Economy - overview:
Civil war and government mismanagement have destroyed much of Liberia's economy, especially the infrastructure in and around Monrovia, while continued international sanctions on diamonds and timber exports will limit growth prospects for the foreseeable future. Many businessmen have fled the country, taking capital and expertise with them. Some have returned, but 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 departure of the former president, Charles TAYLOR, to Nigeria in August 2003, the establishment of the all-inclusive Transitional Government, and the arrival of a UN mission have helped diffuse the political crisis, but have done little to encourage economic development. Wealthy international donors, who are ready to assist reconstruction efforts, are withholding funding until Liberia's National Assembly signs onto a Governance and Economic Management Action Plan (GEMAP). The Plan was created in October 2005 by the International Contact Group for Liberia to help ensure transparent revenue collection and allocation - something that was lacking under the Transitional Government and that has limited Liberia's economic recovery. The reconstruction of infrastructure and the raising of incomes in this ravaged economy will largely depend on generous financial support and technical assistance from donor countries.
GDP (purchasing power parity):
$2.598 billion (2005 est.)
GDP (official exchange rate):
NA
GDP - real growth rate:
8% (2005 est.)
GDP - per capita (PPP):
$900 (2005 est.)
GDP - composition by sector:
agriculture: 76.9%
industry: 5.4%
services: 17.7% (2002 est.)
Labor force - by occupation:
agriculture: 70%
industry: 8%
services: 22% (2000 est.)
Unemployment rate:
85% (2003 est.)
Population below poverty line:
80%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
15% (2003 est.)
Budget:
revenues: $85.4 million
expenditures: $90.5 million; including capital expenditures of $NA (2000 est.)
Agriculture - products:
rubber, coffee, cocoa, rice, cassava (tapioca), palm oil, sugarcane, bananas; sheep, goats; timber
Industries:
rubber processing, palm oil processing, timber, diamonds
Industrial production growth rate:
NA%
Electricity - production:
509.4 million kWh (2003)
Electricity - consumption:
473.8 million kWh (2003)
Electricity - exports:
0 kWh (2003)
Electricity - imports:
0 kWh (2003)
Oil - production:
0 bbl/day (2003 est.)
Oil - consumption:
3,400 bbl/day (2003 est.)
Oil - imports:
NA bbl/day
Natural gas - production:
0 cu m (2003 est.)
Natural gas - consumption:
0 cu m (2003 est.)
Exports:
$910 million f.o.b. (2004 est.)
Exports - commodities:
rubber, timber, iron, diamonds, cocoa, coffee
Exports - partners:
Denmark 28%, Germany 18%, Poland 13.6%, US 8.5%, Greece 7.6%, Thailand 4.8% (2004)
Imports:
$4.839 billion f.o.b. (2004 est.)
Imports - commodities:
fuels, chemicals, machinery, transportation equipment, manufactured goods; foodstuffs
Imports - partners:
South Korea 38.6%, Japan 21.1%, Singapore 12.2%, Croatia 5.3%, Germany 4.2% (2004)
Debt - external:
$3.2 billion (2005 est.)
Economic aid - recipient:
$94 million (1999)
Currency (code):
Liberian dollar (LRD)
Exchange rates:
Liberian dollars per US dollar - NA (2005), 54.906 (2004), 59.379 (2003), 61.754 (2002), 48.583 (2001)
Fiscal year:
calendar year
