Lesotho Economy - 2024

Economic overview

lower middle-income economy surrounded by South Africa; environmentally fragile and politically unstable; key infrastructure and renewable energy investments; dire poverty; urban job and income losses due to COVID-19; systemic corruption

Real GDP (purchasing power parity)

$5.236 billion (2021 est.)
$5.167 billion (2020 est.)
$5.638 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

1.35% (2021 est.)
-8.36% (2020 est.)
0.93% (2019 est.)

Real GDP per capita

$2,300 (2021 est.)
$2,300 (2020 est.)
$2,500 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$2.462 billion (2019 est.)

Inflation rate (consumer prices)

6.05% (2021 est.)
4.98% (2020 est.)
5.19% (2019 est.)

Credit ratings

Fitch rating: B (2019)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 5.8% (2016 est.)

industry: 39.2% (2016 est.)

services: 54.9% (2017 est.)

GDP - composition, by end use

household consumption: 69.2% (2017 est.)

government consumption: 26.4% (2017 est.)

investment in fixed capital: 31.4% (2017 est.)

investment in inventories: -13.4% (2017 est.)

exports of goods and services: 40.8% (2017 est.)

imports of goods and services: -54.4% (2017 est.)

Agricultural products

milk, potatoes, maize, vegetables, fruit, beef, game meat, mutton, beans, wool

Industries

food, beverages, textiles, apparel assembly, handicrafts, construction, tourism

Industrial production growth rate

8.52% (2021 est.)

Labor force

955,600 (2021 est.)

Unemployment rate

24.6% (2021 est.)
24.56% (2020 est.)
22.44% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 37.4% (2021 est.)

male: 32.8% NA

female: 43.8% NA

Population below poverty line

49.7% (2017 est.)

Gini Index coefficient - distribution of family income

44.9 (2017 est.)

56 (1986-87)

Household income or consumption by percentage share

lowest 10%: 1%

highest 10%: 39.4% (2003)

Remittances

20% of GDP (2021 est.)
20.98% of GDP (2020 est.)
22.16% of GDP (2019 est.)

Budget

revenues: $1.054 billion (2020 est.)

expenditures: $1.21 billion (2020 est.)

Budget surplus (+) or deficit (-)

-6% (of GDP) (2017 est.)

Public debt

33.7% of GDP (2017 est.)
36.2% of GDP (2016 est.)

Taxes and other revenues

18.47% (of GDP) (2020 est.)

Fiscal year

1 April - 31 March

Current account balance

-$90.886 million (2021 est.)
-$18.211 million (2020 est.)
-$72.308 million (2019 est.)

Exports

$1.08 billion (2021 est.) note: data are in current year dollars
$902.123 million (2020 est.) note: data are in current year dollars
$1.093 billion (2019 est.) note: data are in current year dollars

Exports - partners

United States 29%, Belgium 26%, South Africa 25%, Switzerland 6% (2019)

Exports - commodities

diamonds, clothing and apparel, wool, low-voltage protection equipment, wheat flours (2021)

Imports

$2.221 billion (2021 est.) note: data are in current year dollars
$1.98 billion (2020 est.) note: data are in current year dollars
$2.23 billion (2019 est.) note: data are in current year dollars

Imports - partners

South Africa 85%, China 5% (2019)

Imports - commodities

refined petroleum, clothing and apparel, packaged medicines, delivery trucks, poultry meats (2019)

Reserves of foreign exchange and gold

$774.095 million (31 December 2019 est.)
$728.528 million (31 December 2018 est.)
$657.668 million (31 December 2017 est.)

Debt - external

$868 million (2019 est.)
$834 million (2018 est.)

Exchange rates

maloti (LSL) per US dollar -

Exchange rates:
14.779 (2021 est.)
16.459 (2020 est.)
14.448 (2019 est.)
13.234 (2018 est.)
13.324 (2017 est.)