| Economy | Sierra Leone |
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Economy - overview:
|
Sierra Leone is an extremely poor nation with tremendous inequality in income distribution. While it possesses substantial mineral, agricultural, and fishery resources, its physical and social infrastructure is not well developed, and serious social disorders continue to hamper economic development. Nearly half of the working-age population engages in subsistence agriculture. Manufacturing consists mainly of the processing of raw materials and of light manufacturing for the domestic market. Alluvial diamond mining remains the major source of hard currency earnings accounting for nearly half of Sierra Leone's exports. The fate of the economy depends upon the maintenance of domestic peace and the continued receipt of substantial aid from abroad, which is essential to offset the severe trade imbalance and supplement government revenues. The IMF has completed a Poverty Reduction and Growth Facility program that helped stabilize economic growth and reduce inflation. A recent increase in political stability has led to a revival of economic activity such as the rehabilitation of bauxite and rutile mining. |
GDP (purchasing power parity):
|
$4.307 billion (2008 est.)
$4.063 billion (2007)
$3.819 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$700 (2008 est.)
$700 (2007 est.)
$600 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$1.971 billion (2008 est.) |
GDP - real growth rate:
|
6% (2008 est.)
6.4% (2007 est.)
7.4% (2006 est.) |
GDP - composition by sector:
|
agriculture: 49%
industry: 31%
services: 21% (2001 est.) |
Investment (gross fixed):
|
void |
Population below poverty line:
|
70.2% (2004) |
Household income or consumption by percentage share:
|
lowest 10%: 0.5%
highest 10%: 43.6% (1989) |
Distribution of family income - Gini index:
|
62.9 (1989) |
Inflation rate (consumer prices):
|
11.7% (2007 est.) |
Central bank discount rate:
|
NA |
Commercial bank prime lending rate:
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25% (31 December 2007) |
Stock of money:
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$184.6 million (31 December 2007) |
Stock of money - per capita:
|
29 USD per capita |
Stock of quasi money:
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$177.7 million (31 December 2007) |
Stock of quasi money - per capita:
|
28 USD per capita |
Stock of domestic credit:
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$162.9 million (31 December 2007) |
Stock of domestic credit - per capita:
|
26 USD per capita |
Labor force:
|
1.369 million (1981 est.) |
Labor force participation rate:
|
21.26 % of population |
Labor force - by occupation:
|
agriculture: NA%
industry: NA%
services: NA% |
Unemployment rate:
|
NA% |
Budget:
|
revenues: $96 million
expenditures: $351 million (2000 est.) |
Budget revenues per capita:
|
15 USD per capita |
Public debt:
|
void |
Industries:
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diamond mining; small-scale manufacturing (beverages, textiles, cigarettes, footwear); petroleum refining, small commercial ship repair |
Industrial production growth rate:
|
NA% |
Electricity - production:
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250 million kWh (2006 est.) |
Electricity - production per capita:
|
39 kWh per capita |
Electricity - consumption:
|
232.5 million kWh (2006 est.) |
Electricity - consumption - per capita:
|
37 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
|
0.7008 bbl/day (2007 est.) |
Oil - production per capita:
|
1 bbl/day per capita |
Oil - consumption:
|
8,430 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
0.48 bbl/year per capita |
Oil - exports:
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432.3 bbl/day (2005) |
Oil - imports:
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8,271 bbl/day (2005) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
|
0 cu m (2007 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2006 est.) |
Agriculture - products:
|
rice, coffee, cocoa, palm kernels, palm oil, peanuts; poultry, cattle, sheep, pigs; fish |
Current account balance:
|
-$63 million (2007 est.) |
Current account balance - per capita:
|
-9 USD per capita |
Exports:
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$216 million f.o.b. (2006) |
Exports per capita:
|
34 USD per capita |
Exports - commodities:
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diamonds, rutile, cocoa, coffee, fish |
Exports - partners:
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Belgium 49.3%, US 20.5%, Netherlands 4.5%, Canada 4.1% (2007) |
Imports:
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$560 million f.o.b. (2006) |
Imports per capita:
|
87 USD per capita |
Imports - commodities:
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foodstuffs, machinery and equipment, fuels and lubricants, chemicals |
Imports - partners:
|
Cote d'Ivoire 10%, China 10%, US 9.5%, UK 6.2%, Netherlands 5.1%, India 4.7% (2007) |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$1.61 billion (2003 est.) |
Debt - external - per capita:
|
250 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
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 |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$343.4 million (2005 est.) |
Economic aid - recipient per capita:
|
54 USD per capita |
Currency (code):
|
leone (SLL) |
Exchange rates:
|
leones (SLL) per US dollar - NA (2007), 2,961.7 (2006), 2,889.6 (2005), 2,701.3 (2004), 2,347.9 (2003) |
Fiscal year:
|
calendar year |
|
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