More businesses have reported an increase in sales in 2022 compared to the previous year. They have also achieved a higher growth rate in terms of sales value, according to a survey of over 100 medium and large size companies carried out by InfoPro Research in Greater Beirut in July 2023. Export-oriented companies are witnessing a significant growth in their sales as well as businesses involved in the manufacture of products that compete with similar more expensive imported goods. Pricing in dollars has increased confidence and this has led to the reemergence of credit sales to a certain extent which has resulted in more sales. Improvements in purchasing power stemming from the ongoing salary adjustment and significant tourism revenues have also increased demand and subsequently sales. Big-ticket sales remain in a slump due to the credit crunch as financing is utterly needed for concluding such transactions.
Excellent tourist season and higher purchasing power
The percentage of firms reporting an, Chairman of the Lebanese Economic Organizations, said: “This summer season was excellent and has significantly contributed to the growth of sales mainly in the hospitability, industrial, and agricultural sectors as well as retail though the recovery in the retail sector still falls short of expectations.” , member of the board of the Association of Industrialists, said that tourist spending and more purchases by hospitality businesses such as restaurants have a multiplier effect on the economy at large which has become to witness some recovery. According to , Chairman of the Lebanese Business Leaders Association (RDCL), the adjustment and dollarization of salaries in the private sector which have improved purchasing power and boosted consumer spending have also contributed to the growth in sales witnessed in some sectors.
