on tourism spending abroad by Lebanese citizens.
Tourism receipts reached $1.1bn and $286m in the first and second quarters of 2020, respectively, constituting declines of 42.5% and 87.7%, respectively, from the same quarters of the previous year. The figures of the first quarter of 2020 constitute their seventh lowest quarterly level on record, while the second quarter results represent their lowest quarterly outcome on record.
In parallel, tourism spending abroad by Lebanese citizens amounted to $1.1bn in the first half of 2020, constituting a drop of 60.6% from $2.9bn in the first half of 2019. Outbound tourism expenditures in the first half of 2020 posted their lowest semi-annual level on record. They totaled $978.8m and $145m in the first and second quarters of 2020, respectively, representing decreases of 25.4% and 90.6%, respectively, from the same quarters of the previous year. The figures of the first quarter of 2020 are their lowest since the first quarter of 2013, while the results of the second quarter reached their lowest on record. Tourism spending abroad by Lebanese citizens averaged $2.1bn during the first half of each year between 2002 and 2020.
As such, net revenues generated by tourism activity in Lebanon totaled $216.4m in the first half of 2020, constituting a decrease of 83.4% from $1.3bn in the same period of 2019, and registering their lowest semi-annual level on record. They reached $75.6m and $140.8m in the first and second quarters of 2020, respectively, showing declines of 85.5% and 82% from the same periods of 2019. Net tourism revenues averaged $1.1bn during the first half of each year between 2002 and 2020.
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