Lebanon Economy - 2024

Economic overview

upper middle-income Middle Eastern economy; economic activity hurt by economic depression, COVID-19, and port explosion; hyperinflation and sharp poverty increases; banks have ceased lending; new financing facility helping with recovery

Real GDP (purchasing power parity)

$72.577 billion (2021 est.)
$78.041 billion (2020 est.)
$99.288 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

-7% (2021 est.)
-21.4% (2020 est.)
-7.16% (2019 est.)

Real GDP per capita

$13,000 (2021 est.)
$13,800 (2020 est.)
$17,200 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$53.253 billion (2019 est.)

Inflation rate (consumer prices)

154.76% (2021 est.)
84.86% (2020 est.)
3.01% (2019 est.)

Credit ratings

Fitch rating: RD (2020)

Moody's rating: C (2020)

Standard & Poors rating: D (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 3.9% (2017 est.)

industry: 13.1% (2017 est.)

services: 83% (2017 est.)

GDP - composition, by end use

household consumption: 87.6% (2017 est.)

government consumption: 13.3% (2017 est.)

investment in fixed capital: 21.8% (2017 est.)

investment in inventories: 0.5% (2017 est.)

exports of goods and services: 23.6% (2017 est.)

imports of goods and services: -46.4% (2017 est.)

Agricultural products

potatoes, milk, tomatoes, apples, oranges, olives, wheat, cucumbers, poultry, lemons

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

-6.85% (2021 est.)

Labor force

1.719 million (2021 est.)

note: excludes as many as 1 million foreign workers and refugees

Unemployment rate

14.49% (2021 est.)
13.3% (2020 est.)
11.35% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 29.6% (2021 est.)

male: 30.8%

female: 26.7%

Population below poverty line

27.4% (2011 est.)

Gini Index coefficient - distribution of family income

31.8 (2011 est.)

Average household expenditures

on food: 20.7% of household expenditures (2018 est.)

on alcohol and tobacco: 1.2% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Remittances

20.92% of GDP (2020 est.)
14.26% of GDP (2019 est.)
12.71% of GDP (2018 est.)

Budget

revenues: $11.061 billion (2019 est.)

expenditures: $16.574 billion (2019 est.)

Budget surplus (+) or deficit (-)

-6.9% (of GDP) (2017 est.)

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

Taxes and other revenues

8.9% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$2.985 billion (2021 est.)
-$2.995 billion (2020 est.)
-$11.265 billion (2019 est.)

Exports

$10.147 billion (2021 est.) note: data are in current year dollars
$8.773 billion (2020 est.) note: data are in current year dollars
$18.208 billion (2019 est.)

Exports - partners

Switzerland 27%, United Arab Emirates 15%, South Korea 11%, Saudi Arabia 7%, Kuwait 6% (2019)

Exports - commodities

gold, diamonds, scrap iron, wood furniture, grapes, jewelry, cars (2021)

Imports

$17.383 billion (2021 est.) note: data are in current year dollars
$15.206 billion (2020 est.) note: data are in current year dollars
$31.147 billion (2019 est.)

Imports - partners

United Arab Emirates 11%, China 10%, Italy 8%, Greece 8%, Turkey 7%, United States 6% (2019)

Imports - commodities

refined petroleum, cars, packaged medicines, jewelry, gold (2019)

Reserves of foreign exchange and gold

$35.239 billion (31 December 2021 est.)
$42.44 billion (31 December 2020 est.)
$52.213 billion (31 December 2019 est.)

Debt - external

$33.077 billion (2019 est.)
$33.655 billion (2018 est.)

Exchange rates

Lebanese pounds (LBP) per US dollar -

Exchange rates:
1,507.5 (2021 est.)
1,507.5 (2020 est.)
1,507.5 (2019 est.)
1,507.5 (2018 est.)
1,507.5 (2017 est.)