Remittances of Lebanese expatriates increased from USD $7.86B in 2013 to $8.9B in 2014, up 13.2%. The World Bank attributed the increase in remittances in part to those sent to Syrian refugees in Lebanon by their relatives abroad. Although the data for outflows from the country has only been published until June 2014, in 2013 it reached a level very close to 5 Billion USD (same level in 2009, maximum ever recorded).
Inflows have been increasing since 2010
Remittances of Lebanese expatriates to the country increased from USD $7.86 B in 2013 to $8.9 B in 2014, up 13.2%. This is the largest ever recorded flow of remittances to Lebanon. The increase is lower than the 16.8% increase from 2013 to 2014 though, which was $6.73 B in 2012, increasing to $7.86 B in 2013. The World Bank attributed the increase in remittances in part to those sent to Syrian refugees in Lebanon by their relatives abroad.
Lebanon had the second-highest growth among the 15 largest recipients of remittances in developing countries in 2014, behind only to Pakistan, which saw 16.6% increase. This in in contrast to remittances to all developing countries which rose by 4.4% in 2014. Remittances to Arab countries increased higher than the average, a total of 7.5%.
Lebanon was the 10th largest remittance inflow country in the world in 2014 (among the 125 developing economies) and the second-largest recipient of remittances among 16 Arab countries, behind Egypt which received close to $20 B.
Outflows have been stable in the last few years
Information about remittance outflows from Lebanon are scarce. Besides the Data information published by the World Bank and the Banque du Liban, there is not much information available. Outflows reached $4 B in 2004 and declined to around $3 B in 2007, increasing to the highest volume recorded of $ 5.75 B in 2009, a volume reached again in 2013.
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Remittance Service Providers (RSPs) in Lebanon
The major institutions in the remittance market in Lebanon are OMT (Online Money Transfer) a Western Union Agent; LibanPost, Cash United, Masri Money Express, Thomas Cook (MoneyGram agents),
Where are Lebanese? Where are Remittances coming from?
In 2009 remittance from Arab countries accounted for about 64.5% of the total inflows into the country. UAE was the number one country with 24% of the total, followed by Saudi Arabia with 13.5%, Qatar with 9.3%, Kuwait with 8.8%, Iraq with 4.5% and Jordan with 2.2%.
Remittances from Developed countries represented 17% with Australia the number one with 6.2%, the United States with 6% and Canada with 2.3%. Africa and Central and Latin America represented 9.3% of the total.
It is interesting to note that despite the fact that the number of Lebanese living in Saudi Arabia is higher than those living in UAE, the volumes from UAE are much larger. It is true that the average monthly salary per worker is somewhat higher in the UAE than in Saudi Arabia but research suggests that job profiles of Lebanese expatriates in UAE are somehow higher than for those living in Saudi Arabia (http://bit.ly/1GeyFBs).
Remittances from Latin America might be low despite the fact of the large number of Lebanese due to the fact that these migrants are 2 or 3 generations removed and probably lost ties with the mother country. Remittances from Africa are mostly informal and are unreported and might be arriving by way of UAE.
Migration & Remittances in Lebanon
Throughout history, Lebanon has experienced numerous migration waves. From 1850 until World War I, a third of the population emigrated mainly to North and South America. Coming with Otoman Empire passports they were called “Turks” in some countries. After the the II war but mostly during the 1960s, labor demand in the GCC countries drove an emigration wave followed by the Lebanese civil war (1975-1990) which triggered another wave of around 1 million people. For a more detailed analysis of Lebanese migration see here: http://bit.ly/1GeyFBs
Lebanon’s Gross Domestic Product & Remittances
The Gross Domestic Product (GDP) in Lebanon expanded 2 percent in 2014 from the previous year. GDP Annual Growth Rate in Lebanon averaged 4.49% from 1971 until 2014. The Syrian War has affected the country tremendously decreasing investment and tourism. ,Remittances to Lebanon were 17.8 % of GDP in 2014, the 11th in the world. This percentage has been increasing: it was 16.5 % in 2013 and 15.3 % in 2012.
FROM TRADING ECONOMICS
Lebanon Remittances 2003-2015 | Data | Chart | Calendar | Forecast | News
Remittances in Lebanon increased to 517.30 USD Million in the third quarter of 2014 from 327.10 USD Million in the second quarter of 2014. Remittances in Lebanon averaged 500.46 USD Million from 2003 until 2014, reaching an all time high of 1378.50 USD Million in the fourth quarter of 2004 and a record low of -248.90 USD Million in the third quarter of 2004. Remittances in Lebanon is reported by the Banque du Liban.
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