Economy - overview:
The 1975-91 civil war seriously damaged Lebanon's economic infrastructure, cut national output by half, and all but ended Lebanon's position as a Middle Eastern entrepot and banking hub. In the years since, Lebanon has rebuilt much of its war-torn physical and financial infrastructure by borrowing heavily - mostly from domestic banks. In an attempt to reduce the ballooning national debt, the Rafiq HARIRI government began an austerity program, reining in government expenditures, increasing revenue collection, and privatizing state enterprises. In November 2002, the government met with international donors at the Paris II conference to seek bilateral assistance in restructuring its massive domestic debt at lower interest rates. Substantial receipts from donor nations stabilized government finances in 2003, but did little to reduce the debt, which stands at nearly 170% of GDP. In 2004 the HARIRI government issued Eurobonds in an effort to manage maturing debt. The downturn in economic activity that followed the assassination of Rafiq al-HARIRI has eased, but has yet to be reversed. Tourism remains below the level of 2004. The new Prime Minister, Fuad SINIORA, has pledged to push ahead with economic reform, including privatization and more efficient government. The Core Group of nations has announced plans to hold a Donor's Conference in early 2006 to assist the government of Lebanon in restructuring its debt and increasing foreign investment.
GDP (purchasing power parity):
$20.42 billion (2005 est.)
GDP (official exchange rate):
$20.1 billion (2005 est.)
GDP - real growth rate:
0.5% (2005 est.)
GDP - per capita (PPP):
$5,300 (2005 est.)
GDP - composition by sector:
agriculture: 12%
industry: 21%
services: 67% (2000)
Labor force:
2.6 million
note: in addition, there are as many as 1 million foreign workers (2001 est.)
Labor force - by occupation:
agriculture: NA%
industry: NA%
services: NA%
Unemployment rate:
18% (1997 est.)
Population below poverty line:
28% (1999 est.)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
2.4% (2005 est.)
Investment (gross fixed):
25.5% of GDP (2005 est.)
Budget:
revenues: $4.953 billion
expenditures: $6.595 billion; including capital expenditures of $NA (2005 est.)
Public debt:
170% of GDP (2005 est.)
Agriculture - products:
citrus, grapes, tomatoes, apples, vegetables, potatoes, olives, tobacco; sheep, goats
Industries:
banking, tourism, food processing, jewelry, cement, textiles, mineral and chemical products, wood and furniture products, oil refining, metal fabricating
Industrial production growth rate:
NA%
Electricity - production:
10.67 billion kWh (2003)
Electricity - consumption:
10.67 billion kWh (2003)
Electricity - exports:
0 kWh (2003)
Electricity - imports:
750 million kWh (2003)
Oil - production:
0 bbl/day (2003 est.)
Oil - consumption:
102,000 bbl/day (2003 est.)
Oil - exports:
NA bbl/day
Oil - imports:
NA bbl/day
Natural gas - production:
0 cu m (2003 est.)
Natural gas - consumption:
0 cu m (2003 est.)
Current account balance:
-$4.09 billion (2005 est.)
Exports:
$1.782 billion f.o.b. (2005 est.)
Exports - commodities:
authentic jewelry, inorganic chemicals, miscellaneous consumer goods, fruit, tobacco, construction minerals, electric power machinery and switchgear, textile fibers, paper
Exports - partners:
Syria 24.9%, UAE 10%, Turkey 6.9%, Switzerland 6.7%, Saudi Arabia 5.3% (2004)
Imports:
$8.855 billion f.o.b. (2005 est.)
Imports - commodities:
petroleum products, cars, medicinal products, clothing, meat and live animals, consumer goods, paper, textile fabrics, tobacco
Imports - partners:
Italy 11.3%, France 10.5%, Syria 9.8%, Germany 8.6%, China 5.8%, US 5.5%, UK 4.6% (2004)
Reserves of foreign exchange and gold:
$15.34 billion (2005 est.)
Debt - external:
$25.92 billion (2005 est.)
Economic aid - recipient:
$2.2 billion received (2003), out of the $4.2 billion in soft loans pledged at the November 2002 Paris II Aid Conference
Currency (code):
Lebanese pound (LBP)
Exchange rates:
Lebanese pounds per US dollar - 1,507.5 (2005), 1,507.5 (2004), 1,507.5 (2003), 1,507.5 (2002), 1,507.5 (2001)
Fiscal year:
calendar year
