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Lebanon Economy 2017
https://theodora.com/wfbcurrent/lebanon/lebanon_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Lebanon Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

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, 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.Spillover from the Syrian conflict, including the influx of more than 1.1 million registered Syrian refugees, has increased internal tension and slowed economic growth to the 1-2% range in 2011-15, after four years of averaging 8% growth. Syrian refugees have increased the labor supply, but pushed more Lebanese into unemployment. Chronic fiscal deficits have increased Lebanon’s debt-to-GDP ratio, the fourth highest in the world; most of the debt is held internally by Lebanese banks. 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 and limit the government’s ability to invest in necessary infrastructure improvements, such as water, electricity, and transportation.

GDP (purchasing power parity):
$85.16 billion (2016 est.) $84.32 billion (2015 est.) $83.48 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 91
[see also: GDP country ranks ]

GDP (official exchange rate):
$51.82 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1% (2016 est.) 1% (2015 est.) 2% (2014 est.)
country comparison to the world: 173
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$18,500 (2016 est.) $18,500 (2015 est.) $18,500 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 92
[see also: GDP - per capita country ranks ]

Gross national saving:
2% of GDP (2016 est.) 1.1% of GDP (2015 est.) -1.6% of GDP (2014 est.)
country comparison to the world: 174
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 93.4%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.7%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 27.2%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.6%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 20.2%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -55.1% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 5.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 25%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 69.4% (2016 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, food processing, wine, jewelry, cement, textiles, mineral and chemical products, wood and furniture products, oil refining, metal fabricating

Industrial production growth rate:
1.4% (2016 est.)
country comparison to the world: 137
[see also: Industrial production growth rate country ranks ]

Labor force:
1.628 million
note: does not include as many as 1 million foreign workers, nor refugees (2013 est.)
country comparison to the world: 128
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: NA%
[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:
NA%
[see also: Unemployment rate country ranks ]

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

Budget:
revenues: $9.953 billion
[see also: Budget revenues country ranks ]
expenditures: $14.44 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
19.2% of GDP (2016 est.)
country comparison to the world: 160
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-8.7% of GDP (2016 est.)
country comparison to the world: 195
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
161.5% of GDP (2016 est.) 147.6% of GDP (2015 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 in
country comparison to the world: 3
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
-1% (2016 est.) -3.8% (2015 est.)
country comparison to the world: 6
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
3.5% (31 December 2010) 10% (31 December 2009)
country comparison to the world: 100
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
8.2% (31 December 2016 est.) 7.09% (31 December 2015 est.)
country comparison to the world: 104
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$6.466 billion (31 December 2016 est.) $5.998 billion (31 December 2015 est.)
country comparison to the world: 93
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$55.48 billion (31 December 2016 est.) $52.15 billion (31 December 2015 est.)
country comparison to the world: 65
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$103.8 billion (31 December 2016 est.) $97.05 billion (31 December 2015 est.)
country comparison to the world: 54
[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: 72
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$10.56 billion (2016 est.) -$10.65 billion (2015 est.)
country comparison to the world: 178
[see also: Current account balance country ranks ]

Exports:
$3.108 billion (2016 est.) $3.551 billion (2015 est.)
country comparison to the world: 124
[see also: Exports country ranks ]

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

Exports - partners:
Saudi Arabia 12.1%, UAE 10.6%, Iraq 7.6%, Syria 7.1%, South Africa 6.6% (2015)

Imports:
$17.98 billion (2016 est.) $16.71 billion (2015 est.)
country comparison to the world: 75
[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 11.5%, Italy 7.1%, Germany 6.8%, France 6%, US 5.7%, Russia 4.6%, Greece 4.4% (2015)

Reserves of foreign exchange and gold:
$47.74 billion (31 December 2016 est.) $48.6 billion (31 December 2015 est.)
country comparison to the world: 38
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$40.74 billion (31 December 2016 est.) $37.08 billion (31 December 2015 est.)
country comparison to the world: 69
[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 (2016 est.) 1,507.5 (2015 est.) 1,507.5 (2014 est.) 1,507.5 (2013 est.) 1,507.5 (2012 est.)


NOTE: The information regarding Lebanon on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Lebanon Economy 2017 information contained here. All suggestions for corrections of any errors about Lebanon Economy 2017 should be addressed to the CIA.




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