Lebanon's budget gap widens 42% y/y to USD 1.6bn in Jan-May 2013

By bne IntelliNews September 5, 2013

Lebanon's budget deficit expanded by 42% y/y to LBP 2.446tn (USD 1.6bn) in the first five months of 2013 as a mild increase in revenue was offset by higher spending growth, the Daily Star reported on Sept 5 citing data from the finance ministry. The latter has not released an official breakdown yet.

Total proceeds, including tax and non-tax income, increased 2.3% y/y to LBP 6.313tn. Spending rose 11.0% to LBP 8.750tn in January-May. The budget reported a LBP 30bn primary surplus at end-May compared with a LBP 720bn surplus the year before.

Income tax proceeds reportedly climbed 22% y/y in January-May, helping offset a 3.6% drop in VAT revenue. Taxes from property transactions and inheritance fell 12% y/y over the period. 

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Lebanon becomes European Bank for Reconstruction and Development shareholder

Lebanon has become the fifth member country from the Southern and Eastern Mediterranean (SEMED) region to join the European Bank for Reconstruction and Development (EBRD), becoming a shareholder with ... more

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

US lifts laptop ban on Turkish Airlines flights as of July 5

Passengers boarding an early morning July 5 Turkish Airlines (THY) flight to John F Kennedy International Airport in New York were allowed to include laptops and electronic devices larger than a ... more

Most Read

  1. Wildfires hit Croatia and Montenegro’s Adriatic coast
    6 days ago
  2. Tajik president’s 23-year old daughter appointed deputy head of largest Tajik bank
    5 days ago
  3. Bosnia’s ruling coalition collapses
    2 days ago
  4. Siemens considers quitting Russia
    10 days ago
  5. FINTECH: A Russian fintech revolution is coming
    10 days ago
  1. CHINA RISING: When sleeping giants meet
    14 days ago
  2. Belarus’ retail king Euroopt goes on the road
    19 days ago
  3. STOLYPIN: Russia’s cyber-challenge cuts both ways
    21 days ago
  4. Siemens considers quitting Russia
    10 days ago
  5. COMMENT: Gazprom’s exit from Turkey is a sign of the times
    11 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss