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World > Africa > Liberia > Economy (Facts)

Liberia - Economy (Facts)
Economy - overview: Civil war and government mismanagement have destroyed much of Liberia's economy, especially the infrastructure in and around the capital, Monrovia. 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. President JOHNSON SIRLEAF, a Harvard-trained economist, has taken steps to reduce corruption, build support from international donors, and encourage private investment. An embargo on timber exports has been lifted, opening a source of revenue for the government, but diamonds remain under UN sanctions. 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 - real growth rate: 7.8% (2006 est.)
GDP (purchasing power parity): $2.821 billion (2006 est.)
GDP (official exchange rate): $902.9 million (2006 est.)
GDP - per capita (PPP): $900 (2006 est.)
GDP - composition by sector: agriculture: 76.9%
industry: 5.4%
services: 17.7% (2002 est.)
Population below poverty line: 80% (2000)
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): 15% (2003 est.)
Labor force - by occupation: agriculture: 70%
industry: 8%
services: 22% (2000 est.)
Unemployment rate: 85% (2003 est.)
Budget: revenues: $85.4 million
expenditures: $90.5 million; including capital expenditures of NA (2000 est.)
Industries: rubber processing, palm oil processing, timber, diamonds
Industrial production growth rate: NA
Electricity - production: 325 million kWh (2004)
Electricity - consumption: 302.3 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 0 bbl/day (2004 est.)
Oil - consumption: 3,500 bbl/day (2004 est.)
Oil - exports: 23 bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: rubber, coffee, cocoa, rice, cassava (tapioca), palm oil, sugarcane, bananas; sheep, goats; timber
Exports: $910 million f.o.b. (2004 est.)
Exports - commodities: rubber, timber, iron, diamonds, cocoa, coffee
Exports - partners: Germany 23.4%, South Africa 16.1%, Poland 15.7%, US 11.3%, Spain 11%, Thailand 4.1% (2006)
Imports: $4.839 billion f.o.b. (2004 est.)
Imports - commodities: fuels, chemicals, machinery, transportation equipment, manufactured goods; foodstuffs
Imports - partners: South Korea 40.2%, Singapore 16%, Japan 13.6%, China 8.7% (2006)
Debt - external: $3.2 billion (2005 est.)
Economic aid - recipient: $94 million (1999)
Currency: Liberian Dollar (LRD)
Currency code: LRD
Exchange rates: Liberian dollars per US dollar - 59.43 (2006), 53.098 (2005), 54.906 (2004), 59.379 (2003), 61.754 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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