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Sierra Leone Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Sierra Leone Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Sierra Leone is extremely poor and nearly half of the working-age population engages in subsistence agriculture. The country possesses substantial mineral, agricultural, and fishery resources, but it is still recovering from a civil war that destroyed most institutions before ending in the early 2000s.In recent years, economic growth has been driven by mining - particularly iron ore. The country’s principal exports are iron ore, diamonds, and rutile, and the economy is vulnerable to fluctuations in international prices. Until 2014, the government had relied on external assistance to support its budget, but it was gradually becoming more independent. The Ebola outbreak of 2014 and 2015, combined with falling global commodities prices, caused a significant contraction of economic activity in all areas. While the World Health Organization declared an end to the Ebola outbreak in Sierra Leone in November 2015, low commodity prices in 2015-2016 contributed to the country’s biggest fiscal shortfall since 2001. In 2017, increased iron ore exports, together with the end of the Ebola epidemic, supported a resumption of economic growth.Continued economic growth will depend on rising commodities prices and increased efforts to diversify the sources of growth. Non-mining activities will remain constrained by inadequate infrastructure, such as power and roads, even though power sector projects may provide some additional electricity capacity in the near term. Pervasive corruption and undeveloped human capital will continue to deter foreign investors. Sustained international donor support in the near future will partially offset these fiscal constraints.

GDP (purchasing power parity):
$11.75 billion (2017 est.) $11.08 billion (2016 est.) $10.45 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 157

GDP (official exchange rate):
$3.897 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6% (2017 est.) 6.1% (2016 est.) -20.5% (2015 est.)
country comparison to the world: 23
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,800 (2017 est.) $1,700 (2016 est.) $1,700 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 212

Gross national saving:
-1.9% of GDP (2017 est.) -9.3% of GDP (2016 est.) -5.9% of GDP (2015 est.)
country comparison to the world: 179
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 102.1%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 10.7%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 16.8%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.4%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 26.7%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -56.7% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 60.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 6.5%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 32.9% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
rice, coffee, cocoa, palm kernels, palm oil, peanuts, cashews; poultry, cattle, sheep, pigs; fish

Industries:
diamond mining; iron ore, rutile and bauxite mining; small-scale manufacturing (beverages, textiles, footwear)

Industrial production growth rate:
15.5% (2017 est.)
country comparison to the world: 3
[see also: Industrial production growth rate country ranks ]

Labor force:
2.972 million (2017 est.)
country comparison to the world: 105
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 61.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 5.5%
[see also: Labor force - by occupation - industry country ranks ]
services: 33.4% (2014 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
9.1% (2014 est.)
country comparison to the world: 125
[see also: Unemployment rate country ranks ]

Population below poverty line:
70.2% (2004 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 33.6% (2003)

Distribution of family income - Gini index:
34 (2011) 62.9 (1989)
country comparison to the world: 101
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $684.3 million
[see also: Budget - revenues country ranks ]
expenditures: $962.6 million (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
17.6% of GDP (2017 est.)
country comparison to the world: 172
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-7.1% of GDP (2017 est.)
country comparison to the world: 190
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
57.6% of GDP (2017 est.) 54.9% of GDP (2016 est.)
country comparison to the world: 80
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
16.9% (2017 est.) 11.5% (2016 est.)
country comparison to the world: 214
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
NA%
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
18.6% (31 December 2017 est.) 18% (31 December 2016 est.)
country comparison to the world: 22
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$378.7 million (31 December 2017 est.) $381.8 million (31 December 2016 est.)
country comparison to the world: 174
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$910.1 million (31 December 2017 est.) $847.2 million (31 December 2016 est.)
country comparison to the world: 174
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$567.7 million (31 December 2017 est.) $527.6 million (31 December 2016 est.)
country comparison to the world: 175
[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:
-$822 million (2017 est.) -$733 million (2016 est.)
country comparison to the world: 125
[see also: Current account balance country ranks ]

Exports:
$836.8 million (2017 est.) $670 million (2016 est.)
country comparison to the world: 164
[see also: Exports country ranks ]

Exports - commodities:
iron ore, diamonds, rutile, cocoa, coffee, fish

Exports - partners:
Cote dIvoire 31.7%, US 28.3%, Belgium 17.7%, China 6.6% (2016)

Imports:
$1.564 billion (2017 est.) $1.316 billion (2016 est.)
country comparison to the world: 168
[see also: Imports country ranks ]

Imports - commodities:
foodstuffs, machinery and equipment, fuels and lubricants, chemicals

Imports - partners:
China 12.5%, US 9.7%, India 7.8%, UAE 7.2%, Senegal 6.2%, Belgium 5.5%, Turkey 5.5%, UK 4.7% (2016)

Debt - external:
$1.707 billion (31 December 2017 est.) $1.503 billion (31 December 2016 est.)
country comparison to the world: 154
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$2.254 billion (31 December 2017 est.) $1.832 billion (31 December 2016 est.)
country comparison to the world: 115
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$9.7 million (31 December 2015 est.) $6.7 million (31 December 2014 est.)
country comparison to the world: 110
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
leones (SLL) per US dollar - 7,396.3 (2017 est.) 6,289.9 (2016 est.) 6,289.9 (2015 est.) 5,080.8 (2014 est.) 4,524.2 (2013 est.)


NOTE: 1) The information regarding Sierra Leone 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 Sierra Leone Economy 2018 information contained here. All suggestions for corrections of any errors about Sierra Leone 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






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