Liberia Economy - 2024

Economic overview

low-income West African economy; food scarcity, especially in rural areas; high poverty and inflation; bad recession prior to COVID-19 due to Ebola crisis; growing government debt; longest continuously operated rubber plantation; large informal economy

Real GDP (purchasing power parity)

$7.391 billion (2021 est.)
$7.04 billion (2020 est.)
$7.257 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.99% (2021 est.)
-2.98% (2020 est.)
-2.47% (2019 est.)

Real GDP per capita

$1,400 (2021 est.)
$1,400 (2020 est.)
$1,500 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$3.071 billion (2019 est.)

Inflation rate (consumer prices)

23.56% (2018 est.)
12.42% (2017 est.)

GDP - composition, by sector of origin

agriculture: 34% (2017 est.)

industry: 13.8% (2017 est.)

services: 52.2% (2017 est.)

GDP - composition, by end use

household consumption: 128.8% (2016 est.)

government consumption: 16.7% (2016 est.)

investment in fixed capital: 19.5% (2016 est.)

investment in inventories: 6.7% (2016 est.)

exports of goods and services: 17.5% (2016 est.)

imports of goods and services: -89.2% (2016 est.)

Agricultural products

cassava, sugar cane, oil palm fruit, rice, bananas, vegetables, plantains, rubber, taro, maize

Industries

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

Industrial production growth rate

16.25% (2021 est.)

Labor force

2.289 million (2021 est.)

Unemployment rate

4.09% (2021 est.)
3.98% (2020 est.)
3.02% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 3.2% (2021 est.)

male: 3.2%

female: 3.2%

Population below poverty line

50.9% (2016 est.)

Gini Index coefficient - distribution of family income

35.3 (2016 est.)

Household income or consumption by percentage share

lowest 10%: 2.4%

highest 10%: 30.1% (2007)

Remittances

10.97% of GDP (2020 est.)
10.43% of GDP (2019 est.)
13.44% of GDP (2018 est.)

Budget

revenues: $5 million (2019 est.)

expenditures: $6 million (2019 est.)

Budget surplus (+) or deficit (-)

-4.3% (of GDP) (2017 est.)

Public debt

34.4% of GDP (2017 est.)
28.3% of GDP (2016 est.)

Taxes and other revenues

16.9% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$653.403 million (2019 est.)
-$674.092 million (2018 est.)
-$565.564 million (2017 est.)

Exports

$554.013 million (2019 est.) note: data are in current year dollars
$527.345 million (2018 est.) note: data are in current year dollars
$429.592 million (2017 est.)

Exports - partners

Guyana 32%, Poland 10%, Switzerland 8%, Japan 7%, China 5% (2019)

Exports - commodities

gold, ships, iron, rubber, cocoa beans, palm oil (2021)

Imports

$1.244 billion (2019 est.) note: data are in current year dollars
$1.245 billion (2018 est.) note: data are in current year dollars
$1.232 billion (2017 est.)

Imports - partners

China 41%, Japan 21%, South Korea 18% (2019)

Imports - commodities

ships, refined petroleum, iron structures, boat propellers, centrifuges (2019)

Reserves of foreign exchange and gold

$340.966 million (31 December 2020 est.)
$297.071 million (31 December 2019 est.)
$332.151 million (31 December 2018 est.)

Debt - external

$826 million (2019 est.)
$679 million (2018 est.)

Exchange rates

Liberian dollars (LRD) per US dollar -

Exchange rates:
191.518 (2020 est.)
186.43 (2019 est.)
144.056 (2018 est.)
112.707 (2017 est.)
94.427 (2016 est.)