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telephone: [961] (4) 542600, 543600
FAX: [961] (4) 544136

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 1975-91 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 HARIRI government began an austerity program, reining in
government expenditures, increasing revenue collection, and
privatizing state enterprises. In November 2002, the government met
with international donors at the Paris II conference to seek
bilateral assistance in restructuring its massive domestic debt at
lower rates of interest. Substantial receipts from donor nations
stabilized government finances in 2003, but did little to reduce the
debt, which stood at nearly 180% of GDP. In 2004 the HARIRI
government issued Eurobonds in an effort to manage maturing debt,
and the KARAMI government has continued this practice. However,
privatization of state-owned enterprises had not occurred by the end
of 2004, as promised during the Paris II conference.

GDP (purchasing power parity):
$18.83 billion (2004 est.)

GDP - real growth rate:
4% (2004 est.)

GDP - per capita:
purchasing power parity - $5,000 (2004 est.)

GDP - composition by sector:
agriculture: 12%
industry: 21%
services: 67% (2000)

Labor force:
2.6 million
note: in addition, there are as many as 1 million foreign workers
(2001 est.)

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

Unemployment rate:
18% (1997 est.)

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

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

Inflation rate (consumer prices):
2% (2004 est.)

Investment (gross fixed):
26% of GDP (2004 est.)

Budget:
revenues: $4.895 billion
expenditures: $6.642 billion, including capital expenditures of NA
(2004 est.)

Public debt:
177.9% of GDP (2004 est.)

Agriculture - products:
citrus, grapes, tomatoes, apples, vegetables, p