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    Liberia Economy - 1990

      Overview: In 1988 and 1989 the Liberian economy posted its best two years 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.

      GDP: $988 million, per capita $395; real growth rate 1.5% (1988)

      Inflation rate (consumer prices): 12% (1989)

      Unemployment rate: 43% urban (1988)

      Budget: revenues $242.1 million; expenditures $435.4 million, including capital expenditures of $29.5 million (1989)

      Exports: $550 million (f.o.b., 1989); commodities--iron ore 61%, rubber 20%, timber 11%, coffee; partners--US, EC, Netherlands

      Imports: $335 million (c.i.f., 1989); commodities--rice, mineral fuels, chemicals, machinery, transportation equipment, other foodstuffs; partners--US, EC, Japan, China, Netherlands, ECOWAS

      External debt: $1.7 billion (December 1989 est.)

      Industrial production: growth rate 1.5% in manufacturing (1987)

      Electricity: 400,000 kW capacity; 730 million kWh produced, 290 kWh per capita (1989)

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

      Agriculture: accounts for about 40% of GDP (including fishing and forestry); principal products--rubber, timber, coffee, cocoa, rice, cassava, palm oil, sugarcane, bananas, sheep, and goats; not self-sufficient in food, imports 25% of rice consumption

      Aid: US commitments, including Ex-Im (FY70-88), $634 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $793 million; OPEC bilateral aid (1979-89), $25 million; Communist countries (1970-88), $77 million

      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 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Liberia Economy 1990 information contained here. All suggestions for corrections of any errors about Liberia Economy 1990 should be addressed to the CIA.

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    Revised 07-Feb-03
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