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. 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.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): 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 - commodities: Exports - partners: 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:
$64.31 billion (2013 est.)
country comparison to the world: 88
$63.36 billion (2012 est.)
$62.42 billion (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP country ranks ]
$43.49 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
1.5% (2013 est.)
country comparison to the world: 161
1.5% (2012 est.)
1.5% (2011 est.)
[see also: GDP - real growth rate country ranks ]
$15,800 (2013 est.)
country comparison to the world: 87
$15,800 (2012 est.)
$15,800 (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP - per capita country ranks ]
24.6% of GDP (2013 est.)
country comparison to the world: 52
29.2% of GDP (2012 est.)
22.3% of GDP (2011 est.)
[see also: Gross national saving country ranks ]
household 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.)
agriculture:
4.6%
industry:
20%
services:
75.4% (2013 est.)
citrus, grapes, tomatoes, apples, vegetables, potatoes, olives, tobacco; sheep, goats
banking, tourism, food processing, wine, jewelry, cement, textiles, mineral and chemical products, wood and furniture products, oil refining, metal fabricating
3% (2013 est.)
country comparison to the world: 95
[see also: Industrial production growth rate country ranks ]
1.481 million
country comparison to the world: 130
note:
does not include as many as 1 million foreign workers (2007 est.)
[see also: Labor force country ranks ]
agriculture:
NA%
industry:
NA%
services:
NA%
NA%
[see also: Unemployment rate country ranks ]
28% (1999 est.)
[see also: Population below poverty line country ranks ]
lowest 10%:
NA%
highest 10%:
NA%
revenues:
$9.487 billion
expenditures:
$13.56 billion (2013 est.)
21.8% of GDP (2013 est.)
country comparison to the world: 149
[see also: Taxes and other revenues country ranks ]
-9.4% of GDP (2013 est.)
country comparison to the world: 202
[see also: Budget surplus (+) or deficit (-) country ranks ]
120% of GDP (2013 est.)
country comparison to the world: 9
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
[see also: Public debt country ranks ]
calendar year
5% (2013 est.)
country comparison to the world: 153
6.4% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]
3.5% (31 December 2010 est.)
country comparison to the world: 26
10% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]
7.5% (31 December 2013 est.)
country comparison to the world: 116
7.25% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]
$5.419 billion (31 December 2013 est.)
country comparison to the world: 97
$4.712 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]
$97.04 billion (31 December 2011 est.)
country comparison to the world: 54
$92 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]
$80.3 billion (31 December 2013 est.)
country comparison to the world: 57
$75.76 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]
$10.3 billion (31 December 2012 est.)
country comparison to the world: 66
$10.16 billion (31 December 2011)
$12.59 billion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]
-$3.224 billion (2013 est.)
country comparison to the world: 159
-$1.663 billion (2012 est.)
[see also: Current account balance country ranks ]
$5.826 billion (2013 est.)
country comparison to the world: 110
$5.615 billion (2012 est.)
[see also: Exports country ranks ]
jewelry, base metals, chemicals, miscellaneous consumer goods, fruit and vegetables, tobacco, construction minerals, electric power machinery and switchgear, textile fibers, paper
South Africa 19.3%, Switzerland 12.2%, Saudi Arabia 8%, UAE 7.9%, Syria 6.6%, Iraq 4.7% (2012)
$20.97 billion (2013 est.)
country comparison to the world: 77
$20.33 billion (2012 est.)
[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
US 11.2%, Italy 8.6%, China 8.3%, France 7.2%, Germany 5.6%, Turkey 4.5%, Greece 4.2% (2012)
$51.95 billion (31 December 2013 est.)
country comparison to the world: 37
$52.5 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]
$26.74 billion (31 December 2013 est.)
country comparison to the world: 77
$25.16 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]
$NA
[see also: Stock of direct foreign investment - at home country ranks ]
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]
Lebanese 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)