Table 1
Summary of Government Finances

Actual
1993
Actual 1994
Actual 1995
Budget
1996
Estimated 1996
Budget
1997
(Billions of L£)
Revenues
1,855
2,241
3,033
4,025
3,700*
4,100
Indirect taxes, of which
743
921
1,483
1,880
2,092
custom duties
663
791
1,320
1,800
1,800
Direct taxes & others
1,112
1,320
1,550
2,142
2,008
Expenditures
3,017
5,204
5,856
6,458
7,200*
6,400
Current
2,624
3,954
4,640
5,588
5,924
Wages and salaries
1,295
1,710
1,869
1,092
2,257
Domestic interest
754
1,472
1,745
2,250
2,700
Others
575
772
1,026
2,246
967
Capital Expenditures
393
1,250
1,216
870
475
Deficit
1,162
2,963
2,823
2,433
3,500*
2,300
( in percent )
Revenues/GDP¥
14.4
14.9
17.1
19.7
17.4
Expenditures/GDP
23.4
34.6
32.9
31.6
27.2
Debt service/GDP
5.8
9.8
9.8
11.0
11.5
Deficit / GDP
9.0
19.7
15.9
11.9
17.1*
9.8
Gross Debt / GDP
49.5
70.4
79.2
80.8*
86.0*
84.6*
Net Debt / GDP
38.7
52.9
64.1
67.6*
72.8*
73.1*

* Estimated by LCPS

¥ GDP Figures are from Banque du Liban for 1993-95. The 1996-97 figures are LCPS estimates. Debt/GDP ratios for 1996 and 1997 are only indicative. In the absence of GDP estimates for these two years, the estimate for 1995 is increased by 15% in each of 1996 and 1997 as a rough order of nominal GDP growth. The total debt estimate in these two years reflects only the deficit incurred in Lebanese pounds. It is therefore underestimated to the extent that foreign indebtedness is incurred.

Source: Ministry of Finance

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