Remittances from abroad to Lebanon increased by 4.1 percent in 2023. (Credit: Marc Fayad)
Expatriate remittances to Lebanon are on the rise for a second year. The remittances totaled $6.7 billion in 2023, up 4.1 percent on the $6.44 billion received in 2022, according to Banque du Liban (BDL) figures via Byblos Bank’s newsletter this week.
This amount is still higher than the World Bank's forecast for 2023, equivalent to nearly $6.4 billion, and represents the 12th-highest amount since 2002. It is also higher than the 2002-2023 average of $6.42 billion.
According to our calculations, Lebanon received equal to 29 percent of its 2023 GDP in remittances from abroad. This indicator accounts for a calculation based on the latest official World Bank figure for 2021 (GDP of $23.59 billion in 2023, versus $23.13 billion in 2021).
This ratio was equivalent to 14 percent in 2019, 27 percent in 2020, 28.3 percent in 2021 and 37.8 percent in 2022. At the time, Lebanon ranked first among Middle Eastern and North African countries in remittances/GDP ratio, and second worldwide, just behind the Tonga archipelago.
Outflows from Lebanon to other countries totaled $1.78 billion in 2023, up 2.2 percent from 2022 ($1.74 billion). This amount represents the second lowest level recorded since 2002.
Finally, net remittances received by Lebanon amounted to $4.92 billion in 2023, an increase of 4.7 percent on the total of $4.7 billion in 2022. This represents the highest level recorded since 2002 when the average was $2.62 billion.
This article was originally published in L'Orient-Le Jour.