Economy of Lebanon

Economy - overview
Lebanon has a free-market economy and a strong laissez-faire commercial tradition. The government does not restrict foreign investment; however, the investment climate suffers from red tape, corruption, arbitrary licensing decisions, complex customs procedures, high taxes, tariffs, and fees, archaic legislation, and weak intellectual property rights. The Lebanese economy is service-oriented; main growth sectors include banking and tourism. The 1975-90 civil war seriously damaged Lebanon's economic infrastructure, cut national output by half, and derailed Lebanon's position as a Middle Eastern entrepot and banking hub. Following the civil war Lebanon rebuilt much of its war-torn physical and financial infrastructure by borrowing heavily - mostly from domestic banks - saddling the government with a huge debt burden. Pledges of economic and financial reforms made at separate international donor conferences during the 2000s have mostly gone unfulfilled, including those made during the Paris III Donor Conference in 2007 following the July 2006 war. The collapse of the government in early 2011 over its backing of the Special Tribunal for Lebanon and unrest in neighboring Syria slowed economic growth to 1.5% after four years of 8% average growth. In September 2011 the Cabinet endorsed a bill that would provide $1.2 billion in funding to improve Lebanon's downtrodden electricity sector, but fiscal limitations will test the government's ability to invest in other areas, such as water.
GDP (purchasing power parity)
$62.23 billion (2011 est.)
$57.3 billion (2009 est.)
data are in 2011 US dollars
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GDP (official exchange rate)
$39.04 billion (2011 est.)
GDP - real growth rate
1.5% (2011 est.)
8.5% (2009 est.)
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GDP - per capita (PPP)
$15,700 (2011 est.)
$14,900 (2009 est.)
data are in 2011 US dollars
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GDP - composition by sector
agriculture:
4.6%
industry:
19.7%
services:
75.7% (2011 est.)
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Labor force
1.481 million
rank:
130
in addition, there are as many as 1 million foreign workers (2007 est.)
Labor force - by occupation
agriculture:
NA%
industry:
NA%
services:
NA%
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Unemployment rate
NA%
Population below poverty line
28% (1999 est.)
Household income or consumption by percentage share
lowest 10%:
NA%
highest 10%:
NA%
Investment (gross fixed)
34.4% of GDP (2011 est.)
rank:
11
Budget
revenues:
$9.334 billion
expenditures:
$11.67 billion (2011 est.)
Taxes and other revenues
23.9% of GDP (2011 est.)
rank:
130
Budget surplus (+) or deficit (-)
-6% of GDP (2011 est.)
rank:
174
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Public debt
134% of GDP (2011 est.)
141.7% of GDP (2010 est.)
data cover central government debt, and exclude debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment
Inflation rate (consumer prices)
5.1% (2011 est.)
4% (2010 est.)
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Central bank discount rate
3.5% (31 December 2010 est.)
10% (31 December 2009 est.)
Commercial bank prime lending rate
7.53% (31 December 2011 est.)
8.337% (31 December 2010 est.)
Stock of narrow money
$4.072 billion (31 December 2011 est.)
$3.8 billion (31 December 2010 est.)
Stock of broad money
$97.04 billion (31 December 2011 est.)
$92 billion (31 December 2010 est.)
Stock of domestic credit
$69.25 billion (31 December 2011 est.)
$64.12 billion (31 December 2010 est.)
Market value of publicly traded shares
$10.16 billion (31 December 2011)
$12.89 billion (31 December 2009)
Agriculture - products
citrus, grapes, tomatoes, apples, vegetables, potatoes, olives, tobacco; sheep, goats
Industries
banking, tourism, food processing, wine, jewelry, cement, textiles, mineral and chemical products, wood and furniture products, oil refining, metal fabricating
Industrial production growth rate
2.1% (2010 est.)
rank:
116
Electricity - production
10.41 billion kWh (2009)
rank:
91
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Electricity - consumption
9.793 billion kWh (2009)
rank:
89
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Electricity - exports
0 kWh (2009 est.)
Electricity - imports
1.114 billion kWh (2009 est.)
Oil - production
0 bbl/day (2010 est.)
rank:
189
Oil - consumption
106,000 bbl/day (2010 est.)
rank:
72
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Oil - exports
0 bbl/day (2009 est.)
rank:
170
Oil - imports
78,760 bbl/day (2009 est.)
rank:
72
Oil - proved reserves
0 bbl (1 January 2011 est.)
rank:
152
Natural gas - production
0 cu m (2009 est.)
rank:
203
Natural gas - consumption
0 cu m (2009 est.)
rank:
196
Natural gas - exports
0 cu m (2009 est.)
rank:
131
Natural gas - imports
0 cu m (2009 est.)
rank:
85
Natural gas - proved reserves
0 cu m (1 January 2011 est.)
rank:
195
Current account balance
-$10.92 billion (2011 est.)
-$8.909 billion (2010 est.)
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Exports
$5.482 billion (2011 est.)
$5.467 billion (2010 est.)
Exports - commodities
jewelry, base metals, chemicals, miscellaneous consumer goods, fruit and vegetables, tobacco, construction minerals, electric power machinery and switchgear, textile fibers, paper
Exports - partners
UAE 11.6%, South Africa 9.3%, Iraq 7.4%, Saudi Arabia 6.8%, Turkey 6.2%, Syria 6%, Egypt 5.4%, Switzerland 4.9% (2009 est.)
Imports
$19.89 billion (2011 est.)
$17.72 billion (2010 est.)
Imports - commodities
petroleum products, cars, medicinal products, clothing, meat and live animals, consumer goods, paper, textile fabrics, tobacco, electrical machinery and equipment, chemicals
Imports - partners
US 10.3%, Italy 9.5%, France 8.9%, China 8.3%, Germany 5.2%, Turkey 4.1% (2009 est.)
Reserves of foreign exchange and gold
$48.14 billion (31 December 2011 est.)
$44.52 billion (31 December 2010 est.)
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Debt - external
$29.46 billion (31 December 2011 est.)
$28.42 billion (31 December 2010 est.)
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Stock of direct foreign investment - at home
$NA
Stock of direct foreign investment - abroad
$NA
Exchange rates
1,507.5 (2007)
Fiscal year
calendar year
Data source 1: All Above textual data, maps and flags were extracted from The World Factbook which was prepared by the Central Intelligence Agency and made available on the following link: The World Factbook. Lebanese Economy Forum is not sponsered or affiliated, in any way, by the US Central Intelligence Agency
Data source 2: Plots and Charts are constructed using the world bank public data catalog which can be viewed by visiting the following link: World Bank Data Catalog. Lebanese Economy Forum is not sponsored or affiliated, in any way, by the worldbank

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