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Liberia Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Liberia Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Liberia is a low-income country that relies heavily on foreign assistance and remittances from the diaspora. It is richly endowed with water, mineral resources, forests, and a climate favorable to agriculture. Its principal exports are iron ore, rubber, diamonds, and gold. Palm oil and cocoa are emerging as new export products. The government has attempted to revive raw timber extraction and is encouraging oil exploration.In the 1990s and early 2000s, civil war and government mismanagement destroyed much of Liberia's economy, especially infrastructure in and around the capital. Much of the conflict was fueled by control over Liberia’s natural resources. With the conclusion of fighting and the installation of a democratically elected government in 2006, businesses that had fled the country began to return. The country achieved high growth during the period 2010-13 due to favorable world prices for its commodities. However, during the 2014-2015 Ebola crisis, the economy declined and many foreign-owned businesses departed with their capital and expertise. The epidemic forced the government to divert scarce resources to combat the spread of the virus, reducing funds available for needed public investment. The cost of addressing the Ebola epidemic coincided with decreased economic activity reducing government revenue, although higher donor support significantly offset this loss. During the same period, global commodities prices for key exports fell and have yet to recover to pre-Ebola levels.In 2017, gold was a key driver of growth, as a new mining project began its first full year of production; iron ore exports are also increased as Arcelor Mittal opened new mines at Mount Gangra. The completion of the rehabilitation of the Mount Coffee Hydroelectric Dam increased electricity production to support ongoing and future economic activity, although electricity tariffs remain high relative to other countries in the region and transmission infrastructure is limited. Presidential and legislative elections in October 2017 generated election-related spending pressures.Revitalizing the economy in the future will depend on economic diversification, increasing investment and trade, higher global commodity prices, sustained foreign aid and remittances, development of infrastructure and institutions, combating corruption, and maintaining political stability and security.

GDP (purchasing power parity):
$3.906 billion (2017 est.) $3.808 billion (2016 est.) $3.871 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 179

GDP (official exchange rate):
$2.14 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.6% (2017 est.) -1.6% (2016 est.) 0% (2015 est.)
country comparison to the world: 128
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$900 (2017 est.) $900 (2016 est.) $900 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 226

Gross national saving:
NA% (2017 est.) -21.9% of GDP (2016 est.) -2.3% of GDP (2017 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 128.8%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 16.7%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 19.5%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 6.7%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 17.5%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -89.2% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 36.1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 10.5%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 53.4% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
rubber, coffee, cocoa, rice, cassava (manioc, tapioca), palm oil, sugarcane, bananas; sheep, goats; timber

Industries:
mining (iron ore and gold), rubber processing, palm oil processing, diamonds

Industrial production growth rate:
3.2% (2017 est.)
country comparison to the world: 91
[see also: Industrial production growth rate country ranks ]

Labor force:
1.677 million (2017 est.)
country comparison to the world: 128
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 70%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 8%
[see also: Labor force - by occupation - industry country ranks ]
services: 22% (2000 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
2.8% (2014 est.)
country comparison to the world: 30
[see also: Unemployment rate country ranks ]

Population below poverty line:
54.1% (2014 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 30.1% (2007)

Distribution of family income - Gini index:
32 (2014) 38.2 (2007)
country comparison to the world: 115
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $626.1 million
[see also: Budget - revenues country ranks ]
expenditures: $727.6 million (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
29.3% of GDP (2017 est.)
country comparison to the world: 87
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.7% of GDP (2017 est.)
country comparison to the world: 155
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
46.5% of GDP (2017 est.) 42.3% of GDP (2016 est.)
country comparison to the world: 111
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
12.8% (2017 est.) 8.8% (2016 est.)
country comparison to the world: 209
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
3.2% (2016)
country comparison to the world: 105
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
15.2% (31 December 2017 est.) 13.59% (31 December 2016 est.)
country comparison to the world: 41
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$425.9 million (31 December 2017 est.) $436.4 million (31 December 2016 est.)
country comparison to the world: 171
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$557 million (31 December 2017 est.) $639 million (31 December 2016 est.)
country comparison to the world: 183
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$706.1 million (31 December 2017 est.) $789.4 million (31 December 2016 est.)
country comparison to the world: 171
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$571 million (2017 est.) -$520 million (2016 est.)
country comparison to the world: 108
[see also: Current account balance country ranks ]

Exports:
$202.1 million (2017 est.) $169.8 million (2016 est.)
country comparison to the world: 189
[see also: Exports country ranks ]

Exports - commodities:
rubber, timber, iron, diamonds, cocoa, coffee

Exports - partners:
Poland 18.5%, Switzerland 9.7%, UAE 9.4%, Netherlands 8.9%, Germany 6.1%, US 5.9%, South Africa 5%, China 4.4%, Ghana 4.2% (2016)

Imports:
$1.247 billion (2017 est.) $1.21 billion (2016 est.)
country comparison to the world: 173
[see also: Imports country ranks ]

Imports - commodities:
fuels, chemicals, machinery, transportation equipment, manufactured goods; foodstuffs

Imports - partners:
South Korea 38.3%, Singapore 18%, China 15.9%, Japan 10.9% (2016)

Debt - external:
$1.049 billion (31 December 2017 est.) $938.9 million (31 December 2016 est.)
country comparison to the world: 167
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$17.01 billion (31 December 2015 est.) $16.56 billion (31 December 2014 est.)
country comparison to the world: 83
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$201 million (31 December 2013 est.) $201 million (31 December 2012 est.)
country comparison to the world: 101
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Liberian dollars (LRD) per US dollar - 109.4 (2017 est.) 93.4 (2016 est.) 93.4 (31 December 2015 est.) 85.3 (2014 est.) 83.893 (2013 est.)


NOTE: 1) The information regarding Liberia on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Liberia Economy 2018 information contained here. All suggestions for corrections of any errors about Liberia Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 28-Feb-18
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