Skyline in Lebanon

Lebanon Economy

Lebanon's economy in numbers:

Nominal GDP of USD 23.1 billion in 2021.

GDP per capita of USD 4,136 compared to the global average of USD 10,589.

Average real GDP growth of 2.2% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2020, services accounted for 73% of overall GDP, manufacturing 12%, other industrial activity 6%, and agriculture 9%. Looking at GDP by expenditure, private consumption accounted for 106% of GDP in 2020, government consumption 16%, fixed investment 10%, and net exports -32%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 52% of total merchandise exports, mineral fuels 0%, food 25%, ores and metals 10% and agricultural raw materials 0%, with other categories accounting for 13% of the total. In the same period, manufactured products made up 48% of total merchandise imports, mineral fuels 28%, food 17%, ores and metals 2% and agricultural raw materials 1%, with other goods accounting for 4% of the total. Total exports were worth USD 4 billion in 2022, while total imports were USD 18 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded an average annual decrease of 2.2% in the decade to 2021. To read more about GDP growth in Lebanon, go to our dedicated page.

Fiscal policy:

Lebanon's fiscal deficit averaged 7.3% of GDP in the decade to 2021. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 10.4% in the decade to 2022. For more information on Lebanon's unemployment click here.

Inflation:

Inflation averaged 39.4% in the decade to 2022. Go to our Lebanon inflation page for extra insight.

Monetary Policy:

Lebanon's monetary policy rate ended 2022 at 10.00%, on the same level as a decade earlier. See our Lebanon monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the pound weakened by 0.9% vs the U.S. dollar. For more info on the pound, click here.
Economic activity remains downbeat this year, after GDP fell for the sixth straight year in 2023. Political paralysis is holding back the structural reforms that would unlock foreign capital, while restricted credit availability and limited government expenditure are hampering domestic demand. In addition, fighting between Hezbollah and Israel along Lebanon's southern border has hurt tourism, damaged infrastructure and displaced citizens. Available data is gloomy. The PMI business survey suggests private-sector operating conditions have deteriorated so far this year, with the PMI reaching an over one-year low in June. In addition, in January–June, visitor arrivals and constructions permits both fell around 5% in annual terms. That said, declining price pressures and strong inflows of remittances—estimated at over a third of GDP last year—should be supporting the economy somewhat.
Projections out to 2033.

33 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 15 expert analysts.

Want to get insight on the economic outlook for Lebanon in the coming years? FocusEconomics collects projections out to 2033 on 33 economic indicators for Lebanon from a panel of 15 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Lebanon economy. To download a sample report on the Lebanon's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Lebanon Economic Data

2019 2020 2021 2022 2023
Population (million) 5.8 5.7 5.6 5.5 5.4
GDP (USD bn) 51.6 31.7 23.1 21.0 17.9
GDP per capita (USD) 8,925 5,600 4,136 3,824 3,350
GDP (LBP tn) 78.1 48.0 35.0 31.9 269.5
Economic Growth (Nominal GDP, ann. var. %) -5.6 -38.5 -27.2 -8.8 745.2
Economic Growth (GDP, ann. var. %) -6.9 -21.4 -7.0 -0.6 -0.2
Private Consumption (ann. var. %) -2.4 -14.0 2.1 2.3 0.2
Government Consumption (ann. var. %) 2.8 -53.7 -76.0 34.9 -18.4
Fixed Investment (ann. var. %) -45.5 -53.0 -67.6 -88.6 -57.9
Exports (G&S, ann. var. %) -0.9 -53.7 13.1 0.3 2.8
Imports (G&S, ann. var. %) -9.5 -46.0 -12.2 3.5 -0.3
Unemployment (% of active population, aop) 11.3 13.3 12.8 11.7 11.7
Fiscal Balance (% of GDP) -11.0 -3.5 0.8 - -
Public Debt (% of GDP) 172 151 350 - -
Money (ann. var. of M2 %) -17.4 6.3 17.0 47.6 -13.5
Inflation (CPI, ann. var. %, aop) 2.9 84.9 154.8 171.2 221.3
Repo Rate (%, eop) 10.00 10.00 10.00 10.00 20.00
Exchange Rate (LBP per USD, eop) 1,513 1,514 1,511 1,519 15,026
Current Account Balance (USD bn) -11.1 -2.8 -4.6 -7.3 -5.6
Current Account Balance (% of GDP) -21.5 -8.8 -19.7 -34.6 -31.5
Merchandise Trade Balance (USD bn) -13.5 -6.6 -8.9 -13.8 -12.8
Merchandise Exports (USD bn) 4.5 3.8 3.8 4.2 3.8
Merchandise Imports (USD bn) 18.0 10.4 12.7 18.0 16.7
Merchandise Exports (ann. var. %) 28.1 -15.8 0.7 9.0 -8.3
Merchandise Imports (ann. var. %) -2.5 -42.2 22.4 41.0 -7.0
Foreign Direct Investment (USD bn) 1.9 1.6 0.6 0.5 0.7
International Reserves (USD bn) 38.2 25.0 18.5 15.8 -
International Reserves (months of imports) 25.5 28.8 17.4 10.6 -
External Debt (USD bn) 73.9 68.9 66.9 67.1 -
External Debt (% of GDP) 143 217 289 320 -

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