Marketing Lebanese Wine
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Republic of Lebanon Fact Sheet
Population:
3,925,502 (July 2007 est.)
Age structure:
0-14 years: 26.2% (male 525,199/female 504,240)
15-64 years: 66.7% (male 1,255,624/female 1,361,265)
65 years and over: 7.1% (male 125,904/female 153,270) (2007 est.)
Median age: total: 28.3 years
Male: 27.2 years
Female: 29.5 years (2007 est.)
Population growth rate:
1.198% (2007 est.)
GDP (purchasing power parity):
$40.65 billion (2007 est.)
GDP (official exchange rate):
$21.58 billion (2007 est.)
GDP – real growth rate:
0.3% (2007 est.)
GDP – per capita (PPP):
$10,400 (2007 est.)
GNP (Gross National Product), 2005 :
22.12 billion dollars
GNP per capita, 2005 :
6186 dollars
Industry:
18.4%
Services:
76.4% (2007 est.)
Labor force:
1.5 million
Note: in addition, there are as many as 1 million foreign workers (2005 est.)
Unemployment rate:
20% (2006 est.)
Population below poverty line:
28% (1999 est.)
Inflation rate (consumer prices):
5.6% (2007 est.)
Investment (gross fixed):
19.4% of GDP (2007 est.)
Budget: revenues:
$6.116 billion
Expenditures:
$9.421 billion (2007 est.)
Public debt:
188% of GDP (2007 est.)
Current account balance:
-$3.337 billion (2007 est.)
Exports:
$3.099 billion f.o.b. (2007 est.)
Exports – partners:
Syria 26.8%, UAE 12%, Switzerland 6%, Saudi Arabia 5.7%, Turkey 4.5% (2006)
Imports:
$10 billion f.o.b. (2007 est.)
Imports – partners:
Reserves of foreign exchange and gold:
$19.4 billion (31 December 2007 est.)
Debt – external:
$34.67 billion (31 December 2007 est.)
Exports – commodities: authentic jewelry, inorganic chemicals, miscellaneous consumer goods, fruit and vegetables, tobacco, construction minerals, electric power machinery and switchgear, textile fibers, paper
Economic aid – recipient: 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)
General economic profile of Lebanon
Located at a strategic geopolitical crossroads, bordered by Syria to the south, Israel and Jordan to the north, and Iraq in the east, Lebanon – land of the Cedar – has been on the fringes and at times right at the heart of the Middle East conflict. After 15 devastating years of civil war (1975-1990), Lebanon has had to overcome difficult post-conflict reconstruction challenges while trying to reconcile economic revival and better macroeconomic fundamentals. A comprehensive reform process in the areas of economic policy, industrial and agricultural modernization, improved investment climate and opening of the domestic market is under way to help the country regain its past glory as a leading financial power in the region, “the Switzerland of the Middle-East”.
Initially Lebanon made considerable progress, rehabilitating basic infrastructure while maintaining economic stability. By 1997 per capita income had nearly doubled from end-of-war levels, many of the countrys social indicators returned to pre-war levels, much of Lebanons infrastructure had been rebuilt and public services restored. The Lebanese economy enjoyed sustained growth of 6 to 7 percent between 1992 and 1997, based on rebuilding of the country after 15 years of civil war. A rehabilitated financial sector supported substantial growth in production levels and a fivefold increase in GDP in 15 years. Then, growth slowed after the initial boom of post-war reconstruction, posting no more than 2-3 percent over the period 1997-2005 ($22.3 billion in 2005).
Cumulative public debt rose dramatically to a high $34.5 billion at the end of 2005 ($39 million in June 2006), corresponding to 180 percent of GDP. The international community, including several EU member states, agreed at the successful Paris II donor conference to provide Lebanon with some relief from its very high debt burden and other economic problems. Consequently, Lebanon received financial assistance amounting to $10.1 billion, 32 percent of total debt.
The services sector accounts for the highest share of GDP (72.3 percent), but agriculture and industry also play an important role. Banking is an important part of the Lebanese economy, with added value estimated at 4.5 percent of GDP in 2003. Tourism contributes significantly to both GDP growth and employment. Agriculture accounts for 6 percent of GDP and employs 10 percent of the labor force and it is estimated that around 30 percent of the population lives directly or indirectly from the jobs and activities it generates. Industry counts for 20.8 percent of GDP.
With limited mineral resources and a small industrial sector, the Lebanese economy greatly depends on imports. 90 percent of consumer goods are imported and the foreign trade coverage rate was 22 percent in 2005, with a structural deficit in the trade balance (15 percent of GDP). In 2005, imports cost $1.747 billion while exports earned only