| Economy | Liberia |
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Economy - overview:
|
Liberia is a low income country heavily reliant on foreign assistance for revenue. Civil war and government mismanagement destroyed much of Liberia's economy, especially the infrastructure in and around the capital, Monrovia. Many businesses fled the country, taking capital and expertise with them, but with the conclusion of fighting and the installation of a democratically-elected government in 2006, several have returned. Liberia has the distinction of having the highest ratio of direct foreign investment to GDP in the world. 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 and is reviving those sectors. Local manufacturing, mainly foreign owned, had been small in scope. President JOHNSON SIRLEAF, a Harvard-trained banker and administrator, has taken steps to reduce corruption, build support from international donors, and encourage private investment. Embargos on timber and diamond exports have been lifted, opening new sources of revenue for the government and Liberia shipped its first major timber exports to Europe in 2010. The country reached its Heavily Indebted Poor Countries initiative completion point in 2010 and nearly $5 billion of international debt was permanently eliminated. This new status will enable Liberia to establish a sovereign credit rating and issue bonds. Liberia's Paris Club creditors agreed to cancel Liberia's debt as well. The IMF has completed the sixth review of Liberia's extended credit facility, bringing total disbursements to over $379 million. The African Development Bank approved a grant of $48 million in 2011 to finance economic governance and competitiveness support. Rebuilding infrastructure and raising incomes will depend on generous financial and technical assistance from donor countries and foreign investment in key sectors, such as infrastructure and power generation. |
GDP (purchasing power parity):
|
$1.836 billion (2011 est.)
$1.734 billion (2010 est.)
$1.632 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$400 (2011 est.)
$400 (2010 est.)
$400 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$1.2 billion (2011 est.) |
GDP - real growth rate:
|
6.9% (2011 est.)
5.6% (2010 est.)
4.6% (2009 est.) |
GDP - composition by sector:
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agriculture: 76.9%
industry: 5.4%
services: 17.7% (2002 est.) |
Investment (gross fixed):
|
void |
Population below poverty line:
|
80% (2000 est.) |
Household income or consumption by percentage share:
|
lowest 10%: 2.4%
highest 10%: 30.1% (2007) |
Distribution of family income - Gini index:
|
38.2 (2007) |
Inflation rate (consumer prices):
|
10% (2011 est.)
7.3% (2010 est.) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
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15.7% (31 December 2011 est.)
14.3% (31 December 2010 est.) |
Stock of money:
|
$206.9 million (31 December 2008)
$145.6 million (31 December 2007) |
Stock of money - per capita:
|
55 USD per capita |
Stock of quasi money:
|
$65.36 million (31 December 2008)
$49.89 million (31 December 2007) |
Stock of quasi money - per capita:
|
18 USD per capita |
Stock of domestic credit:
|
$1.454 billion (31 December 2011 est.)
$1.334 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
384 USD per capita |
Stock of narrow money:
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$325.3 million (31 December 2011 est.)
$289 million (31 December 2010 est.) |
Stock of broad money:
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$552.9 million (31 December 2011 est.)
$398.6 million (31 December 2010 est.) |
Labor force:
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1.372 million (2007) |
Labor force participation rate:
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36.23 % of population |
Labor force - by occupation:
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agriculture: 70%
industry: 8%
services: 22% (2000 est.) |
Unemployment rate:
|
85% (2003 est.) |
Unemployment, youth ages 15-24:
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total: 4.7%
male: 5.7%
female: 3.7% (2007) |
Budget:
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revenues: $420.5 million
expenditures: $431.3 million |
Budget revenues per capita:
|
112 USD per capita |
Taxes and other revenues:
|
35% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
-0.9% of GDP (2011 est.) |
Public debt:
|
void |
Industries:
|
rubber processing, palm oil processing, timber, diamonds |
Industrial production growth rate:
|
NA% |
Electricity - production:
|
335 million kWh (2008 est.) |
Electricity - production per capita:
|
89 kWh per capita |
Electricity - consumption:
|
311.6 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
83 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
4,500 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
0.43 bbl/year per capita |
Oil - exports:
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23.37 bbl/day (2009 est.) |
Oil - imports:
|
4,552 bbl/day (2009 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
|
rubber, coffee, cocoa, rice, cassava (tapioca), palm oil, sugarcane, bananas; sheep, goats; timber |
Current account balance:
|
-$511.2 million (2011 est.)
-$692.5 million (2010 est.) |
Current account balance - per capita:
|
-134 USD per capita |
Exports:
|
$362.3 million (2011 est.)
$207 million (2010 est.) |
Exports per capita:
|
96 USD per capita |
Exports - commodities:
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rubber, timber, iron, diamonds, cocoa, coffee |
Exports - partners:
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South Africa 26.9%, US 18.1%, Spain 7.8%, Denmark 5.4%, Venezuela 4.8%, Malaysia 4.3% (2010) |
Imports:
|
$763 million (2011 est.)
$726.7 million (2010 est.) |
Imports per capita:
|
202 USD per capita |
Imports - commodities:
|
fuels, chemicals, machinery, transportation equipment, manufactured goods; foodstuffs |
Imports - partners:
|
South Korea 37.2%, China 26.3%, Singapore 17.3%, Japan 11.5% (2010) |
Reserves of foreign exchange and gold:
|
$579.5 million (31 December 2011 est.)
$399.8 million (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
154 USD per capita |
Debt - external:
|
$1.66 billion (31 December 2009 est.)
$3.2 billion (2005 est.) |
Debt - external - per capita:
|
439 USD per capita |
Stock of direct foreign investment - at home:
|
$NA |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
Liberian dollar (LRD) |
Exchange rates:
|
Liberian dollars (LRD) per US dollar -
74.2 (2011 est.)
71.78 (2010 est.) |
Fiscal year:
|
calendar year |
|
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