Economy - overview:
Sierra Leone is an extremely poor African nation with tremendous inequality in income distribution. It does have substantial mineral, agricultural, and fishery resources. However, the economic and social infrastructure is not well developed, and serious social disorders continue to hamper economic development, following a 11-year civil war. About two-thirds of the working-age population engages in subsistence agriculture. Manufacturing consists mainly of the processing of raw materials and of light manufacturing for the domestic market. Plans continue to reopen bauxite and rutile mines shut down during the conflict. The major source of hard currency consists of the mining of diamonds. The fate of the economy depends upon the maintenance of domestic peace and the continued receipt of substantial aid from abroad, which is essential to offset the severe trade imbalance and to supplement government revenues.
GDP:
purchasing power parity - $2.8 billion (2002 est.)
GDP - real growth rate:
5% (2002 est.)
GDP - per capita:
purchasing power parity - $580 (2002 est.)
GDP - composition by sector:
agriculture: 49%
industry: 31%
services: 21% (2001 est.)
Population below poverty line:
68% (1989 est.)
Household income or consumption by percentage share:
lowest 10%: 0.5%
highest 10%: 43.6% (1989)
Distribution of family income - Gini index:
62.9 (1989)
Inflation rate (consumer prices):
1% (2002 est.)
Labor force:
1.369 million (1981 est.)
Labor force - by occupation:
agriculture NA%, industry NA%, services NA%
Unemployment rate:
NA%
Budget:
revenues: $96 million
expenditures: $351 million, including capital expenditures of $NA (2000 est.)
Industries:
mining (diamonds); small-scale manufacturing (beverages, textiles, cigarettes, footwear); petroleum refining
Industrial production growth rate:
NA%
Electricity - production:
250.1 million kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
232.6 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
6,500 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
rice, coffee, cocoa, palm kernels, palm oil, peanuts; poultry, cattle, sheep, pigs; fish
Exports:
$35 million f.o.b. (2000 est.)
Exports - commodities:
diamonds, rutile, cocoa, coffee, fish (1999)
Exports - partners:
Greece 32.1%, Belgium 28.2%, US 6.3%, UK 5.9% (2001 est.)
Imports:
$190 million f.o.b. (2002 est.)
Imports - commodities:
foodstuffs, machinery and equipment, fuels and lubricants, chemicals (1995)
Imports - partners:
UK 25.3%, Netherlands 10.3%, US 7.9%, Germany 6.3% (2001)
Debt - external:
$1.5 billion (2002 est.)
Economic aid - recipient:
$103 million (2001 est.)
Currency:
leone (SLL)
Currency code:
SLL
Exchange rates:
leones per US dollar - 2,099.03 (2002), 1,986.15 (2001), 2,092.12 (2000), 1,804.19 (1999), 1,563.62 (1998)
Fiscal year:
calendar year
NOTE: The information regarding Sierra Leone 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 Sierra Leone Economy 2003 should be addressed to the CIA.
