Lebanon:
Economy

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Other pages in this profile of Lebanon:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition The 1975-90 civil war seriously damaged Lebanon's economic infrastructure, cut national output by half, and all but ended Lebanon's position as a Middle Eastern entrepot and banking hub. In the years since, Lebanon has rebuilt much of its war-torn physical and financial infrastructure by borrowing heavily - mostly from domestic banks. In an attempt to reduce the ballooning national debt, the Rafiq HARIRI government began an austerity program, reining in government expenditures, increasing revenue collection, and privatizing state enterprises, but economic and financial reform initiatives stalled and public debt continued to grow despite receipt of more than $2 billion in bilateral assistance at the Paris II Donors Conference. The Israeli-Hizballah conflict in July-August 2006 caused an estimated $3.6 billion in infrastructure damage, and prompted international donors to pledge nearly $1 billion in recovery and reconstruction assistance. Donors met again in January 2007 and pledged over $7.5 billion to Lebanon for development projects and budget support, conditioned on progress on Beirut's fiscal reform and privatization program. Internal Lebanese political tension continues to hamper economic activity, particularly in the tourism and retail sectors.
GDP (purchasing power parity)	Definition - World rank and map $42.27 billion (2007 est.)
GDP (official exchange rate)	Definition $24.64 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 4% (2007 est.)
GDP - per capita	Definition - World rank and map $11,300 (2007 est.)
GDP - composition by sector	Definition agriculture: 5.1% industry: 19% services: 75.9% (2007 est.)
Labor force	Definition 1.5 million note: in addition, there are as many as 1 million foreign workers (2005 est.)
Labor force - by occupation	Definition agriculture: NA% industry: NA% services: NA%
Unemployment rate	Definition - World rank and map 20% (2006 est.)
Population below poverty line	Definition 28% (1999 est.)
Household income or consumption by percentage share	Definition lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)	Definition - World rank and map 4.1% (2007 est.)
Investment (gross fixed)	Definition - World rank and map 22% of GDP (2007 est.)
Budget	Definition revenues: $6.472 billion expenditures: $8.35 billion (2007 est.)
Public debt	Definition - World rank and map 186.6% of GDP (2007 est.)
Agriculture - products	Definition citrus, grapes, tomatoes, apples, vegetables, potatoes, olives, tobacco; sheep, goats
Industries	Definition banking, tourism, food processing, wine, jewelry, cement, textiles, mineral and chemical products, wood and furniture products, oil refining, metal fabricating
Industrial production growth rate	Definition - World rank and map NA%
Electricity - production	Definition - World rank and map 9.183 billion kWh (2005)
Electricity - consumption	Definition - World rank and map 10.58 billion kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 2,663.7 kWh (2005)
Electricity - exports	Definition 0 kWh (2005)
Electricity - imports	Definition 455 million kWh (2005)
Oil - production	Definition - World rank and map 0 bbl/day (2005 est.)
Oil - consumption	Definition - World rank and map 106,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 26.7 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 0 bbl/day (2004)
Oil - imports	Definition - World rank and map 102,300 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 0 bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 0 cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map -$2.634 billion (2007 est.)
Exports	Definition - World rank and map $3.445 billion f.o.b. (2007 est.)
Exports - commodities	Definition authentic jewelry, inorganic chemicals, miscellaneous consumer goods, fruit and vegetables, tobacco, construction minerals, electric power machinery and switchgear, textile fibers, paper
Exports - partners	Definition Syria 26.1%, UAE 12.2%, Saudi Arabia 5.8%, Switzerland 5.5% (2006)
Imports	Definition - World rank and map $10.75 billion f.o.b. (2007 est.)
Imports - commodities	Definition petroleum products, cars, medicinal products, clothing, meat and live animals, consumer goods, paper, textile fabrics, tobacco, electrical machinery
Imports - partners	Definition Syria 12.3%, Italy 8.6%, France 8.4%, US 7.1%, China 5.9%, Germany 5.4%, Saudi Arabia 4.9% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $20.55 billion (31 December 2007 est.)
Debt - external	Definition - World rank and map $31.52 billion (31 December 2007 est.)
Stock of direct foreign investment - at home	Definition $NA
Stock of direct foreign investment - abroad	Definition $NA
Market value of publicly traded shares	Definition $8.279 billion (2006)
Economic aid - recipient	Definition of the $7.6 billion in grants and loans pledged to Lebanon at the Paris III conference in January 2007, Beirut as of mid-December 2007 had signed agreements for $3 billion, including $1 billion in project financing, $750 million in direct budget support, $750 million in private sector credit, and $285 million in in-kind aid; about $500 million of the $1.7 billion pledged for direct budget support has been disbursed to Lebanon; donors in August 2006 also pledged nearly $1.8 billion in aid to help Lebanon recover from the 2006 Israel-Hizballah war; during the conflict, Saudi Arabia and Kuwait provided $1.5 billion in concessional loans to the Lebanese central bank to maintain confidence in the Lebanese currency. (2005)
Currency (code)	Definition Lebanese pound (LBP)
Exchange rates	Definition Lebanese pounds per US dollar - 1,507.5 (2007), 1,507.5 (2006), 1,507.5 (2005), 1,507.5 (2004), 1,507.5 (2003)
Fiscal year	Definition calendar year

Lebanon: Economy

Lebanon:
Economy