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Lesotho Economy 1996

Overview:

Small, landlocked, and mountainous, Lesotho has no important natural resources other than water. Its economy is based on agriculture, light manufacturing, and remittances from laborers employed in South Africa (these remittances supplement domestic income by as much as 45%). The great majority of households gain their livelihoods from subsistence farming and migrant labor; a large portion of the adult male work force is employed in South African mines. Manufacturing depends largely on farm products to support the milling, canning, leather, and jute industries; other industries include textile, clothing, and construction. Although drought has decreased agricultural activity over the past few years, improvement of a major hydropower facility will permit the sale of water to South Africa and allow Lesotho's economy to continue its moderate growth.

National product:

GDP - purchasing power parity - $2.6 billion (1994 est.)

National product real growth rate:

6% (1994 est.)

National product per capita:

$1,340 (1994 est.)

Inflation rate (consumer prices):

13.9% (1993)

Unemployment rate:

substantial unemployment and underemployment

Budget:

revenues:

$438 million

expenditures:

$430 million, including capital expenditures of $155 million (FY93/94 est.)

Exports:

$109 million (f.o.b., 1992)

commodities:

wool, mohair, wheat, cattle, peas, beans, corn, hides, skins, baskets

partners:

South Africa 42%, EC 28%, North and South America 25% (1991)

Imports:

$964 million (c.i.f., 1992)

commodities:

mainly corn, building materials, clothing, vehicles, machinery, medicines, petroleum

partners:

South Africa 94%, Asia 3%, EC 1% (1991)

External debt:

$512 million (1993)

Industrial production:

growth rate 10%; accounts for 17% of GDP (1993 est.)

Electricity:

power supplied by South Africa

Industries:

food, beverages, textiles, handicrafts, tourism

Agriculture:

accounts for 50% of GDP (1993 est.); exceedingly primitive, mostly subsistence farming and livestock; principal crops corn, wheat, pulses, sorghum, barley

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-89), $268 million; US (1992), $10.3 million; US (1993 est.), $10.1 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $819 million; OPEC bilateral aid (1979-89), $4 million; Communist countries (1970-89), $14 million

Currency:

1 loti (L) = 100 lisente

Exchange rates:

maloti (M) per US$1 - 3.5389 (January 1995), 3.5490 (1994), 3.2636 (1993), 2.8497 (1992), 2.7563 (1991), 2.5863 (1990); note - the Basotho loti is at par with the South African rand

Fiscal year:

1 April - 31 March

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