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Lebanon Economy 2014
http://www.theodora.com/wfbcurrent/lebanon/lebanon_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on February 3, 2014

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 the 1-2% range in 2011-12, 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):
$62.5 billion (2012 est.)
country comparison to the world: 88

$61.58 billion (2011 est.)
$60.67 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$40.78 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.5% (2012 est.)
country comparison to the world: 149

1.5% (2011 est.)
7% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$15,600 (2012 est.)
country comparison to the world: 84

$15,600 (2011 est.)
$15,500 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
29.2% of GDP (2012 est.)
country comparison to the world: 28

22.3% of GDP (2011 est.)
13.6% of GDP (2010 est.)

GDP - composition, by end use:
household consumption: 81.5%
government consumption: 15.2%
investment in fixed capital: 32.9%
exports of goods and services: 19.2%
imports of goods and services: -48.8%

(2012 est.)
[see also: country ranks ]

GDP - composition, by sector of origin:
agriculture: 4.6%
industry: 19.6%
services: 75.8% (2012 est.)

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:
1.5% (2012 est.)
country comparison to the world: 112
[see also: Industrial production growth rate country ranks ]

Labor force:
1.481 million
country comparison to the world: 130
note: in addition, there are as many as 1 million foreign workers (2007 est.)
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: NA%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: NA%
services: NA%

Unemployment rate:
NA%
[see also: Unemployment rate country ranks ]

Population below poverty line:
28% (1999 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Budget:
revenues: $9.396 billion
[see also: Budget revenues country ranks ]
expenditures: $13.32 billion (2012 est.)

Taxes and other revenues:
23% of GDP (2012 est.)
country comparison to the world: 144
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-9.6% of GDP (2012 est.)
country comparison to the world: 197
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
119.6% of GDP (2012 est.)
country comparison to the world: 10

133.2% of GDP (2011 est.)
note: 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
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
6.4% (2012 est.)
country comparison to the world: 170

5.1% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
3.5% (31 December 2010 est.)
country comparison to the world: 26

10% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
7.25% (31 December 2012 est.)
country comparison to the world: 120

7.53% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$4.712 billion (31 December 2012 est.)
country comparison to the world: 102

$4.072 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$97.04 billion (31 December 2011 est.)
country comparison to the world: 56

$92 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$75.76 billion (31 December 2012 est.)
country comparison to the world: 60

$69.65 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$10.16 billion (31 December 2011)
country comparison to the world: 68

$12.59 billion (31 December 2010)
$12.89 billion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-1.663 billion (2012 est.)
country comparison to the world: 133

$-4.859 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$5.615 billion (2012 est.)
country comparison to the world: 110

$5.386 billion (2011 est.)
[see also: Exports country ranks ]

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:
South Africa 19.3%, Switzerland 12.2%, Saudi Arabia 8%, UAE 7.9%, Syria 6.6%, Iraq 4.7% (2012)

Imports:
$20.33 billion (2012 est.)
country comparison to the world: 76

$19.3 billion (2011 est.)
[see also: Imports country ranks ]

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 11.2%, Italy 8.6%, China 8.3%, France 7.2%, Germany 5.6%, Turkey 4.5%, Greece 4.2% (2012)

Reserves of foreign exchange and gold:
$52.5 billion (31 December 2012 est.)
country comparison to the world: 34

$48.14 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$25.16 billion (31 December 2012 est.)
country comparison to the world: 76

$24.88 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$NA
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Lebanese pounds (LBP) per US dollar -

1,507.5 (2012 est.)
1,507.5 (2011 est.)
1,507.5 (2010 est.)
1,507.5 (2009)
1,507.5 (2008)


NOTE: The information regarding Lebanon on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Lebanon Economy 2014 information contained here. All suggestions for corrections of any errors about Lebanon Economy 2014 should be addressed to the CIA.



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