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): GDP (official exchange rate): GDP - real growth rate: GDP - per capita: Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - partners: Exports - commodities: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$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:
92
[see also: GDP country ranks ]
$54.18 billion
(2017 est.)
[see also: GDP (official exchange rate) country ranks ]
1.5%
(2017 est.)
1.7%
(2016 est.)
0.2%
(2015 est.)
country comparison to the world:
172
[see also: GDP - real growth rate country ranks ]
$19,600
(2017 est.)
$19,500
(2016 est.)
$19,300
(2015 est.)
note: data are in 2017 dollars
country comparison to the world:
91
[see also: GDP - per capita country ranks ]
-0.7% of GDP
(2017 est.)
0.7% of GDP
(2016 est.)
4.5% of GDP
(2015 est.)
country comparison to the world:
181
[see also: Gross national saving country ranks ]
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 ]
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 ]
citrus, grapes, tomatoes, apples, vegetables, potatoes, olives, tobacco; sheep, goats
banking, tourism, real estate and construction, food processing, wine, jewelry, cement, textiles, mineral and chemical products, wood and furniture products, oil refining, metal fabricating
-21.1%
(2017 est.)
country comparison to the world:
201
[see also: Industrial production growth rate country ranks ]
2.166 million
(2016 est.)
note: excludes as many as 1 million foreign workers and refugees
country comparison to the world:
123
[see also: Labor force country ranks ]
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 ]
9.7%
(2007)
country comparison to the world:
138
[see also: Unemployment rate country ranks ]
28.6%
(2004 est.)
[see also: Population below poverty line country ranks ]
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 ]
revenues: 11.62 billion
(2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 15.38 billion
(2017 est.)
[see also: Budget - expenditures country ranks ]
21.5% (of GDP)
(2017 est.)
country comparison to the world:
136
[see also: Taxes and other revenues country ranks ]
-6.9% (of GDP)
(2017 est.)
country comparison to the world:
193
[see also: Budget surplus (+) or deficit (-) country ranks ]
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:
4
[see also: Public debt country ranks ]
calendar year
4.5%
(2017 est.)
-0.8%
(2016 est.)
country comparison to the world:
167
[see also: Inflation rate (consumer prices) country ranks ]
10%
(31 December 2017)
10%
(31 December 2016)
country comparison to the world:
22
[see also: Central bank discount rate country ranks ]
8.29%
(31 December 2017 est.)
8.35%
(31 December 2016 est.)
country comparison to the world:
103
[see also: Commercial bank prime lending rate country ranks ]
$7.047 billion
(31 December 2017 est.)
$6.739 billion
(31 December 2016 est.)
country comparison to the world:
90
[see also: Stock of narrow money country ranks ]
$7.047 billion
(31 December 2017 est.)
$6.739 billion
(31 December 2016 est.)
country comparison to the world:
92
[see also: Stock of broad money country ranks ]
$108.2 billion
(31 December 2017 est.)
$104 billion
(31 December 2016 est.)
country comparison to the world:
55
[see also: Stock of domestic credit country ranks ]
$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:
73
[see also: Market value of publicly traded shares country ranks ]
-$12.37 billion
(2017 est.)
-$11.18 billion
(2016 est.)
country comparison to the world:
193
[see also: Current account balance country ranks ]
$3.524 billion
(2017 est.)
$3.689 billion
(2016 est.)
country comparison to the world:
123
[see also: Exports country ranks ]
China 13%, UAE 9.9%, South Africa 7.5%, Saudi Arabia 6.5%, Syria 6.5%, Iraq 5.8%, Turkey 4.6%
(2017)
jewelry, base metals, chemicals, consumer goods, fruit and vegetables, tobacco, construction minerals, electric power machinery and switchgear, textile fibers, paper
$18.34 billion
(2017 est.)
$17.71 billion
(2016 est.)
country comparison to the world:
81
[see also: Imports country ranks ]
petroleum products, cars, medicinal products, clothing, meat and live animals, consumer goods, paper, textile fabrics, tobacco, electrical machinery and equipment, chemicals
China 10.2%, Italy 8.9%, Greece 7%, Germany 6.6%, US 6.3%, Turkey 4.5%, Egypt 4.2%
(2017)
$55.42 billion
(31 December 2017 est.)
$54.04 billion
(31 December 2016 est.)
country comparison to the world:
37
[see also: Reserves of foreign exchange and gold country ranks ]
$39.3 billion
(31 December 2017 est.)
$36.6 billion
(31 December 2016 est.)
country comparison to the world:
76
[see also: Debt - external country ranks ]
$61.02 billion
(2016)
$58.46 billion
(2015)
country comparison to the world:
56
[see also: Stock of direct foreign investment - at home country ranks ]
$13.46 billion
(2016)
$12.69 billion
(2015)
country comparison to the world:
61
[see also: Stock of direct foreign investment - abroad country ranks ]
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.)