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Lebanon Economy 2020

SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES











Lebanon Economy 2020
SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 27, 2020

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 inadequate intellectual property rights protection. 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 banking hub. Following the civil war, Lebanon rebuilt much of its war-torn physical and financial infrastructure by borrowing heavily, mostly from domestic banks, which saddled 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 "CEDRE" investment event hosted by France in April 2018 again rallied the international community to assist Lebanon with concessional financing and some grants for capital infrastructure improvements, conditioned upon long-delayed structural economic reforms in fiscal management, electricity tariffs, and transparent public procurement, among many others.

The Syria conflict cut off one of Lebanon's major markets and a transport corridor through the Levant. The influx of nearly one million registered and an estimated 300,000 unregistered Syrian refugees has increased social tensions and heightened competition for low-skill jobs and public services. Lebanon continues to face several long-term structural weaknesses that predate the Syria crisis, notably, weak infrastructure, poor service delivery, institutionalized corruption, and bureaucratic over-regulation. Chronic fiscal deficits have increased Lebanon’s debt-to-GDP ratio, the third highest in the world; most of the debt is held internally by Lebanese banks. These factors combined to slow economic growth to the 1-2% range in 2011-17, after four years of averaging 8% growth. Weak economic growth limits tax revenues, while the largest government expenditures remain debt servicing, salaries for government workers, and transfers to the electricity sector. These limitations constrain other government spending, limiting its ability to invest in necessary infrastructure improvements, such as water, electricity, and transportation. In early 2018, the Lebanese government signed long-awaited contract agreements with an international consortium for petroleum exploration and production as part of the country’s first offshore licensing round. Exploration is expected to begin in 2019.

GDP (purchasing power parity):
$88.25 billion (2017 est.)
$86.94 billion (2016 est.)
$85.45 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 92
[see also: GDP country ranks ]
[see also: GDP country ranks ]

GDP (official exchange rate):
$54.18 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.5% (2017 est.)
1.7% (2016 est.)
0.2% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 172
[see also: GDP - real growth rate country ranks ]
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$19,600 (2017 est.)
$19,500 (2016 est.)
$19,300 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 91
[see also: GDP - per capita country ranks ]
[see also: GDP - per capita country ranks ]

Gross national saving:
-0.7% of GDP (2017 est.)
0.7% of GDP (2016 est.)
4.5% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 181
[see also: Gross national saving country ranks ]
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 87.6% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.3% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 21.8% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.5% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 23.6% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -46.4% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 3.9% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 13.1% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 83% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
citrus, grapes, tomatoes, apples, vegetables, potatoes, olives, tobacco; sheep, goats

Industries:
banking, tourism, real estate and construction, food processing, wine, jewelry, cement, textiles, mineral and chemical products, wood and furniture products, oil refining, metal fabricating

Industrial production growth rate:
-21.1% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 201
[see also: Industrial production growth rate country ranks ]
[see also: Industrial production growth rate country ranks ]

Labor force:
2.166 million (2016 est.)
note: excludes as many as 1 million foreign workers and refugees
country comparison to the world (CIA rank, may be based on non-current data): 123
[see also: Labor force country ranks ]
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 39% NA (2009 est.)
[see also: Labor force - by occupation - agriculture country ranks ]
industry: NA
[see also: Labor force - by occupation - industry country ranks ]
services: NA
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
9.7% (2007)
country comparison to the world (CIA rank, may be based on non-current data): 138
[see also: Unemployment rate country ranks ]
[see also: Unemployment rate country ranks ]

Population below poverty line:
28.6% (2004 est.)
[see also: Population below poverty line country ranks ]
[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
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: 11.62 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 15.38 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
21.5% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 136
[see also: Taxes and other revenues country ranks ]
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6.9% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 193
[see also: Budget surplus (+) or deficit (-) country ranks ]
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
146.8% of GDP (2017 est.)
145.5% of GDP (2016 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 intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment
country comparison to the world (CIA rank, may be based on non-current data): 4
[see also: Public debt country ranks ]
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
4.5% (2017 est.)
-0.8% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 167
[see also: Inflation rate (consumer prices) country ranks ]
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
10% (31 December 2017)
10% (31 December 2016)
country comparison to the world (CIA rank, may be based on non-current data): 22
[see also: Central bank discount rate country ranks ]
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
8.29% (31 December 2017 est.)
8.35% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 103
[see also: Commercial bank prime lending rate country ranks ]
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$7.047 billion (31 December 2017 est.)
$6.739 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 90
[see also: Stock of narrow money country ranks ]
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$7.047 billion (31 December 2017 est.)
$6.739 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 92
[see also: Stock of broad money country ranks ]
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$108.2 billion (31 December 2017 est.)
$104 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 55
[see also: Stock of domestic credit country ranks ]
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$11.22 billion (30 December 2014 est.)
$10.54 billion (30 December 2013 est.)
$10.42 billion (28 December 2012 est.)
country comparison to the world (CIA rank, may be based on non-current data): 73
[see also: Market value of publicly traded shares country ranks ]
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$12.37 billion (2017 est.)
-$11.18 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 193
[see also: Current account balance country ranks ]
[see also: Current account balance country ranks ]

Exports:
$3.524 billion (2017 est.)
$3.689 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 122
[see also: Exports country ranks ]
[see also: Exports country ranks ]

Exports - partners:
China 13%, UAE 9.9%, South Africa 7.5%, Saudi Arabia 6.5%, Syria 6.5%, Iraq 5.8%, Turkey 4.6% (2017)

Exports - commodities:
jewelry, base metals, chemicals, consumer goods, fruit and vegetables, tobacco, construction minerals, electric power machinery and switchgear, textile fibers, paper

Imports:
$18.34 billion (2017 est.)
$17.71 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 80
[see also: Imports country ranks ]
[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:
China 10.2%, Italy 8.9%, Greece 7%, Germany 6.6%, US 6.3%, Turkey 4.5%, Egypt 4.2% (2017)

Reserves of foreign exchange and gold:
$55.42 billion (31 December 2017 est.)
$54.04 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 37
[see also: Reserves of foreign exchange and gold country ranks ]
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$39.3 billion (31 December 2017 est.)
$36.6 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 76
[see also: Debt - external country ranks ]
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$61.02 billion (2016)
$58.46 billion (2015)
country comparison to the world (CIA rank, may be based on non-current data): 56
[see also: Stock of direct foreign investment - at home country ranks ]
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$13.46 billion (2016)
$12.69 billion (2015)
country comparison to the world (CIA rank, may be based on non-current data): 61
[see also: Stock of direct foreign investment - abroad country ranks ]
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Lebanese pounds (LBP) per US dollar -
1,507.5 (2017 est.)
1,507.5 (2016 est.)
1,507.5 (2015 est.)
1,507.5 (2014 est.)
1,507.5 (2013 est.)


NOTE: 1) The information regarding Lebanon on this page is re-published from the 2020 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Lebanon Economy 2020 information contained here. All suggestions for corrections of any errors about Lebanon Economy 2020 should be addressed to the CIA or the source cited on each page.
2) The rank that you see is the CIA reported rank, which may have the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assigns counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order.






This page was last modified 27-Jan-20
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