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Lebanon Economy 2010
http://www.workmall.com/wfb2010/lebanon/lebanon_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Page last updated on January 15, 2010

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, 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 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 in 2000 began an austerity program, reining in government expenditures, increasing revenue collection, and passing legislation to privatize 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 2002 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 at the Paris III Donor Conference and pledged more than $7.5 billion to Lebanon for development projects and budget support, conditioned on progress on Beirut's fiscal reform and privatization program. An 18-month political stalemate and sporadic sectarian and political violence hampered economic activity, particularly tourism, retail sales, and investment, until the new government was formed in July 2008. Political stability following the Doha Accord of May 2008 helped boost tourism and, together with a strong banking sector, enabled real GDP growth of 6% despite a slowdown in the region.

GDP (purchasing power parity):
$46.03 billion (2009 est.)

$44.69 billion (2008 est.)
$42.04 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$32.66 billion (2009 est.)

GDP - real growth rate:
3% (2009 est.)

6.3% (2008 est.)
4% (2007 est.)

GDP - per capita (PPP):
$11,500 (2009 est.)

$11,300 (2008 est.)
$10,700 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 5.1%
industry: 18.7%
services: 76.2% (2009 est.)

Labor force:
1.481 million
note: in addition, there are as many as 1 million foreign workers (2007 est.)

Labor force - by occupation:
agriculture: NA%
industry: NA%
services: NA%

Unemployment rate:
9.2% (2007 est.) est.)

NA%

Population below poverty line:
28% (1999 est.)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Investment (gross fixed):
21.5% of GDP (2009 est.)

Budget:
revenues: $8.405 billion
expenditures: $11.86 billion (2009 est.)

Public debt:
160.1% of GDP (2009 est.)

160.3% of GDP (2008 est.)

Inflation rate (consumer prices):
1.5% (2009 est.)

10% (2008 est.)

Central bank discount rate:
12% (31 December 2008)

12% (31 December 2007)

Commercial bank prime lending rate:
9.96% (31 December 2008)

10.26% (31 December 2007)

Stock of money:
$NA (31 December 2008)

$2.374 billion (31 December 2007)

Stock of quasi money:
$NA (31 December 2008)

$57.4 billion (31 December 2007)

Stock of domestic credit:
$NA (31 December 2008)

$45.51 billion (31 December 2007)

Market value of publicly traded shares:
$9.641 billion (31 December 2008)

$10.86 billion (31 December 2007)
$8.279 billion (31 December 2006)

Agriculture - products:
citrus, grapes, tomatoes, apples, vegetables, potatoes, olives, tobacco; sheep, goats

Industries:
banking, tourism, food processing, wine, jewelry, cement, textiles, mineral and chemical products, wood and furniture products, oil refining, metal fabricating

Industrial production growth rate:
2% NA%

Electricity - production:
9.03 billion kWh (2007 est.)

Electricity - consumption:
8.42 billion kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
972 million kWh (2007 est.)

Oil - production:
0 bbl/day (2008 est.)

Oil - consumption:
92,000 bbl/day (2008 est.)

Oil - exports:
0 bbl/day (2007 est.)

Oil - imports:
86,750 bbl/day (2007 est.)

Oil - proved reserves:
0 bbl (1 January 2009 est.)

Natural gas - production:
0 cu m (2008 est.)

Natural gas - consumption:
0 cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
0 cu m (1 January 2009 est.)

Current account balance:
$-2.897 billion (2009 est.)

$-2.987 billion (2008 est.)

Exports:
$5.113 billion (2009 est.)

$5.023 billion (2008 est.)

Exports - commodities:
jewelry, base metals, chemicals, miscellaneous consumer goods, fruit and vegetables, tobacco, construction minerals, electric power machinery and switchgear, textile fibers, paper

Exports - partners:
Syria 24.9%, UAE 12.9%, Switzerland 6.6%, Saudi Arabia 6.1%, Turkey 4.2% (2008)

Imports:
$15.78 billion (2009 est.)

$16.25 billion (2008 est.)

Imports - commodities:
petroleum products, cars, medicinal products, clothing, meat and live animals, consumer goods, paper, textile fabrics, tobacco, electrical machinery and equipment, chemicals

Imports - partners:
Syria 10.5%, France 9.5%, US 9.3%, Italy 7.3%, China 6.8%, Germany 4.9%, Saudi Arabia 4.8%, Turkey 4.2% (2008)

Reserves of foreign exchange and gold:
$33.58 billion (31 December 2009 est.)

$28.28 billion (31 December 2008 est.)

Debt - external:
$34.47 billion (31 December 2009 est.)

$33.28 billion (31 December 2008 est.)

Stock of direct foreign investment - at home:
$NA

Stock of direct foreign investment - abroad:
$NA

Exchange rates:
Lebanese pounds (LBP) per US dollar - 1,507.5 (2009), 1,507.5 (2008), 1,507.5 (2007), 1,507.5 (2006), 1,507.5 (2005)


NOTE: The information regarding Lebanon on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Lebanon Economy 2010 information contained here. All suggestions for corrections of any errors about Lebanon Economy 2010 should be addressed to the CIA.



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