Tourism generated $2.16 billion in first half of 2022

Byblos Bank's "Lebanon This Week" reported that tourism revenues amounted to $968.7m in the first quarter and $1.2 billion in the second quarter of 2022, while in the first three months of 2022, it jumped by 112.5 percent from the same quarter of 2021 and grew by 68.8 percent in the second quarter of 2022 from the same time of 2021.   

The report states that tourism receipts in the first half of 2022 reached the second lowest level since the first six months of 2004, with a low of $1.16 billion in the first half of 2021.   

Lebanon's tourism receipts averaged $2.7 billion in the same period of each year between 2002-2021, compared to an average of $2.7 billion during the first half of each year between 2002 and 2021.   

As reported in Byblos Bank's "Lebanon This Week," the tourism revenue increase reflects tourism activity recovery after the lifting of lockdowns and other preventative measures implemented in the country after the COVID-19 pandemic, in addition to the relaxation of travel restrictions.   

Similarly, Lebanon's outbound tourism spending reached $1.3 billion in the first half of 2022, growing by 102.5 percent from $636.6m in the first half of 2021.   

In addition, the outbound tourism spending in the first half of 2022 reached the third lowest level since the first six months of 2004. In comparison, it averaged $1.8 billion during the first half of each year between 2002 and 2021.   

The net tourism receipts totaled $875.4m in the first half of 2022, an increase of 65.8 percent from $528.1m in the same period of 2021, while the net tourism receipts averaged $926.5m during the first half of each year in the 2002-2021 period, as stated in "Lebanon This Week."