Lebanon - Economy
How is the economy of Lebanon? Based on the information we have, Lebanon has a upper middle-income Middle Eastern economy; economic activity hurt by economic depression, COVID-19, and port explosion; hyperinflation and sharp poverty increases; banks have ceased lending; new financing facility helping with recovery. Key agricultural products in this country include: potatoes, milk, tomatoes, apples, oranges, olives, cucumbers/gherkins, chicken, lemons/limes, wheat (2022).
More about the economy of Lebanon
Labor force 1.771 million (2023 est.)
Industrial production growth rate 0.74% (2023 est.)
Industries banking, tourism, real estate and construction, food processing, wine, jewelry, cement, textiles, mineral and chemical products, wood and furniture products, oil refining, metal fabricating
Population below poverty line
Taxes and other revenues 5.68% (of GDP) (2021 est.)
Fiscal year
Exchange rates
Currency Lebanese pounds (LBP) per US dollar -
Exchange rates 2022 1,507.5 (2022 est.)
Exchange rates 2021 1,507.5 (2021 est.)
Exchange rates 2020 1,507.5 (2020 est.)
Exchange rates 2019 1,507.5 (2019 est.)
Exchange rates 2018 1,507.5 (2018 est.)
Debt - external
Debt - external 2022 $38.856 billion (2022 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2022 $32.513 billion (2022 est.)
Reserves of foreign exchange and gold 2021 $35.239 billion (2021 est.)
Reserves of foreign exchange and gold 2020 $42.44 billion (2020 est.)
Current account balance
Current account balance 2023 -$5.643 billion (2023 est.)
Current account balance 2022 -$7.265 billion (2022 est.)
Current account balance 2021 -$4.556 billion (2021 est.)
Public debt
Public debt 2017 146.8% of GDP (2017 est.)
Budget
Revenues $12.73 billion (2021 est.)
Expenditures $11.356 billion (2021 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 35.51% of GDP (2023 est.)
Remittances 2022 30.66% of GDP (2022 est.)
Remittances 2021 27.47% of GDP (2021 est.)
Average household expenditures
On food 20.7% of household expenditures (2022 est.)
On alcohol and tobacco 1.1% of household expenditures (2022 est.)
Imports
Imports 2023 $23.313 billion (2023 est.)
Imports 2022 $24.536 billion (2022 est.)
Imports 2021 $17.667 billion (2021 est.)
Imports (partners) China 14%, Turkey 13%, Greece 9%, UAE 7%, Italy 5% (2022)
Comodities Imports force refined petroleum, cars, gold, broadcasting equipment, diamonds (2022)
Exports
Imports 2023 $23.313 billion (2023 est.)
Imports 2022 $24.536 billion (2022 est.)
Imports 2021 $17.667 billion (2021 est.)
Exports (partners) UAE 22%, Syria 8%, Egypt 5%, US 5%, Turkey 4% (2022)
Comodities Exports force diamonds, plastics, jewelry, gold, scrap iron (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $65.818 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $65.917 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $66.329 billion (2021 est.)
GDP (official exchange rate) $17.937 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $12,300 (2023 est.)
Real GDP per capita 2022 $12,000 (2022 est.)
Real GDP per capita 2021 $11,900 (2021 est.)
GDP - composition, by sector of origin
Agriculture 1.1% (2023 est.)
Industry 2.4% (2023 est.)
Services 47.7% (2023 est.)
GDP - composition, by end use
Household consumption 129.7% (2023 est.)
Government consumption 5.8% (2023 est.)
Investment in fixed capital 0.9% (2023 est.)
Exports of goods and services 46.1% (2023 est.)
Imports of goods and services -82.4% (2023 est.)
Unemployment rate
Unemployment rate 2023 11.57% (2023 est.)
Unemployment rate 2022 11.6% (2022 est.)
Unemployment rate 2021 12.62% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 23.7% (2023 est.)
Male 24.6% (2023 est.)
Female 22% (2023 est.)
All Important Facts about Lebanon

Want to know more about Lebanon? Check all different factbooks for Lebanon below.

Lebanon is found in Western Asia