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Tuesday, February 19. 2008
Real GDP growth estimated at 2% in 2007
According to Bank Audi�s Research Department, economic activity has managed to end the year with a positive real GDP growth for Lebanon, though modest in magnitude.
Consolidated deposits of commercial banks up by US$ 6.6 billion in 2007
Foreign trade activity surges by 28% in the first ten months of 2007
Official GDP in 2005 at LP 32,499 billion as per Lebanon�s Economic Accounts
The Lebanese government released Lebanon�s 2005 Economic Accounts, part of a series of national accounts� publications launched since 2002.
Balance sheet of financial institutions shows 10.9% yearly growth at year-end 2007
Figures released by the Central Bank show that the consolidated balance sheet of financial institutions in Lebanon reached LP 946.2 billion, or US$ 627.6 million, at year-end 2007, up by 10.9% from US$ 565.7 million at year-end 2006.
BLOMINVEST Bank launches the BLOM Cedars Balanced Fund
Alfa and Nokia Siemens Networks sign contract to improve coverage in Beirut
The Beirut Bourse introduces electronic trading
Lebanese financial markets remain unscathed by the local political bickering and the escalation in speech
Lebanese financial markets remained unscathed by the political bickering and the heated escalation in speech that were witnessed on the local front towards the end of this week. On the foreign exchange market, activity was either balanced or in favor of the Lebanese Pound, especially on Tuesday and Friday, which called for the Central Bank�s intervention as a buyer of the green currency surpluses at LP 1,512.5. The favorable activity on the FX market translated into abundant local currency liquidity on the money market and kept the overnight rate stable at its low official level of 3.5%. On the equity market, activity remained dull, with the total trading value amounting to US$ 8.2 million this week versus US$ 11.5 million last week. The trading volume index declined by 11% to close at 108.9, while the price index barely moved up by 0.15% to reach 145.06. In fact, the favorable annual financial results recently released by commercial banks contributed to spread a positive mood on the Beirut Stock Exchange and prohibited any decline in prices despite the intense political confrontations and the continuous constitutional void. As to the Eurobond market, both demand and supply were present this week and led to an increase in prices, while the average spread shrank by five basis points to 542 basis points due to a decrease in Lebanese yields and stability in benchmark yields.
--Source-- Bank Audi >>
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tags: economic report, lebanon, beirut, lebanese, weekly, week 7, february 2008, nokia, blom, bank audi, siemens, beirut stock exchange, gdp
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