Latest published data by the Central Administration of Statistics (CAS) showed real GDP fell by 6.9% in 2019 and 25.9% in 2020. As to nominal GDP, it reached 80.2 and 95.7 trillion LBP in 2019 and 2020 respectively. As a result, GDP deflator growth stood at 4.1% and 61.1% respectively in 2019 and 2020.
In more details, and focusing on 2020 and in real terms, consumption expenditure fell by 23%, gross capital formation (or broadly investment) was down by 66%, exports of goods and services declined by 34%, and imports of goods and services fell by 33%. The biggest drops came for private of investment at 70% and imports of services at 51%. In terms of sectoral real GDP, the only sectors that registered positive growth were: agriculture at 40%, public administration at 2%, and education at 1%; noting that real estate was at 0%. Whereas the sectors with the highest negative growth were: hotels and restaurants at 76%, metal product, machinery, and equipment at 69%, and textiles and leather manufacturing at 66%.
Additionally, CAS published quarterly figures for 2019 and 2020. For 2019, the largest fall in real GDP was in the fourth quarter at 16%; similarly for GDP deflator growth at 6%. As to 2020, the biggest decline in quarterly real GDP was in the third quarter at 34%; whereas for GDP deflator growth was in the fourth quarter at 108%.
