Chapter

Statistical Appendix

Author(s):
Thomas Helbling, and Sena Eken
Published Date:
June 1999
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Table A1.Selected Social, Economic, and Financial Indicators
I. Social and Demographic Indicators
Surface area (sq km)10,400
Population density (people per sq km)391.5
Roads, paved in percent)95
PopulationHealth
Population, total4,005,000Life expectancy at birth, female (years)71.2
Labor force, total1,314,688Life expectancy at birth, male (years)67.5
Labor force growth, total (annual percent)2.97Life expectancy at birth, total (years)68.2
Population growth (annual percent)1.90Mortality rate, infant (per 1.000 live births)31.5
Urban population (percent of total)87.20Mortality rate, under 5 (per 1.000 live births)40.0
Urban population growth (annual percent)2.70Immunization, DPT (percent of children under 12 months)92.0
Age-dependency ratio (dependents toImmunization, measles (percent of children under 12 months)88.0
working-age population)0.70
Fertility rate, total (births per woman)2.83
EducationInfrastructure
Illiteracy rate, adult male (percent of males 15+)5.30Personal computers (per 1,000 people)12.5
Illiteracy rate, adult total (percent of people 15+)7.60Mobile phones (per 1.000 people)30.0
Gross primary enrollment (percent of school age population)Telephone mainlines (per 1,000 people)82.4
115Television sets (per 1.000 people)268.4
II. Economic and Financial Indicators
Est
199219931994199519961997
(Annual percent change)
National income and prices
Real GDP14.57.08.06.54.04.0
Consumer prices (period average)99.824.78.010.68.97.7
External sector
Exports (f.o.b.) U.S. dollar basis9.713.8-1.220.7-4.0-17.9
Imports (f.o.b.) U.S. dollar basis12.229.612.921.34.0-1.4
Nominal effective exchange rate (- depreciation)-38.40.510.8.-0.96.612.9
Real effective exchange rate (- depreciation)3.524.58.03.912.218.1
Central government
Revenue73.563.020.935.316.56.2
Expenditure285.538.375.317.921.925.0
(Change in percent of broad money of the beginning
of period, unless indicated otherwise)
Money and credit
Domestic credit68.013.722.818.024.223.8
Net credit to public sector16.54.010.65.112.913.5
Credit to private sector51.59.712.212.911.310.3
Broad money (money and quasi-money)114.332.125.316.427.819.3
Velocity (nominal GDP over broad money)0.800.840.780.790.700.66
Interest rates
(end of period; three-month treasury bills)13.017.213.S16.014.313.1
(In percent of GDP)
Consumption3132.0125.1120.7117.4111.0
Investment329.132.433.030.129.8
Central government
Revenue12.014.114.616.817.316.4
Expenditure223.423.435.135.237.942.2
Of which: capital expenditure1.53.49.39.48.58.6
Overall balance (including grants)-11.4-7.7-17.2-18.0-20.2-25.5
Overall balance (excluding grants)-11.4-9.2-20.5-18.4-20.6-25.8
(In percent of GDP)
Gross public debt49.048.569.478.198.9102.7
Domestic44.044.261.166.584.486.5
External5.34.38.311.514.516.2
Public sector deposits10.910.617.215.019.06.1
Net public debt38.137.952.263.179.996.6
Exports (f.o.b.)10.89.17.47.36.04.3
Imports (f.o.b.)68.365.160.860.553.846.4
External current balance-49.8-49.0-45.0-41.3-34.7-28.3
(In millions of U.S. dollars)
External sector
Exports, (f.o.b.)601684676816783642
Imports, (f.o.b.)-3,786-4,908-5,541-6,722-6,992-6,897
Private transfers4165656858361,2261,411
Current account balance-2,763-3,68B-4,100-4,587-4,507-4,199
Overall balance (+ surplus)541,1701,131256786420
Central bank liquid reserves (end of period)1,4482,2203,8404,4875,8865,932
(In months of current year’s imports)4.65.48.38.010.110.3
External public debt outstanding (end of period)2573277721,3051,9072,434
External debt-service payments58143184138571
Principal4113410920435
Interest17981118136
Debt service (as percent of current receipts)3.57.26.44.015.3
(Lebanese pounds per U.S. dollar)
Exchange rate (period average)1,7131,7411,6801,6211,5711,539
(end of period)1,8381,7111,6471,5961,5521,527
(In billons of Lebanese pounds)
GDP19,49913,12215,30518,02820,41722,878
Sources: Ministry of Finance: Banque du Liban (BdL); Council for Development and Reconstruction (CDR); World Bank, Social Indicators of Development; World Development Indicators, CD-ROM World Bank, February 1997; and IMF staff estimates.

Based on BdL and IMF staff estimates.

Starting in 1993, includes externally financed capital (reconstruction) expenditures by the Council for Development and Reconstruction.

IMF staff estimates based on data provided by the authorities.

Sources: Ministry of Finance: Banque du Liban (BdL); Council for Development and Reconstruction (CDR); World Bank, Social Indicators of Development; World Development Indicators, CD-ROM World Bank, February 1997; and IMF staff estimates.

Based on BdL and IMF staff estimates.

Starting in 1993, includes externally financed capital (reconstruction) expenditures by the Council for Development and Reconstruction.

IMF staff estimates based on data provided by the authorities.

Table A2.Selected Indicators of Sectoral Economic Activity
Indicator199219931994199519961997
Nominal GDP (in billions of Lebanese pounds)9,49913,12215,30518,02820,41722,878
Real GDP (percent change)4.57.08.06.54.04.0
Consumer prices (annual percent change)
Period average99.824.78.010.68.97.7
End of period118.43.911.611.96.76.7
Coincident indicator (1993 = 100)100.0115.5131.6138.7144.2
Exports, f.o.b. (in billions of Lebanese pounds)785.9913.31,060.31,156.51,104.4
Imports, c.i.f. (in billions of Lebanese pounds)3,857.14,746.98,862.811,903.111,495.0
Electricity production (in million kwh)4,0334,1704,5935,0097,4928,364
Construction permits (in thousand square meters)10,74515,05320,30129,00813,49811,386
Cement deliveries (in thousand metric tons)2,1273,0453,3963,9683,8123,654
Port of Beirut (number of ships)3,0543,3233,3763,4293,2793,116
Beirut Airport (thousands of passengers)1,0441,2941,4891,6731,7152,007
Source: Data provided by the Lebanese authorities.
Source: Data provided by the Lebanese authorities.
Table A3.Aggregate Demand
199211993199419951996
(In billions of Lebanese pounds at current prices)
Nominal GDP (market prices)9,49913,12215,30518,02820,417
Resource gap2-6,125-8,021-8,794-9,664-9,713
Gross domestic expenditure15,62421,14224,09927,69130,130
Consumption17,32419,14221,75123,976
Private15,82017,26119,52121,419
Government1,5041,8812,2302,557
Gross domestic investment3,8184,9575,9416,155
Private3,3733,5324,2394,425
Public4451,4251,7021,730
Domestic savings-4,203-3,837-3,723-3,558
Public3-739-1,697-1,476-2,284
Private-3,464-2,140-2,247-1,274
(In percent of GDP)
Nominal GDP100.0100.0100.0100.0100.0
Resource gap2-64.5-61.1-57.5-53.647.6
Gross domestic expenditure164.5161.1157.5153.6147.6
Consumption132.0125.1120.7117.4
Private120.6112.8108.3104.9
Government11.512.312.412.5
Gross domestic investment29.132.433.030.1
Private25.723.123.521.7
Public3.49.39.48.5
Domestic savings-32.0-25.1-20.7-17.4
Public3-5.6-11.1-8.2-11.2
Private-26.4-14.0-12.5-6.2
Sources: Data provided by the Lebanese authorities; and IMF staff estimates.

in view of the serious data problems for the year 1992, no staff estimates for the domestic expenditure items are provided.

Net exports of goods and nonfactor services.

Fiscal current account deficit excluding external interest payments.

Sources: Data provided by the Lebanese authorities; and IMF staff estimates.

in view of the serious data problems for the year 1992, no staff estimates for the domestic expenditure items are provided.

Net exports of goods and nonfactor services.

Fiscal current account deficit excluding external interest payments.

Table A4.Consumer Price Index1(Average for 1988= 100)
Annual Rate
Indexof Change2
(Period average)(In percent)
1991435.650.1
1992870.599.8
19931085.324.7
19941,171.88.0
19951,295.810.6
19961,411.38.9
19971,520.67.7
1996
January1,355.013.2
February1,340.06.4
March1,376.06.8
April1,381.06.3
May1.383.88.2
June1,458.611.4
July1,450.59.6
August1,441.67.3
September1,465.512.1
October1,446.610.5
November1,424.78.7
December1,411.86.7
1997
January1,453.07.2
February1,489.011.1
March1,507.09.5
April1,505.09.0
May1,538.711.2
June1,565.57.3
July1,563.57.8
August1,583.69.9
September1,534.54.7
October1,501.63,8
November1,498.75,2
December1,506.86.7
Source: Data provided by the Lebanese authorities.

Based on an index for Beirut and suburbs prepared by the Consultation and Research Institute for the Trade Union Confederation.

Annual data are averaged over the calendar year, while monthly data represent changes with respect to the same month in the previous year.

Source: Data provided by the Lebanese authorities.

Based on an index for Beirut and suburbs prepared by the Consultation and Research Institute for the Trade Union Confederation.

Annual data are averaged over the calendar year, while monthly data represent changes with respect to the same month in the previous year.

Table A5.Real Wages and Unit Labor Costs
GDP (In
RealRealbillions ofAverage LaborReal
Minimum WageAverage Wage1Lebanese pounds,Labor ForceProductivityUnit Labor Costs2
(1990= 100)(1990= 100)1990 prices)(In million)(1990= 100)(1990= 100)
19744485,9680.747370
19754605,0050.771301
19774007473,5590.759217
19803866783,6030.742225
19813836533,6230.747225
19823746442,2900.753141
19834146612,8100.758172
19844046184,0600.764246
19852844385,0460.769304
19862613764,7040.796274
19871111625,4910.824309
19881131623,9420.853214
19891691692,2790.883120
19901001001,9730.914100100
19911101332,7270.94013599
199279972,8490.96613771
199361753,0490.99214253
1994961133,2931.02214976
19951081233,5071.05315480
19961191223,6471.07415777
Sources: Bank of Lebanon’ Investor’s Guide: Lebanon 95(Beirut: ECE, É tudes et Consultations É conomiques. 1995); IBRD; and IMF staff estimates.

The value for 1996 is estimated on the basis of the average monthly salary in the banking sector.

Based On real average wage.

Sources: Bank of Lebanon’ Investor’s Guide: Lebanon 95(Beirut: ECE, É tudes et Consultations É conomiques. 1995); IBRD; and IMF staff estimates.

The value for 1996 is estimated on the basis of the average monthly salary in the banking sector.

Based On real average wage.

Table A6.Government Operations1
BudgetBudgetEst
19921993199419951996199619971997
(In billions of Lebanese pounds)
Revenue1,1381,8552,2423,0334,0223,5344,1003,753
Tax revenue5131,2201,4402,0003,0552,8693,1522,893
Indirect taxes4679871,1721,7062,5402,5492,6472,443
Of which: customs duties23236617911,3201,8001,6321,8001,722
Of which: real estate transaction tax177197222275260275291
Direct taxes46233268295515319505451
Of which: income tax201240228350257375375
Nontax revenue36266358021,033967665948860
Expenditure2,2193,0695,3796,3427,2487,7326,9639,662
Current expenditure2,0732,6243,9544,6405,5536,0025,8257,695
Wages and salaries6601,2951,7101,8692,2422,2612,2612,466
EDLfuel subsidy41452462172002000150
Other current57505455106785118888641,701
Interest payments5197841,4881,8752,6002,6532,7003,378
Domestic4547541,4721,7452,2502,4682,5003,222
Foreign653015131350185200155
Capital expenditure61464451,4251,7021,6951,7301,1381,967
Of which: foreign financed52175486790507530500
Overall balance (excluding grants)-1,081-1,214-3,137-3,309-3,226-4,198-2,863-5,909
Financing9791,2883,1303,3453,2265,0032,8636,142
Foreign-1083461,1928921,0879431,232792
Grants0197507733007172
Net borrowing7-108149696819787872720
Disbursements02218479946239031,389
Amortization-108-72-151-176-37-31-669
Domestic1,0879421,9382,4532,1394,0601,6315,350
Banking system1,0557521,2471,0021,6942,9483,936
Banque du Liban-668-118-1,545-33-1,1452,693
Commercial banks1,7228702,7921,0354,0871,243
Nonbank private321906911,4524451,1181,414
Discrepancy8-10174-83608050233
(In percent of COP)
Revenue12.014.114.616.819.017.317.216.4
Tax revenue5.49.39.411.114.514.013.212,6
Indirect taxes4.97.57.79.512.012,511.110.7
Of which: customs duties23.45.05.27.38.58.07.67.5
Of which: real estate transaction tax1.31.31.21.31.31.21.2
Direct taxes0.51.81.81.67.41.62.12.0
Of which: income tax1.51.61.31.71.31.61.6
Expenditure23.423.435.135.234.337.929.242.2
Current expenditure
(excluding interest payments)16.414.016.115.314.016.413.118.9
Interest payments5.56.09.710.412.313.011.314.8
Capital expenditure1.53.49.39.48.08.54.88.6
Overall balance (excluding grants)-9.2-9.2-20.5-18.4-15.3-20.6-12.0-25.8
Overall balance (including grants)-11.4-7.7-17.2-18.0-13.9-20.2-25.5
Current balance-9.8-5.9-11.2-8.9-7.2-12.1-7.2-17.2
Primary balance-5.9-3.3-10.8-8.0-3.0-7.6-0.7-11.1
Primary balance (excluding foreign
financed investment)-2.9-9.6-5.30.8-5.11.5-8.9
Domestic financing11.47.212.713.910.120.06.823.4
(In percent)
Memorandum items
Interest payments/total revenue45.642.266.461.864.675.165.990.0
Custom duties/total revenue28.435.735.343.544.846.243.945.9
Revenue/total expenditure51.360.441.747.855.545.758.938.8
Overall balance/total expenditure-46.7-39.6-58.3-52.2-44.5-54.3-41.1-61.2
GDP (in billions of Lebanese pounds)9,49913,12215,30518,02821,12220,41723,84022,878
Sources: Ministry of Finance; Banque du Liban; Council for Development and Reconstruction (CDR); and IMF staff estimates.

Includes the treasury and the foreign and domestically financed CDR capital expenditure. Other public entities are included on a net basis only.

In July 1995, after the tariff reform, several excise taxes on imported goods started to be collected at the customs.

includes revenue from the lottery, collection from various tax penalties, and other fees and nontax revenue.

Petroleum subsidy paid to the Electricity Company of Lebanon (EDL).

including advances and transfers.

In 1996, this item includes domestically financed LL 151 billion of exceptional capital expenditure to rehabilitate the damages in 1996 caused by the bombings in April.

Includes external loans to CDR and foreign currency bonds issued by the Lebanese Republic.

Discrepancy between deficit and financing. The budget figures are recorded on a cash basis, while credit to the public sector is on the basis of the actual market value of the outstanding debt, that is, including accrued interest. In 1996, changes in accrued interest amounted to LL 506 billion, that is. about 70 percent of the discrepancy.

Sources: Ministry of Finance; Banque du Liban; Council for Development and Reconstruction (CDR); and IMF staff estimates.

Includes the treasury and the foreign and domestically financed CDR capital expenditure. Other public entities are included on a net basis only.

In July 1995, after the tariff reform, several excise taxes on imported goods started to be collected at the customs.

includes revenue from the lottery, collection from various tax penalties, and other fees and nontax revenue.

Petroleum subsidy paid to the Electricity Company of Lebanon (EDL).

including advances and transfers.

In 1996, this item includes domestically financed LL 151 billion of exceptional capital expenditure to rehabilitate the damages in 1996 caused by the bombings in April.

Includes external loans to CDR and foreign currency bonds issued by the Lebanese Republic.

Discrepancy between deficit and financing. The budget figures are recorded on a cash basis, while credit to the public sector is on the basis of the actual market value of the outstanding debt, that is, including accrued interest. In 1996, changes in accrued interest amounted to LL 506 billion, that is. about 70 percent of the discrepancy.

Table A7.Public Debt
199219931994199519961997
(In billions of Lebanese pounds; end of period)
Gross public debt4,6516,36310,61914,07920,18923,504
Gross domestic public debt4,1785,8049,34811,99717,22919,787
Of which: treasury bills and bonds14,0185,7399,26611,83817,02219,578
Banque du Liban284454105195124375
Treasury bills and bonds2139392279224274
Other1456278103100101
Commercial banks and financial institutions3,0994,2457,3458,45312,63815,532
Treasury bills and bonds23,0834,2427,3418,39712,53213,424
Other163457106109
Nonbank private and other (treasury bills)7961,1051,8783,3494,4675,880
Gross external public debt34735601,2712,0822,9603,717
Disbursements02218479949031,389
Debt-service payments102166307218824
Amortization7215117631669
Interest payments653015131185155
Public sector deposits1,0341,3892,6392,7103,8711,406
Net public debt43,6184,9747,98311,36916,31822,098
(In percent of GDP)
Memorandum items
Gross public debt49.048.569.478.198.9102.7
Domestic44.044.261.166.584.486.5
External5.04.38.311.514.116.2
Net public debt38.137.952.263.179.996.6
GDP (in billions of Lebanese pounds)9,49913,12215,30518,02820,41722,878
Sources: Banque du Liban, various publications: IMF, International Financial Statistics; and IMF staff estimates.

Face value of the outstanding treasury bills and bonds, and accrued interest on 24-month treasury bonds.

Including treasury bill holdings resulting from repurchase agreements.

The stock of external public debt is valued at the end-of-period exchange rate. Some discrepancies may arise because new disbursements and amortization payment are valued at the exchange rate of the time when the transaction took place.

Defined as gross public debt minus public sector deposits with the banking system.

Sources: Banque du Liban, various publications: IMF, International Financial Statistics; and IMF staff estimates.

Face value of the outstanding treasury bills and bonds, and accrued interest on 24-month treasury bonds.

Including treasury bill holdings resulting from repurchase agreements.

The stock of external public debt is valued at the end-of-period exchange rate. Some discrepancies may arise because new disbursements and amortization payment are valued at the exchange rate of the time when the transaction took place.

Defined as gross public debt minus public sector deposits with the banking system.

Table A8.Treasury Bills in Circulation1(In millions of Lebanese pounds)
Type of Bills199219931994199519961997
Three-month
Issue2,031.22,525.41,393.03,776.34,716.82,360.6
Reimbursement1,077.43,051.31,725.03,173.04,679.32,843.9
In circulation (end of period)1,123.9598.0266.0869.3906.8423.5
Six-month
Issue863.31,542.81,704.81,746.53,786.63,135.0
Reimbursement469.91,294.91,764.71,751.72,116.64,755.0
In circulation (end of period)629.3877.2817.3812.12,482.1861.6
Twelve-month
Issue1,184.61,769.32,940.86,607.05,001.25,833.0
Reimbursement1,487.31,177.61,809.23,250.56,805.15,312.5
In circulation (end of period)1,177.61,769.32,900.96,257.44,453.54,974.0
Eighteen-month
Issue164.8
Reimbursement95.7126.2
In circulation (end of period)221.9126.2
Twenty-four-month
Issue1,161.91,366.93,751.51,382.08,207.65,505.9
Reimbursement350.61,254.31,758.24,016.71,909.9
In circulation (end of period)1,506.32,522.55,019.84,643.58,834.512,430.5
Special bills2
Issue120.0238.8432.6438.3671.61,126.6
Reimbursement70.1203.1326.3443.0527.5813.2
In circulation (end of period)95.4131.1237.3232.6376.7690.1
Total bills
Issue5,525.97,443.310,222.713,950.122,383.817,961.1
Reimbursement3,104.66,173.37,005.610,376.418,145.215,634.5
In circulation (end of period)4,754.46,024.49,241.312,815.017,053.619,379.7
Source: Basque du Liban.

Treasury bill in circulation at face value.

Including special bills that can be part of the reserve requirement. Three percent of commercial banks’ deposits have to be held as reserves in the form of such bills, which earn a fixed interest rate of 6 percent a year.

Source: Basque du Liban.

Treasury bill in circulation at face value.

Including special bills that can be part of the reserve requirement. Three percent of commercial banks’ deposits have to be held as reserves in the form of such bills, which earn a fixed interest rate of 6 percent a year.

Table A9.Central Bank Balance Sheet(End of-period stocks; in billions of Lebanese pounds)
199219931994199519961997
Assets
Foreign assets8,36910,05112,23612,95314,51613,222
Gold5,6366,1665,8215,7015,2924,078
Foreign exchange2,6613,8166,3427,1799,1529,075
Reserve and SDR positions726973747269
Claims on public sector73-752929325
Claims on private sector37447310696122
Claims on commercial banks1641548523310597
Securities portfolio049111897331466
Unclassified and fixed assets296227337449478513
Assets = liabilities8,93910,95912,85313,86615,55414,745
Liabilities
Reserve money1,5142,1543,8114,6185,5808,370
Currency outside banks7987159391,0461,1611,210
Currency held by banks4449678296115
Commercial banks deposits6721,3902,8053,4904,3237,045
Public sector deposits9281,2372,3842,4413,5861,189
Of which; foreign currency deposits107157152114173163
Liabilities to government from increase in pound value of foreign assets due to depreciation of the Lebanese pound6,2536,6306,0945,9125,2233,616
Foreign liabilities6105011585112
Capital accounts809689134313328
Unclassified liabilities1598324276477681,128
Source: Banque du Liban.
Source: Banque du Liban.
Table A10.Commercial Banks’ Balance Sheet(End of period stocks; in billions of Lebanese pounds)
199219931994199519961997
Assets
Reserves6691,4352,7863,5424,3786,225
Currency4449673296115
Deposits with Banque du Liban6251,3862,7193,4604,2826,110
Claims on private sector4,8045,8987,60010,32012,68715,451
Lebanese pounds4366321,0181,2781.6231,987
Foreign currency4,3685,2666,7829,04211,06413,464
Claims on public sector3,0984,0136,9097,94912,06013,234
Treasury bills3,0834,0106,9057,89211,95413,125
Other163457106109
Foreign assets5,8257,0416,2696,3376,7199,184
Fixed assets1442594067391,1511,272
Unclassified assets94164115169188267
Assets = liabilities14,63418,80924,28529,05537,18345,633
Liabilities
Private sector deposits11,06214,40918,68621,80627,50533,307
Lebanese pounds3,5874,5887,6433,60112,81613,277
Sight394422493508569686
Term3,1944,1657,1508,09312,24712,592
Foreign currency7,4759,82111,04413,20514,68920,030
Sight1,2383,1723,1063,1403,1463,524
Term6,2376,6507,93810,06511,54316,506
Public sector deposits107152255261285217
Liabilities to nonresident banks5996589381,2151,4601,135
Deposits of nonresidents1,1001,3931,6632,0783,1805,262
In Lebanese pounds134157201393535658
Bonds326328
Capital accounts2644446761,1461,9442,990
Of which: subordinated loans14830252133147
Unclassified liabilities1,5041,7532,0662,5492,4842,394
Source: Banque du Liban.

Subordinated loans to the banking system by nonresidents.

Source: Banque du Liban.

Subordinated loans to the banking system by nonresidents.

Table A11.Monetary Survey
199219931994199519961997
(End-of-period stocks; in billions of Lebanese pounds)
Total liquidity (M3)11,87015,67819,65122,88329,24134,898
Money (Ml)1,1991,1431,4371,5611,7531,935
Currency7987159391,0461,1611,210
Demand deposits in domestic currency401429498514593725
Quasi-money10,67014,53518,21421,32327,16232,634
Domestic currency time and savings deposits3,1944,1657,1508,10312,24812,595
Foreign currency deposits7,47610,37011,06513,22014,91320,040
Bonds issued by banks326328
Net foreign assets112,44115,00015,82915,86216,47715,750
Domestic credit6,9788,61012,18315,71621,24428,192
Net credit to public sector2,1382,6174,2755,2768,21812,154
Central bank-854-1,244-2,378-2,412-3,557-864
Commercial banks2,9923,8626,6537,68811,77513,01
Credit to private sector4,8415,9927,90810,44013,02616,039
Lebanese pounds4737261,1261,3981,7252,214
Foreign currency4,3685,2666,7829,04211,30013,824
Other items (net)-7,550-7,931-8,361-8,694-8,480-9,044
(Change in percent of total liquidity at beginning of period)
Total liquidity (M3)114.332.125.316.427.819.3
Net foreign assets113.721.65.30.22.7-2.5
Net credit to public sector16.54.010.65.112.913.5
Credit to private sector51.59.712.212.911.310.3
Other items (net)-67.4-3.2-2.7-1.70.9-1.9
(In billions of Lebanese pounds; unless otherwise stated)
Memorandum items
Lebanese pound component of liquidity4,3935,3098,5879,66314,00214,530
Treasury bills held by nonbanks8141,1101,8983,3494,4675,878
M4 (M3 and treasury bills held by nonbanks)12,68416,78821,54926,23333,70840,776
Credit to public sector (12-month change)74.922.463.323.455.847.9
Credit to private sector (12-month change)143.223.832.032.024.823.1
Foreign currency deposits as share of M363.066.156.357.851.057.4
Foreign currency lending/total private lending90.287.985.886.686.886.2
Interest rate (3-month treasury bill yield), end of period13.017.213.516.014.313.1
Real interest rate2-105.413.31.94.17.66.4
Income velocity of total liquidity0.800.840.780.790.700.66
Credit to private sector (In percent of GDP)51.045.351.457.863.870.1
Source: Banque du Liban.

Including IMF reserve position.

Treasury bill yield (3 months) minus inflation rate (over preceding 12 months), all at end of period.

Source: Banque du Liban.

Including IMF reserve position.

Treasury bill yield (3 months) minus inflation rate (over preceding 12 months), all at end of period.

Table A12.Factors Affecting Changes in Total Liquidity (M3)
199219931994199519961997
(In billions of Lebanese pounds)
Total liquidity (M3)6,3313,8093,9733,2326,3585,657
Net foreign assets6,2992,58680233616-727
Domestic credit3,7661,6313,5733,5335,5286,948
Net credit to public sector9154801,6581,0012,9423,936
Central bank-933-390-1,134-33-1,1452,693
Commercial banks1,7228702,7921,0354,0871,243
Credit to private sector2,8511,1521,9152,5322,5863,013
Lebanese pounds111253400272327489
Foreign currency2,7408991,5152,2602,2592,524
Other items (net)-3,735-381-430-334214-564
(Changes in percent of beginning of period stock of liquidity)
Total liquidity (M3)114.332.125.316.427.819.3
Net foreign assets113.721.65.30.22.7-2.5
Domestic credit68.013.722.818.024.223.8
Net credit to public sector16.54.010.65.112.913.5
Central bank-16.8-3.3-7.2-0.2-5.09.2
Commercial banks31.17.317.85.317.94.3
Credit to private sector51.59.712.212.911.310.3
Lebanese pounds2.02.12.61.41.41.7
Foreign currency49.57.69.711.59.98.6
Other items (net)-67.4-3.2-2.7-1.70.9-1.9
Sources: Banque du Liban; and IMF staff calculations.
Sources: Banque du Liban; and IMF staff calculations.
Table A13.Discounts and Yields on Three-Month Treasury Bills(End of period; in percent a year)
Primary MarketSecondary Market
DiscountYieldDiscountYield
1992
March22.5023.8422.5023.84
June22.5023.8422.5023.84
September31.5034.1833.5036.55
December12.5913.0012.5913.00
1993
March19.9621.0119.9621.01
June17.6718.4817.6718.48
September17.2818.0617.2818.06
December16.5117.2216.5117.22
1994
March15.6916.3315.6916.33
June14.7415.3014.7415.30
September13.9714.4713.9714.47
December13.0513.4913.0513.49
1995
March15.8916.5515.8916.55
June19.0019.9419.0019.94
September23.8025.3023.5025.30
December15.4016.0115.4016.01
1996
March15.2115.8115.2115.81
June14.9815.5614.9815.56
September14.1014.6114.1014.61
December13.8014.2913.8014.29
1997
March13.2913.7513.2913.75
June12.9713.4012.9713.40
September12.6813.09
December12.6813.09
Source: Banque du Liban.
Source: Banque du Liban.
Table A14.Commercial Bank Interest Rates on Lebanese Pound Transactions1(In percent)
Leading Rates1Deposit Rates2Interbank Rates on Call
Discount and loansChecking and current accountsSavings at callTerm Savings and depositsAverage rateLowest rate during the periodHighest rate during the periodEnd-of-period rate
199131.543.7411.8315.3713.819.5012.0012.00
199227.451.508.3414.2611.483.005.005.00
199329.291.8810.4316.1013.186.006.006.00
199421.282.238.1313.8712.796.0053.0013.50
199528.994.2811.5618.2317.129.0015.0013.00
199624.684.2410.0615.3614.6910.0025.0015.50
1994
March27.352.0210.3515.7513.606.0010.008.00
June23.092.619.3714.7012.726.008.006.00
September22.012.458.8014.1913.136.0010.006.00
December21.282.238.1313.8712.796.0053.0013.50
1995
March21.323.6911.1314.5113.759.0014.009.50
June22.764.4310.7515.2414.266.0040.007.00
September27.633.5612.2917.2715.6815.00100.0015.00
December28.994.2811.5618.2317.129.0015.0013.00
1996
March25.953.9610.8415.5214.6910.0013.0010.00
June24.993.9611.0915.1714.4110.0012.0010.50
September24.434.3710.0515.3514.409.0011.0010.00
December24.684.2410.0615.3614.6910.0025.0015.50
1997
March20.473.179.9613.5612.879.0011.0010.00
June19.862.949.1713.0812.419.0010.509.50
September19.362.339.2012.8712.169.0050.0045.00
December20.282.679.0213.7212.979.0013.0012.75
Sources: Banque du Liban: and Société Financiè re du Liban

End-of-period interest rates.

Weighted average.

Sources: Banque du Liban: and Société Financiè re du Liban

End-of-period interest rates.

Weighted average.

Table A15.Balance of Payments
19921993199419951996Est. 1997
(In millions of U.S. dollars)
Current account-2,763-3,688-4,100-4,587-4,507
Trade balance3,185-4,2244,866-5,906-6,209-6,255
Export f.o.b.1601684676816783642
Imports f.o.b.-3,786-4,908-5,541-6,722-6,992-6,897
Services-71-14231438425
Factor320240400492399
Interest1437125128148
Banque du Liban (net)1454134209266
Interest on external public debt-17-9-81-118
Investment income30620327S364251
Commercial banks (net)1388810913672
Earnings214155165250220
Payments-76-67-56-114-148
Nonbanks3168115166228179
Earnings231169260336322
Payments-63-54-94-108-143
Nonfactor391-382369-S426
Insurance and freight421-127-449-545-574-559
Travel and transportation30458091150
Other services3400450
Unrequited transfers4936787358811.2/7
Public77113504551
Private44165656858361,226
Capital account2,8174,8585,2314,8435,293
Direct investment1,8112,1002,9332,552
External public disbursements1265426135751,002
Contracted loans127142313475366
Eurobond0400300100636
Amortization on external public debt-59-41-134-103-20-435
Nonbank short-term capital2610790110450186
Claims on foreign banks (-increase)66074060150135
Liabilities to foreign banks-50505030051
Other capital52,2662,1732,6139502,060
Overall balance541,1701,131256786420
Net foreign reserves (-increase)-541,170-1,131-256-786-420
Banque du Liban-231-456-1,861-591-1,428-62
Commercial banks177-714730335642-358
(In percent unless indicated otherwise)
Memorandum items
Current account balance/GDP-49.8-49.0-45.0-41.3-34.7-28.3
External public debt (in millions of US, dollars)2573277721,3051,9072,434
External public debt4.64.38.311.514.516.2
Debt service (in millions of U.S. dollars)58.4143.3189.3137.5571.0
Principal (in millions of U.S. dollars)41.3134.2108.519.7434.6
Interest (in millions of U.S. dollars)17.19.180.8117.5136.4
Debt service/current receipts3.57.26.44.015.3
Foreign exchange reserves (in millions of U.S. dollars)1,4482,2203,8404,4875,8865,932
Foreign exchange reserves (in months of imports)4.65.48.38.010.110.3
GDP (in millions of U.S. dollars)5,5457,5359,11011,11912,99714,861
Sources: Banque du Liban: Council for Development and Reconstruction: Ministry of Finance; IMF, Direction of Trode Statistics; International Financial Statistics and IMF staff estimates.

For 1993, IMF, Direction of Trade Statistics, customs data thereafter. Export data were adjusted to reflect changes in valuation of transfers of banknotes abroad, previously included at face value.

Data on the flow of international bank lending to nonbank residents of Lebanon and on the flow of deposits by residents of Lebanon with international banks are obtained from stock data provided by the Bank for International Settlement For 1996, based on QI data. Estimates of interest payments and receipts are derived by applying the average three-month Eurodollar rate to the average stock.

Includes information, construction, financial, business, medical, and communication services. Data available as of 1995.

Includes government transfers. Data available as of 1996.

Includes valuation adjustments and errors and omissions (mainly unrecorded flows of both current and capital account items).

Sources: Banque du Liban: Council for Development and Reconstruction: Ministry of Finance; IMF, Direction of Trode Statistics; International Financial Statistics and IMF staff estimates.

For 1993, IMF, Direction of Trade Statistics, customs data thereafter. Export data were adjusted to reflect changes in valuation of transfers of banknotes abroad, previously included at face value.

Data on the flow of international bank lending to nonbank residents of Lebanon and on the flow of deposits by residents of Lebanon with international banks are obtained from stock data provided by the Bank for International Settlement For 1996, based on QI data. Estimates of interest payments and receipts are derived by applying the average three-month Eurodollar rate to the average stock.

Includes information, construction, financial, business, medical, and communication services. Data available as of 1995.

Includes government transfers. Data available as of 1996.

Includes valuation adjustments and errors and omissions (mainly unrecorded flows of both current and capital account items).

Table A16.Composition of Industrial Exports1(In percent of total)
19921993199419951996
Food and beverages6.021.821.321.921.8
Textiles14.016.713.312.412.5
Leather, plastics, and rubber3.07.37.36.37.5
Wood and wood products1.00.50.70.30.3
Chemicals and pharmaceuticals35.07.38.37.34.7
Paper and paper products6.04.35.06.96.5
Stone, clay, and glass6.05.35.94.93.1
Metal and metal products11.08.710.510.29.1
Machinery and appliances8.015.213.815.620.4
Jewelry3.08.910.210.611.1
Other7.04.03.63.73.1
Total100.0100.0100.0100.0100.0
Sources: For 1992, Beirut Chamber of Commerce and Industry; for 1993–96, Lebanon Directorate of Customs.

Exports data were adjusted to reflect changes in the valuation of transfers of banknotes abroad, previously included at face value.

Sources: For 1992, Beirut Chamber of Commerce and Industry; for 1993–96, Lebanon Directorate of Customs.

Exports data were adjusted to reflect changes in the valuation of transfers of banknotes abroad, previously included at face value.

Table A17.Destination of Exports(In percent of total)
19921993199419951996
Industrial countries32.828.033.527.534.2
Italy3.01.32.62.16.3
United States4.63.73.52.64.2
Switzerland8.07.813.32.91.9
France5.34.04.56.97.1
Germany2.41.42.02.63.0
United Kingdom2.92.31.52.12.4
Other6.57.66.18.29.3
Developing countries67.272.066.572.565.8
Middle East56.147.742.240.447.6
Saudi Arabia17.814.513.911.218.1
Syrian Arab Republic7.58.77.44.79.1
Jordan7.24.63.52.16.6
United Arab Emirates12.010.84.44.97.5
Other19.117.820.322.215.3
Africa5.13.23.33.649
Europe0.72.51.32.73.5
Other5.218.619.725.89.7
Total100.0100.0100.0100.0100.0
Source: IMF, Direction of Trade Statistics. The direction of trade statistics data for Lebanon are based on trading partner records.
Source: IMF, Direction of Trade Statistics. The direction of trade statistics data for Lebanon are based on trading partner records.
Table A18.Sources of Imports(In percent of total)
19921993199419951996
Industrial countries60.563.965.665.869.1
Italy13.612.713.313.012.1
France8.18.68.97.67.8
Germany6.89.210.08.48.5
United States8.110.69.310.610.9
Japan3.63.84.23.93.9
United Kingdom4.24.44.13.94.0
Switzerland2.63.33.54.63.4
Belgium-Luxembourg3.11.91.81.91.5
Other10.59.310.412.017.0
Developing countries39.536.134.434.230.9
Middle East14.39.67.87.58.3
Saudi Arabia0.71.41.40.71.5
Syrian Arab Republic11.45.04.43.24.1
Other2.23.22.03.52.7
Africa0.52.82.52.21.0
Other24.723.724.224.521.6
Total100.0100.0100.0100.0100.0
Memorandum item
European Union44.748.250.851.6
Source: IMF, Direction of Trade Statistics. The direction of trade statistics data for Lebanon are based on trading partner records and include estimates, particularly for import, from developing countries.
Source: IMF, Direction of Trade Statistics. The direction of trade statistics data for Lebanon are based on trading partner records and include estimates, particularly for import, from developing countries.
Table A19.Exchange Rate of the Lebanese Pound
Percent ChangePercent Change
in U.S. Dollar/in SDR/
Exchange RateLebanese PoundsExchange RateLebanese Pounds
In Lebanese PoundsRate Over(In Lebanese PoundsRate Over
End of Periodper U.S. dollar)Previous Yearper SDR)Previous Year
1992
March1,280.0-26.71,755.8-28.1
June1,705.0-17.02,440.1-51.3
September2,420.0-63.23,564.3-65.8
December1,838.0-52.22,527.3-50.2
1993
March1,742.0-26.52,434.827.9
June1,731.0-1.52,429.60.4
September1,723.540.42,444.645.8
December1,711.07.42,350.27.5
1994
March1,694.5182.393.71.7
June1,680.03.02,433.3-0.1
September1,666.03.52,444.7
December1,647.03.92,404.4-2.3
1995
March1,634.53.72,550.6-6.1
June1,620.53.72,542.2-4.3
September1,610.53.42,425.9-0.8
December1,596.03.22,372.41.3
1996
March1,583.53.22,313.810.2
June1,571.03.22,267.512.1
September1,558.5132,243.38.1
December1,552.02.82,231.763
1997
March1,545.82.42,143.87.9
June1,539.82.02,137.46.1
September1,533.31.62,093.27.2
December1,527.01.62,060.38.3
Source: IMF, International Financial Statistics.
Source: IMF, International Financial Statistics.
Table A20.Nominal and Real Effective Exchange Rates of the Lebanese Pound(1992 = 100, period overages)
Nominal EffectiveReal Effective
Exchange RateExchange Rate
1992
March155.6114.6
June97.293.6
September66.584.5
December80.7107.4
1993
March95.6122.0
June98.1123.1
September103.4127.0
December107.2128.4
1994
March111.2135.5
June112.7137.0
September110.4132.2
December111.0132.0
1995
March110.9137.0
June108.0137.1
September110.5142.1
December111.9141.6
1996
March114.8148.6
June117.8156.8
September117.9160.8
December120.2159.8
1997
March127.9175.6
June131.0185.2
September136.0193.3
December136.4185.3
Source: IMF staff estimates.
Source: IMF staff estimates.

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