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Economy Overview

Source: Journeymart.com


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Liberia
Economy Overview


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 are all necessary for the eventual end of the political crisis, but thus far have done little to encourage economic development. 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) : $2.903 billion (2004 est.)
  • GDP per Capita (purchasing power parity): $900 (2004 est.)
  • GDP Growth rate: 21.8% (2004 est.)
  • GDP - real growth rate: 21.8% (2004 est.)
  • GDP - per capita: purchasing power parity : $900 (2004 est.)
  • GDP - composition by sector: agriculture: 76.9%
  • Industry: 5.4%
  • services: 17.7% (2002 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.)
  • Oil - consumption: 3,100 bbl/day (2001 est.)
  • Oil - imports: NA
  • Fiscal year : calendar year
Labour
  • Labor force - by occupation: agriculture 70%, industry 8%, services 22% (2000 est.)
  • Unemployment rate:85% (2003 est.)
Trade
  • Exports: $1.079 billion f.o.b. (2002 est.)
  • Exports - commodities: rubber, timber, iron, diamonds, cocoa, coffee
  • Exports - partners: Denmark 29.5%, Germany 18.9%, Poland 14.3%, US 8.9%, Greece 8% (2004)
  • Imports: $5.051 billion f.o.b. (2002 est.)
  • Imports - commodities: fuels, chemicals, machinery, transportation equipment, manufactured goods; foodstuffs
  • Imports - partners:South Korea 38.8%, Japan 21.2%, Singapore 12.2%, Croatia 5.3%, Germany 4.2% (2004)
Electricity
  • Electricity - production: 488.8 million kWh (2002)
  • Electricity - production by source: fossil fuel: 100% hydro: 0% nuclear: 0% other: 0% (2001 est.)
  • Electricity - consumption:454.6 million kWh (2002)
  • Electricity - exports: 0 kWh (2002)
  • Electricity - imports:0 kWh (2002 )
Industries
  • Industries: rubber processing, palm oil processing, timber, diamonds.
  • Industrial production growth rate: NA
  • Oil - production: 0 bbl/day (2001 est.)
  • Agriculture - products: rubber, coffee, cocoa, rice, cassava (tapioca), palm oil, sugarcane, bananas; sheep, goats; timber
Economic aid
  • Economic aid - recipient: $94 million (1999)
  • Debt - external: $2.1 billion (2000 est.)

Currency

  • Currency (code): Liberian dollar (LRD)
  • Exchange rates : Liberian dollars per US dollar - 54.906 (2004), 59.379 (2003), 61.754 (2002), 48.583 (2001), 40.953 (2000)

    Also see Currency exchange rates









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