Economy - overview:
Civil war and misgovernment have destroyed much of Liberia's economy, especially the infrastructure in and around Monrovia. Many businessmen have fled the country, taking capital and expertise with them. Some have returned; many will not. Richly endowed with water, mineral resources, forests, and a climate favorable to agriculture, Liberia had been a producer and exporter of basic products - primarily raw timber and rubber. Local manufacturing, mainly foreign owned, had been small in scope. The restoration of the infrastructure and the raising of incomes in this ravaged economy depend on the settlement of civil warfare, the implementation of sound macro- and micro-economic policies, including the encouragement of foreign investment, and generous support from donor countries.
GDP:
purchasing power parity - $3.5 billion (2002 est.)
GDP - real growth rate:
-5% (2002 est.)
GDP - per capita:
purchasing power parity - $1,100 (2002 est.)
GDP - composition by sector:
agriculture: 74%
industry: 7%
services: 19% (2001 est.)
Population below poverty line:
80%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
15% (2002 est.)
Labor force - by occupation:
agriculture 70%, industry 8%, services 22% (2000 est.)
Unemployment rate:
NA
Budget:
revenues: $85.4 million
expenditures: $90.5 million, including capital expenditures of $NA (2000 est.)
Industries:
rubber processing, palm oil processing, timber, diamonds
Industrial production growth rate:
NA%
Electricity - production:
468.8 million kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
435.9 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
3,100 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
rubber, coffee, cocoa, rice, cassava (tapioca), palm oil, sugarcane, bananas; sheep, goats; timber
Exports:
$110 million f.o.b. (2002 est.)
Exports - commodities:
rubber, timber, iron, diamonds, cocoa, coffee
Exports - partners:
Germany 51.8%, Italy 7.2%, US 5.4%, China 5.3% (2001)
Imports:
$165 million f.o.b. (2002 est.)
Imports - commodities:
fuels, chemicals, machinery, transportation equipment, manufactured goods; foodstuffs
Imports - partners:
France 30.0%, South Korea 24.1%, Japan 15.8%, Singapore 8.2% (2001)
Debt - external:
$2.1 billion (2000 est.)
Economic aid - recipient:
$94 million (1999)
Currency:
Liberian dollar (LRD)
Currency code:
LRD
Exchange rates:
Liberian dollars per US dollar - NA (2002), 48.5833 (2001), 40.9525 (2000), 41.9025 (1999), 41.5075 (1998)
note: until December 1997, rates were based on a fixed relationship with the US dollar; beginning in January 1998, rates are market determined
Fiscal year:
calendar year
NOTE: The information regarding Liberia on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Liberia Economy 2003 should be addressed to the CIA.
