Overview: In 1988 the Liberian economy posted its best year in a decade, thanks to a resurgence of the rubber industry and rapid growth in exports of forest products. Richly endowed with water, mineral resources, forests, and a climate favorable to agriculture, Liberia is a producer and exporter of basic products. Local manufacturing, mainly foreign-owned, is small in scope. Liberia imports primarily machinery and parts, transportation equipment, petroleum products, and foodstuffs. Persistent budget deficits, the flight of capital, and deterioration of transport and other infrastructure continue to hold back economic progress. In 1987 the United States agreed to a financial management partnership whereby US advisers are helping to improve public administration and fiscal management. The European Community is sponsoring a program to improve port handling and turnaround time.

GDP: $973 million, per capita $410; real growth rate 1.7% (1987)

Inflation rate (consumer prices): 3.6% (1987)

Unemployment rate: NA%

Budget: revenues $217.5 million; expenditures $248.1 million, including capital expenditures of $NA (1988)

Exports: $458 million (f.o.b., 1987); @m5commodities--iron ore 61%, rubber 20%, timber 11%, coffee; @m5partners--US, EC, Netherlands

Imports: $259 million (c.i.f., 1986); @m5commodities--rice, mineral fuels, chemicals, machinery, transportation equipment, other foodstuffs; @m5partners--US, EC, Japan, China, Netherlands, ECOWAS

External debt: $1.5 billion (July 1988)

Industrial production: growth rate 2.0% (1986)

Electricity: 400,000 kW capacity; 728 million kWh produced, 300 kWh per capita (1988)

Industries: rubber processing, food processing, construction materials, furniture, palm oil processing, mining (iron ore, diamonds)

Agriculture: rubber, rice, oil palm, cassava, coffee, cocoa; imports of rice, wheat, and livestock are necessary for basic diet

Aid: NA

Currency: Liberian dollar (plural--dollars); 1 Liberian dollar (L$) = 100 cents

Exchange rates: Liberian dollars (L$) per US$1--1.00 (fixed rate since 1940); unofficial parallel exchange rate of L$2.5 = US$1, January 1989

Fiscal year: calendar year

NOTE: The information regarding Liberia on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Liberia Economy 1989 information contained here. All suggestions for corrections of any errors about Liberia Economy 1989 should be addressed to the CIA.