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Blominvest launches free data service for researchers.

Summary: Researchers, analysts and university students have struggled in the past to access updated economic data that helps them complete their research in a short time.

BEIRUT: Researchers, analysts and university students have struggled in the past to access updated economic data that helps them complete their research in a short time. Faced with this dilemma, many researchers are forced to conduct extensive searches on the internet and browse nearly every ministry website to access the information they seek, be it recent data on the balance of payment or Lebanon's balance of trade statistics.

But Blominvest Bank, in collaboration with Economena Analytics and Moody's Analytics, has a potential solution to these researchers' woes. covers all of Lebanon's economic sectors and provides charts and tables that give researchers access to the economic data of the country.

"We collaborated with Economena to benefit from their experience in collecting data and of course we have to pay for the data we are getting. But anyone can access our new portal free of charge," Fadi Osseiran, the general manager of Blominvest Bank, told The Daily Star.

He added that the charts and tables on this portal can be exported to other users with the click of a button.

"The possibility of research will become even better. Now you don't need to go to the BDL website to get data or jump to another portal to access another [set of] statistics. All the data of every economic sector in the country can now be accessed from our new portal," Osseiran explained.

"The portal provides easy access to more than 5,000 key indicators for the Lebanese economy to the public for free along with world-class research and analysis tools, and key support services customized for businesses that cover the Lebanese economy," a press release by Blominvest said.

Osseiran stressed that the available data does not interpret or analyze this information.

"What we do is provide charts and data of every economic sector in Lebanon. It is up to the researcher how this information is used in his work," he added.

Osseiran said that the researcher can dig up any data, collected between 2011 and the present, relating to an economic sector.

The data and statistics of every economic sector are updated on a monthly basis.

He argued that this portal is not meant for just anybody.

"Blominvest is a very specialized bank and for this reason we launched this free of charge service to help the researchers," Osseiran added.

According to the bank, the user can add two indicators to the same chart. "This can be done by clicking on "Add indicator" above each chart, and then searching for the indicator a user would like to add," a press release about the portal said.

There are also other important features to facilitate the work of researchers, such as automatic calculations of the percentage changes of every indicator.

Osseiran added that Blominvest may consider in the future adding more data from other sources.

"But for the time being, the portal has data of almost every economic sector in the country. If we want to expand this service then we have to make a bigger investment," he said.

Osseiran ruled out the possibility of adding the MENA region to the portal in the near future.

"We are a Lebanese bank that wants to provide data services of the Lebanese economic sector," he added.

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Publication:The Daily Star (Beirut, Lebanon)
Geographic Code:7LEBA
Date:Nov 22, 2017
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