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Flag description:

three horizontal bands consisting of red (top), white (middle,
double width), and red (bottom) with a green cedar tree centered in
the white band

Economy
Lebanon

Economy - overview:

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 the 1990s 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 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
a new government was formed in July 2008.

GDP (purchasing power parity):

$40.44 billion (2007 est.)

GDP (official exchange rate):

$24.64 billion (2007 est.)

GDP - real growth rate:

3.6% (2007 est.)

GDP - per capita (PPP):

$10,300 (2007 est.)

GDP - composition by sector:

agriculture: 5.2%
industry: 19.5%
services: 75.4% (2007 est.)

Labor force:

1.5 million
note: in addition, there are as many as 1 million foreign workers
(2005 est.)

Labor force - by occupation:

agriculture: NA%
industry: NA%
services: NA%

Unemployment rate:

20% (2006 est.)

Population below poverty line:

28% (1999 est.)

Household income or consumption by percentage share:

lowest 10%: NA%
highest 10%: NA%

Investment (gross fixed):

22% of GDP (2007 est.)

Budget:

r