| Economy | Lebanon |
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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):
|
$61.61 billion (2011 est.)
$60.69 billion (2010 est.)
$56.51 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$15,600 (2011 est.)
$15,500 (2010 est.)
$14,600 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$41.5 billion (2011 est.) |
GDP - real growth rate:
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1.5% (2011 est.)
7.5% (2010 est.)
8.5% (2009 est.) |
GDP - composition by sector:
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agriculture: 4.5%
industry: 15.9%
services: 79.7% (2011 est.) |
Investment (gross fixed):
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35.1% of GDP (2011 est.) |
Population below poverty line:
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28% (1999 est.) |
Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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5.2% (2011 est.)
4% (2010 est.) |
Central bank discount rate:
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3.5% (31 December 2010 est.)
10% (31 December 2009 est.) |
Commercial bank prime lending rate:
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7.7% (31 December 2011 est.)
8.337% (31 December 2010 est.) |
Stock of money:
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$3.212 billion (30 November 2009)
$2.832 billion (31 December 2008) |
Stock of money - per capita:
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776 USD per capita |
Stock of quasi money:
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$77.8 billion (30 November 2009)
$65.8 billion (31 December 2008) |
Stock of quasi money - per capita:
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18,779 USD per capita |
Stock of domestic credit:
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$69.25 billion (31 December 2011 est.)
$64.12 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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16,715 USD per capita |
Stock of narrow money:
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$4.256 billion (31 December 2011 est.)
$3.8 billion (31 December 2010 est.) |
Stock of broad money:
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$105.7 billion (31 December 2011 est.)
$92 billion (31 December 2010 est.) |
Labor force:
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1.481 million
note: in addition, there are as many as 1 million foreign workers (2007 est.) |
Labor force participation rate:
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35.75 % of population |
Labor force - by occupation:
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agriculture: NA%
industry: NA%
services: NA% |
Unemployment rate:
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NA% |
Unemployment, youth ages 15-24:
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total: 22.1%
male: 22.3%
female: 21.5% (2007) |
Budget:
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revenues: $8.572 billion
expenditures: $12.65 billion (2011 est.) |
Budget revenues per capita:
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2,069 USD per capita |
Taxes and other revenues:
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20.7% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-9.8% of GDP (2011 est.) |
Public debt:
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137.1% of GDP (2011 est.)
133.8% of GDP (2010 est.)
note: data cover central government debt, and excludedebt 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 |
Industries:
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banking, tourism, food processing, wine, jewelry, cement, textiles, mineral and chemical products, wood and furniture products, oil refining, metal fabricating |
Industrial production growth rate:
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2.1% (2010 est.) |
Electricity - production:
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10.41 billion kWh (2009) |
Electricity - production per capita:
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2,513 kWh per capita |
Electricity - consumption:
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9.793 billion kWh (2009) |
Electricity - consumption - per capita:
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2,364 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
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1.114 billion kWh (2009 est.) |
Oil - production:
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0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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106,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
9.34 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
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78,760 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
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citrus, grapes, tomatoes, apples, vegetables, potatoes, olives, tobacco; sheep, goats |
Current account balance:
|
-$11.78 billion (2011 est.)
-$8.796 billion (2010 est.) |
Current account balance - per capita:
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-2,843 USD per capita |
Exports:
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$5.411 billion (2011 est.)
$5.466 billion (2010 est.) |
Exports per capita:
|
1,307 USD per capita |
Exports - commodities:
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jewelry, base metals, chemicals, miscellaneous consumer goods, fruit and vegetables, tobacco, construction minerals, electric power machinery and switchgear, textile fibers, paper |
Exports - partners:
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Syria 26.8%, UAE 13.5%, Saudi Arabia 6.4%, Turkey 5.2%, Qatar 4.1%, Switzerland 4% (2010) |
Imports:
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$20.89 billion (2011 est.)
$17.73 billion (2010 est.) |
Imports per capita:
|
5,043 USD per capita |
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:
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US 10.4%, Syria 10.3%, Italy 7.6%, China 7.5%, France 6.9%, Ukraine 5.5%, Germany 5.3% (2010) |
Reserves of foreign exchange and gold:
|
$47.87 billion (31 December 2011 est.)
$44.52 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
11,555 USD per capita |
Debt - external:
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$35.06 billion (31 December 2011 est.)
$30.45 billion (31 December 2010 est.) |
Debt - external - per capita:
|
8,463 USD per capita |
Stock of direct foreign investment - at home:
|
$NA |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
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$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$12.59 billion (31 December 2010)
$12.89 billion (31 December 2009)
$9.641 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
3,039 USD per capita |
Currency (code):
|
Lebanese pound (LBP) |
Exchange rates:
|
Lebanese pounds (LBP) per US dollar -
1,507.5 (2011 est.)
1,507.5 (2010 est.)
1,507.5 (2009)
1,507.5 (2008)
1,507.5 (2007) |
Fiscal year:
|
calendar year |
|
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