The outlier in the bayt.com survey: 8 out of 10 Lebanese worse off financially

The outlier in the bayt.com survey: 8 out of 10 Lebanese worse off financially
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Published September 17th, 2013 - 07:09 GMT via SyndiGate.info

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However, expectations for the future are high in the region with almost half of the survey’s respondents expecting their personal financial situation to improve in six months (Pictured: an empty shopping scene in Beirut).
However, expectations for the future are high in the region with almost half of the survey’s respondents expecting their personal financial situation to improve in six months (Pictured: an empty shopping scene in Beirut).

Some 60 percent of Lebanese say that their savings decreased over the past year while eight out of 10 people report their personal financial situation worsened or remained the same, a survey published Sunday has suggested.

Some “77 percent Lebanon respondents state that their personal financial situation is now either the same as, or worse than it was six months ago, with only 12 percent claiming it has improved,” said a report presenting the results of the Consumer Confidence Index survey conducted by Bayt.com, a regional job site, and YouGov, a research and consulting firm.

Only 14 percent of Lebanese respondents to the survey claimed that their savings have increased over the last year, the survey said.

The report also suggests that the majority of Lebanese will be avoiding major purchases in the near future. 59 percent of respondents do not have plans to buy a vehicle and only one fifth are looking to buy property within the coming year.

The Lebanese economy has slowed down over the past two years and Gross Domestic Product is not forecast to grow by more than 1 to 2 percent this year.

This was reflected by the survey with only 4 percent of respondents believing that the economic situation improved in the last six months, the report adds.

In terms of employment opportunities, 28 percent of Lebanese respondents believe there are few jobs available, while 49 percent believe only a few industries are still hiring.

Around 41 percent of respondents expect there to be a decrease in jobs in Lebanon in the next six months, while 32 percent expect the situation to remain the same, the report adds.

Some 41 percent say there has been a decrease in the number of people working with them, an indicator that companies were not hiring or were laying off employees. A fifth of respondents said that the number of employees increased at their companies in the last 6 months, while.

About 41 percent expect there to be no growth in the number of employees in the coming six months.

Regionally, 19 percent of the region’s respondents reported that their financial situation had improved compared to six months ago, with the majority, or 43 percent, claiming that it had remained unchanged. Some 29 percent claimed it had become worse and more than half of those surveyed said their savings had decreased in comparison to last year.

However, expectations for the future are high in the region with almost half of the survey’s respondents expecting their personal financial situation to improve in six months.

Nevertheless, some 71 percent predict that the cost of living in their countries of residence will increase in the next six months.

 

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