Economy of Lebanon
Lebanon is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Lebanon may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Lebanon exports around $5.83 billion and imports roughly $21 billion. 6.3% of population in the country are unemployed. The total number of unemployed people in Lebanon is 383,891. In Lebanon, 27.4% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Lebanon is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 1.8% of GDP. The Gini Index of the country is 45. Lebanon is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Lebanon has a Human Development Index (HDI) of 0.765. Lebanon has a high HDI score. This indicates that the majority of citizens will be able to attain a desirable life while providing substantial aid and assistance to citizens with lower living standards. The Global Peace Index (GPI) for Lebanon is 2.623. The strength of legal rights index for Lebanon is 2. Overall, it is considered to be rather weak - bankrupcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible.
The currency of Lebanon is Lebanese pound. The plural form of the word Lebanese pound is pounds. The symbol used for this currency is ل.ل, and it is abbreviated as LBP. The Lebanese pound is divided into Piastre; there are 100 in one pound.
The depth of credit information index for Lebanon is 6, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Lebanon has a credit rating score of B, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Lebanon has a credit rating score of B, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Lebanon has a credit rating score of B1, and the prospects of this rating are stable.
In Lebanon, the institution that manages the state's currency, money supply, and interest rates is called Banque du Liban. Locally, the central bank of Lebanon is called مصرف لبنان. The average deposit interest rate offered by local banks in Lebanon is 5.9%.
Lebanon has a government debt of 85.3% of the country's Gross Domestic Product (GDP), as assessed in 2012.
The corporate tax in Lebanon is set at 15%. Personal income tax ranges from 2% to 20%, depending on your specific situation and income level. VAT in Lebanon is 10%.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Lebanon is $81419 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Lebanon was last recorded at $13 million. PPP in Lebanon is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Lebanon is 47,221 billion. Based on this statistic, Lebanon is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Lebanon was last recorded at $8 million. The average citizen in Lebanon has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Lebanon averaged 2.3% in 2014. According to this percentage, Lebanon is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Lebanon.
Major industries in the country are banking, tourism, food processing, wine, jewelry, cement, textiles, mineral and chemical products, wood and furniture products, oil refining, metal fabricating. The total labor force of Lebanon is 2,207,590 people, wherein 6.3% of population in the country are unemployed. The total number of unemployed people in Lebanon is 383,891. The Industrial Production growth rate of Lebanon is 3%.To read more about industrial information within Lebanon click on industry of Lebanon.
There are 1673 km2 of arable land in Lebanon, and it comprises 16% of the country's total territory. There are 3080 km2 of cultivated land in Lebanon. The country's major agricultural crops and products are citrus, grapes, tomatoes, apples, vegetables, potatoes, olives, tobacco, sheep, goats.To read more about agriculture click on agriculture of Lebanon.