| Date - Field | SierraLeone - Economy - overview |
2008 January
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. |
2007 January
Economy - overview | Sierra Leone is an extremely poor African nation with tremendous inequality in income distribution. While it possesses substantial mineral, agricultural, and fishery resources, its economic and social infrastructure is not well developed, and serious social disorders continue to hamper economic development. About two-thirds 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. |
2006 January
Economy - overview | Sierra Leone is an extremely poor African nation with tremendous inequality in income distribution. While it possesses substantial mineral, agricultural, and fishery resources, its economic and social infrastructure is not well developed, and serious social disorders continue to hamper economic development. About two-thirds 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. Plans to reopen bauxite and rutile mines shut down during an 11 year civil war have not been implemented due to lack of foreign investment. Alluvial diamond mining remains the major source of hard currency earnings. 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. International financial institutions contributed over $600 million in development aid and budgetary support in 2003. |
2005 January
Economy - overview | Sierra Leone is an extremely poor African nation with tremendous inequality in income distribution. While it possesses substantial mineral, agricultural, and fishery resources, its economic and social infrastructure is not well developed, and serious social disorders continue to hamper economic development. About two-thirds 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. Plans to reopen bauxite and rutile mines shut down during an 11 year civil war have not been implemented due to lack of foreign investment. Alluvial diamond mining remains the major source of hard currency earnings. 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. International financial institutions contributed over $600 million in development aid and budgetary support in 2003. |
2004 January
Economy - overview | Sierra Leone is an extremely poor African nation with tremendous inequality in income distribution. It does have substantial mineral, agricultural, and fishery resources. However, the economic and social infrastructure is not well developed, and serious social disorders continue to hamper economic development, following a 11-year civil war. About two-thirds 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. Plans continue to reopen bauxite and rutile mines shut down during the conflict. The major source of hard currency consists of the mining of diamonds. 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 to supplement government revenues. |
2003 January
Economy - overview | Sierra Leone is an extremely poor African nation with tremendous inequality in income distribution. It does have substantial mineral, agricultural, and fishery resources. However, the economic and social infrastructure is not well developed, and serious social disorders continue to hamper economic development, following a 11-year civil war. About two-thirds 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. Plans continue to reopen bauxite and rutile mines shut down during the conflict. The major source of hard currency consists of the mining of diamonds. 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 to supplement government revenues. |
2002 January
Economy - overview | Sierra Leone is an extremely poor African nation with tremendous inequality in income distribution. It does have substantial mineral, agricultural, and fishery resources. However, the economic and social infrastructure is not well developed, and serious social disorders continue to hamper economic development, following a 10-year civil war. About two-thirds 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. There are plans to reopen bauxite and rutile mines shut down during the conflict. The major source of hard currency consists of the mining of diamonds. The fate of the economy depends upon the maintenance of domestic peace and the continued receipt of substantial aid from abroad. |
2001 January
Economy - overview | Sierra Leone is an extremely poor African nation with tremendous inequality in income distribution. It does have substantial mineral, agricultural, and fishery resources. However, the economic and social infrastructure is not well developed, and serious social disorders continue to hamper economic development. About two-thirds 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. Bauxite and rutile mines have been shut down by civil strife. The major source of hard currency is found in the mining of diamonds, the large majority of which are smuggled out of the country. The resurgence of internal warfare in 1999 brought another substantial drop in GDP, with GNP recovering part of the way in 2000. The fate of the economy depends upon the maintenance of domestic peace and the continued receipt of substantial aid from abroad. |
2000 January
Economy - overview | Sierra Leone has substantial mineral, agricultural, and fishery resources. However, the economic and social infrastructure is not well developed, and serious social disorders continue to hamper economic development. About two-thirds 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. Bauxite and rutile mines have been shut down by civil strife. The major source of hard currency is found in the mining of diamonds, the large majority of which are smuggled out of the country. The resurgence of internal warfare in 1999 brought another substantial drop in GDP. The fate of the economy in 2000 depends on the mid-1999 peace accord holding and the rebels reopening territory under their control. |
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