LEBANON WEEKLY MONITOR FEBRUARY 22 - FEBRUARY 28, 2021 Economy WEEK 09 ____________________________________________________________________________ p.2 A US$ 20 BILLION CONTRACTION IN DEPOSITS IN 2020 AMID A US$ 14 BILLION LOAN REDEMPTION Amid the combination of a widening domestic economic crisis, contracting inflows towards Lebanon CONTACTS and the default of the State on its Eurobonds, banks operating conditions have deteriorated significantly over the course of the year 2020 that reported significant deposit and loan contraction, Treasury & Capital Markets pressure on bank liquidity, and net losses in income statements thus drawing on shareholders equity Bechara Serhal as per statistics released this week by BDL. (961-1) 977421
[email protected] Also in this issue p.3 Lebanon's GDP likely to contract 10% in 2021 as economic and political woes persist, as per Capital Private Banking Economics Toufic Aouad p.4 Cement deliveries down by 44.7% in first ten months of 2020 (961-1) 954922 p.4 Imports of petroleum derivatives down by a yearly 9.9% in first ten months of 2020
[email protected] Corporate Banking Surveys ____________________________________________________________________________ Carol Ayat p.5 OCCUPANCY OF LEBANON’S FOUR AND FIVE STAR HOTELS AT 18% IN 2020, AS PER EY (961-1) 959675 Ernst & Young issued its latest Hotel Benchmark Survey on the Middle East for 2020, with Lebanon's
[email protected] hotel occupancy reporting 18% in 2020 Also in this issue p.6 Growth in consumer spending will be driven by spending on essential categories, as per Fitch Solutions Corporate News ____________________________________________________________________________ p.7 BALANCE SHEET OF FINANCIAL INSTITUTIONS TOTALS US$ 1,172 MILLION AT THE END OF THE YEAR 2020.