unbekannter Gast

Lebanon: Economy#

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. The collapse of the MIKATI government in early 2011 over its backing of the Special Tribunal for Lebanon and the conflict in neighboring Syria slowed economic growth to the 1-2% range in 2011-13, after four years of 8% average growth. In September 2011 the Cabinet endorsed a bill that would provide $1.2 billion in funding to improve Lebanon's downtrodden electricity sector, but fiscal limitations will test the government's ability to invest in other areas, such as water.

Economic Facts#

GDP (purchasing power parity)$64.31 billion (2013 est.)
$63.36 billion (2012 est.)
$62.42 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate1.5% (2013 est.)
1.5% (2012 est.)
1.5% (2011 est.)
GDP - per capita (PPP)$15,800 (2013 est.)
$15,800 (2012 est.)
$15,800 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 4.6%
industry: 20%
services: 75.4% (2013 est.)
Population below poverty line28% (1999 est.)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationagriculture: NA%
industry: NA%
services: NA%
Exports - commoditiesjewelry, base metals, chemicals, miscellaneous consumer goods, fruit and vegetables, tobacco, construction minerals, electric power machinery and switchgear, textile fibers, paper
Exports - partnersSouth Africa 19.3%, Switzerland 12.2%, Saudi Arabia 8%, UAE 7.9%, Syria 6.6%, Iraq 4.7% (2012)
Agriculture - productscitrus, grapes, tomatoes, apples, vegetables, potatoes, olives, tobacco; sheep, goats
Budgetrevenues: $9.487 billion
expenditures: $13.56 billion (2013 est.)
Imports - commoditiespetroleum products, cars, medicinal products, clothing, meat and live animals, consumer goods, paper, textile fabrics, tobacco, electrical machinery and equipment, chemicals
Imports - partnersUS 11.2%, Italy 8.6%, China 8.3%, France 7.2%, Germany 5.6%, Turkey 4.5%, Greece 4.2% (2012)
Exchange ratesLebanese pounds (LBP) per US dollar -
1,507.5 (2013 est.)
1,507.5 (2012 est.)
1,507.5 (2010 est.)
1,507.5 (2009)
1,507.5 (2008)
Exports$5.826 billion (2013 est.)
$5.615 billion (2012 est.)
Debt - external$26.74 billion (31 December 2013 est.)
$25.16 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$20.97 billion (2013 est.)
$20.33 billion (2012 est.)
Industrial production growth rate3% (2013 est.)
Industriesbanking, tourism, food processing, wine, jewelry, cement, textiles, mineral and chemical products, wood and furniture products, oil refining, metal fabricating
Inflation rate (consumer prices)5% (2013 est.)
6.4% (2012 est.)
Labor force1.481 million
note: does not include as many as 1 million foreign workers (2007 est.)
Unemployment rateNA%
Public debt120% of GDP (2013 est.)
119.6% of GDP (2012 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 intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment
Current account balance-$3.224 billion (2013 est.)
-$1.663 billion (2012 est.)
Reserves of foreign exchange and gold$51.95 billion (31 December 2013 est.)
$52.5 billion (31 December 2012 est.)
GDP (official exchange rate)$43.49 billion (2013 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Market value of publicly traded shares$10.3 billion (31 December 2012 est.)
$10.16 billion (31 December 2011)
$12.59 billion (31 December 2010 est.)
Central bank discount rate3.5% (31 December 2010 est.)
10% (31 December 2009 est.)
Commercial bank prime lending rate7.5% (31 December 2013 est.)
7.25% (31 December 2012 est.)
Stock of domestic credit$80.3 billion (31 December 2013 est.)
$75.76 billion (31 December 2012 est.)
Stock of narrow money$5.419 billion (31 December 2013 est.)
$4.712 billion (31 December 2012 est.)
Stock of broad money$97.04 billion (31 December 2011 est.)
$92 billion (31 December 2010 est.)
Taxes and other revenues21.8% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-9.4% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 82.3%
government consumption: 14.9%
investment in fixed capital: 31.2%
exports of goods and services: 18.6%
imports of goods and services: -47%
(2013 est.)
Gross national saving24.6% of GDP (2013 est.)
29.2% of GDP (2012 est.)
22.3% of GDP (2011 est.)