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    Liberia Economy - 1991

      Overview: Civil war during 1990 destroyed much of Liberia's economy, especially the infrastructure in and around Monrovia. Expatriate businessmen fled the country, taking capital and expertise with them. Many will not return. Richly endowed with water, mineral resources, forests, and a climate favorable to agriculture, Liberia had been a producer and exporter of basic products, while local manufacturing, mainly foreign owned, had been small in scope. Political instability threatens prospects for economic reconstruction and repatriation of some 750,000 Liberian refugees who fled to neighboring countries.

      GDP: $988 million, per capita $400; 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: $505 million (f.o.b., 1989 est.); commodities--iron ore 61%, rubber 20%, timber 11%, coffee; partners--US, EC, Netherlands

      Imports: $394 million (c.i.f., 1989 est.); commodities--rice, mineral fuels, chemicals, machinery, transportation equipment, other foodstuffs; partners--US, EC, Japan, China, Netherlands, ECOWAS

      External debt: $1.6 billion (December 1990 est.)

      Industrial production: growth rate 1.5% in manufacturing (1987); accounts for 22% of GDP

      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

      Economic aid: US commitments, including Ex-Im (FY70-89), $665 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $853 million; OPEC bilateral aid (1979-89), $25 million; Communist countries (1970-89), $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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Liberia Economy 1991 information contained here. All suggestions for corrections of any errors about Liberia Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
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