Economic Research | Lebanon This Week | Lebanon This Week 564 | Remittance inflows to Lebanon at $1.85bn in first quarter of 2018 | Lebanon | Byblos Bank

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Byblos Bank

Lebanon This Week 564

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Remittance inflows to Lebanon at $1.85bn in first quarter of 2018

Figures released by Banque du Liban show that the inflows of expatriates' remittances to Lebanon totaled $1.85bn in the first quarter of 2018, up by 8.8% from $1.7bn in the previous quarter, and compared to $1.847bn in the first quarter of 2017. The figures include workers' remittances and the compensation of employees, according to the World Bank's definition of remittances. 

Remittance inflows to Lebanon in the first three months of 2018 reached their third highest level for the first quarter of a year between 2002 and 2018. Remittance inflows to the country averaged $1.78bn during the first quarter of each year between 2008 and 2018, and reached a high of $1.86bn in the first three months of 2009. Banque du Liban's figures are the only official data on remittance flows to and from Lebanon. 

In parallel, remittance outflows from Lebanon amounted to $1.2bn in the first quarter of 2018, nearly unchanged from the previous quarter, and up by 10.7% from $1.1bn in the first quarter of 2017. They averaged $1.03bn during the first quarter of each year between 2008 and 2018, and reached a high of $1.3bn in the first three months of 2013. As such, net remittance inflows to Lebanon totaled $677.4m in the first quarter of 2018, constituting a rise of 28.1% from $528.7m in the previous quarter, but a decrease of 14.1% from $788.2m in the first quarter of 2017.

In parallel, the World Bank estimated expatriates' remittance inflows to Lebanon at $7.77bn in 2018. The World Bank's estimates are based on the official figures from BdL, which means that the Bank will likely update its estimate for 2018 to align it with BdL figures. Lebanon will be the 15th largest recipient of remittances among developing countries, the fifth largest recipient among 50 upper middle income countries (UMICs), and the second largest among 16 Arab countries. Further, expatriates' remittances to Lebanon will be equivalent to 14.5% of GDP in 2018, which constitutes the 19th highest such ratio in the world and among developing countries, the sixth highest ratio among UMICs, as well as the third highest among Arab countries behind only Yemen (24.2% of GDP) and Palestine (21.3% of GDP).
 
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