Economy of Liberia
| 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 (purchasing power parity): | $2.821 billion (2006 est.) |
| GDP (official exchange rate): | $902.9 million (2006 est.) |
| GDP - real growth rate: | 7.8% (2006 est.) |
| GDP - per capita (PPP): | $900 (2006 est.) |
| GDP - composition by sector: | agriculture: 76.9% industry: 5.4% services: 17.7% (2002 est.) |
| Labor force - by occupation: | agriculture: 70% industry: 8% services: 22% (2000 est.) |
| Unemployment rate: | 85% (2003 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.) |
| Budget: | revenues: $85.4 million expenditures: $90.5 million; including capital expenditures of $NA (2000 est.) |
| Agriculture - products: | rubber, coffee, cocoa, rice, cassava (tapioca), palm oil, sugarcane, bananas; sheep, goats; timber |
| Industries: | rubber processing, palm oil processing, timber, diamonds |
| Industrial production growth rate: | NA% |
| Electricity - production: | 325 million kWh (2004) |
| Electricity - production by source: | fossil fuel: 100% hydro: 0% nuclear: 0% other: 0% (2001) |
| 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.) |
| Natural gas - consumption: | 0 cu m (2004 est.) |
| 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 (code): | 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 |