Capital City: Beirut
	It is %T:%M %A in Beirut

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Economic trends

Lebanon has a free-market economy with a strong laissez-faire commercial tradition. Lebanon started with a massive reconstruction program in 1992 to rebuild the country’s physical and social infrastructure devastated by the long civil war (1975-90). The government is still committed to continue with these structural reforms. The GDP growth rate was 0.0% in 2006 because of the war, following with 2% in 2007 and 3.5% predicted for 2008. The main challenge faced by the government is the country's debt, which amounts to 185% of GDP. Unemployment is estimated at 18% officially, but in the absence of reliable statistics some estimate it could be as high as 20-25%. Inflation was estimated at around 3.5% in 2007.

Main branches of industry

Agricultural sector contributes nearly 7% to GDP and employs around 15% of the active population. Cereals (mainly wheat and barley), fruits & vegetables, olives, grapes, and tobacco are the main crops. Sheep and goats are also raised. Mineral resources are limited and are only exploited for domestic consumption. The manufacturing sector accounts for 21% of the GDP. The main industrial activity is building & construction and civil engineering, but other activities such as jewellery and food-processing are also well developed. The Lebanese economy is highly service-oriented; main growth sectors being banking and tourism. Services account for 72% of the GDP. Tourism is undergoing through a strong growth phase as a result of huge investments. The IT (information technology) sector is also developing.

International trade

Lebanon has proved its openness to international trade by signing an Association Agreement with EU, by working toward accession to WTO, and by signing a free-trade agreement with the Gulf Cooperation Council (GCC) in May 2004. The current share of foreign trade in country’s GDP is nearly 65%.The top three export partners of Lebanon are: Iraq, Switzerland, and Syria. The commodities mainly exported are pearls & precious stones, electric & electronic equipment, iron & steel, salt & sulphur, and machinery. Its top three import partners are: Italy, France and Germany. Lebanon mainly imports mineral fuels & oils, vehicles, machinery, pearls & precious stones, and electric & electronic equipment.